Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2021quarterly activities report● Neutral
June 2021 quarter: $2.8m placement done with an SPP of up to $2m to follow, and the company says it is debt free. Drilling is being prepared and the Badimo merger is expected to complete this year. A consolidation application of ER56, ER38 and ER271 is lodged; off-take is still unsigned.
19 July 2021director officer appointment● Neutral
Simon Whybrow replaces Stephen Hewitt-Dutton, who had been company secretary since 2010, as Company Secretary from 19 July 2021. Administrative change.
2 July 2021capital raising announcement▲ GoodMajor
Kinetiko raised about $2.8m via a placement of roughly 28m shares at 10c, plus a Share Purchase Plan for up to $2.0m at the same price. Funds go to drilling and surveys, and the chair says the SPP helps complete the Afro Energy acquisition. First outside raising in over 4 years.
22 June 2021investor presentation● Neutral
June 2021 presentation repeating known points: certified 2C contingent resource of 4.9 Tcf, about 7,000 km2 of ground applied or granted, and off-take talks under way. No new information.
7 May 2021asset acquisition disposition▲ GoodMajor
Binding terms sheet to buy Badimo's remaining 51% of Afro Energy for about 595.6m new shares, making Kinetiko 100% owner of the South African rights. Badimo holders would own about 46% of the company. Needs shareholder approval and an independent expert; $6.5m of shares to be sold to investors.
29 Apr 2021quarterly activities report● Neutral
March 2021 quarter: workover and commissioning finished, tests confirmed flow rate and gas quality meet off-take specifications, and 37 compartments identified. First production, revenue and reserves now targeted for Q2/Q3 2021. Off-take deal and institutional funding still unsigned.
20 Apr