Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2020resource reserve update▲ GoodMajor
Gustavson lifted the Amersfoort contingent resource (2C, gross) from 1.5 Tcf to 4.9 Tcf (up 227%), and prospective gas in place from 2.4 to 9.3 Tcf. Kinetiko's 49% share of 2C is about 2.4 Tcf. Excludes pending ER320; aeromagnetic data may allow a further revision.
23 July 2020drilling progress report▲ Good
The aeromagnetic and radiometric survey flying is complete: 11,563 line-km over 474 km2 of Amersfoort. Results are expected by end of July to identify well test and pilot field areas.
16 July 2020investor presentation● Neutral
Notice that chair Sierakowski presents at a Stockhead video conference. The presentation itself was already lodged on 18 May 2020, so there is no new information.
6 July 2020drilling progress report● Neutral
The aeromagnetic survey has started, flying 11,563 line-km over 474 km2, 325% larger than the 2014 survey. Results are expected by end of July to help pick well test sites and pilot fields.
17 June 2020resource reserve update▲ Good
Gustavson Associates appointed to update the resource certification to include the new exploration rights, with a report expected within about four weeks (before 15 July). The current certified base is 1.5 Tcf contingent. Upgrade is possible, not assured.
27 May 2020drilling scheduled▲ GoodMajor
Exploration restarts at Amersfoort after about six years, with an 11,563 line-km aeromagnetic survey over 474 km2 (mostly ER38) planned to sharpen well targets. It could support a revision of the 1.5 Tcf resource, as the 2014 survey did.
18 May 2020admin correction● Neutral
Re-lodgement of the same day's investor presentation, adding required statements about the resource tables on slide 5. No new information.
18 May 2020investor presentation● Neutral
May 2020 investor presentation on return to trading. Repeats the 1.5 Tcf contingent resource, 4,604 km2 granted rights and about $10.3m spent. Says the approved exploration program is funded 12+ months and funding talks with two South African institutions are advanced, aiming at a 20-well pilot field.
15 May 2020listing compliance notice▲ GoodMajor
ASX will lift Kinetiko's suspension from 18 May 2020 after it showed compliance with listing rule 12.2. Trading resumes after suspension since October 2017, resolving the long-running re-quotation thread.
14 May 2020regulatory community update▲ Good
The Supreme Court of Western Australia extended the quotation deadline for the prospectus shares, and will validate the issue if the shares are admitted to quotation within 5 business days. This addresses the risk that the raising would be voided. Reinstatement update to follow.
8 May 2020listing compliance notice▼ Bad
Because the shares were not admitted to quotation within the 3-month window while the company stayed suspended, shares issued under the prospectus (81.5m plus 53.7m on 30 April) are deemed void unless the Supreme Court extends the deadline. The company will apply to court.
3 Mar 2020capital raising announcement● NeutralMajor
The 2-cent entitlement offer closed with shareholders taking up 64,135,945 of 102,023,068 shares (about $1.28m), leaving a shortfall of 37,887,123 shares. The board will allocate shortfall applications in coming weeks. This is below the full $2.04m possible.
27 Feb 2020capital raising announcement● Neutral
Supplementary prospectus extends the 50m-share, 2-cent placement closing date from 27 February to 30 April 2020. Only $58,000 of the $1m placement had been applied for so far. Other offer terms are unchanged.
7 Feb 2020capital raising announcement● Neutral
Confirms the prospectus and acceptance forms for the 1-for-4, 2-cent entitlement offer were mailed to eligible shareholders on 7 February 2020. Administrative only.
30 Jan 2020capital raising announcement● Neutral
Prospectus for the 2-cent entitlement offer (up to 102.0m shares, $2.04m) and up to 50m placement shares ($1m), dated 30 January 2020. It repeats the announced terms and also serves as a cleansing document. Describes the shares as highly speculative.
30 Jan 2020capital raising announcement● NeutralMajor
A 1-for-4 entitlement offer at 2 cents to raise up to about $2.04m, plus a placement of up to 50m shares at 2 cents for $1m. Funds go to Amersfoort exploration, meeting ASX requirements to lift the suspension, and working capital. Not underwritten; closes 27 February 2020.
What it means for a shareholder
50.0m new shares at A$0.020 to raise about A$1.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0123% to 0.0109% of the company. To keep it you'd need 6,126 more shares - about A$123 at the issue price.
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23 Jan 2020half year report● Neutral
Half-year to 31 December 2019: loss of $832,395 versus $954,274 a year earlier. Confirms renewal of ER38/ER56 and grant of ER270-272, and says Afro's outstanding audited accounts are now finalised. Financial statements are not in the excerpt.
23 Jan 2020asset acquisition disposition▲ GoodMajor
Kinetiko lodged its half-year report after finishing Afro's 2016-2019 accounts with Badimo, ending the audit impasse. Its South African investment is restated to $7.4m, after earlier impairment (previously carried at $10.5m at June 2017). Both partners agreed a work program.
21 Jan 2020regulatory community update▲ GoodMajor
On 17 January 2020 PASA renewed Amersfoort rights ER38 and ER56 and granted new rights ER270-272, taking Afro's holdings to 4,604 km2 (up 378%). This resolves the long-running renewal thread. Kinetiko (49%) has applied for reinstatement and expects its audits done within 7 days.
25 Oct 2019debt financing● NeutralMajor
Kinetiko has received $180,000 in 12% convertible loans since 3 September, with $20,000 more due. They include $30,000 from chair Sierakowski and $50,000 from major shareholder Brendan Gore. Loans convert at 2 cents, subject to shareholder approval at the AGM, or are repayable in cash after 6 months.
30 Sept 2019annual report● Neutral
Annual report for year to 30 June 2019: loss of $1,533,015 versus $11,756,052 the year before. Directors remain Sierakowski (chair), Searle and Michael (co-managing directors). Principal activity is coal bed methane exploration. Remaining detail is truncated.
30 Sept 2019other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to pages 51-60. Administrative only, no new substance.
5 Aug 2019listing compliance notice▼ Bad
ASX queried the June quarter's $77,000 cash against a forecast $200,000 outflow. Kinetiko said it has no immediate raising steps but expects an appropriate raising, citing major shareholder support over the past two years. It confirmed compliance with the listing rules.
1 Aug 2019quarterly activities report▲ GoodMajor
June 2019 quarter report: Badimo has cooperated on the ER38/ER56 renewals, which PASA has recommended to the DMR, and they have agreed to complete Afro's overdue audited accounts by end of August 2019. This reads as the end of the impasse. Re-quotation is the goal but the shares remain suspended.
14 Mar 2019half year report▼ Bad
Half-year to 31 December 2018: loss of $954,274 versus $547,168 a year earlier. The operations text repeats the quarterly report, including the $801k raising. Financial statements are not readable in the excerpt.
12 Dec 2018capital raising announcement● NeutralMajor
The offer closed with applications for 40.07m shares, or $801,466, against a maximum of about 71.2m shares, leaving a shortfall of 31.2m shares. The board may place the shortfall within three months. Roughly 56% of the target was raised.
19 Nov 2018investor presentation● Neutral
November 2018 presentation on Amersfoort, quoting a 1.5 Tcf 2C contingent resource and a 49% interest via Afro. It shows use of the $1.42m raise: $700,000 to pay creditors (mostly the CEO), $350,000 to exploration. It names Johan Visagie as CEO and says the raise is part of a bid to be reinstated to trade.
19 Nov 2018capital raising announcement● Neutral
The entitlement offer closing date is extended from 22 November to 6 December 2018, which the company says is to ensure maximum acceptance after positive responses. Terms are unchanged.
12 Nov 2018capital raising announcement● Neutral
Confirms the prospectus and acceptance forms were mailed to eligible shareholders on 12 November for the 1-for-4, 2-cent offer. Administrative only.
7 Nov 2018capital raising announcement● Neutral
Letter to eligible shareholders repeating the offer terms: 1 for 4 at 2 cents, up to $1.42m, with a shortfall facility. Rights are non-renounceable and cannot be traded, so unexercised entitlements lapse. No new substance.
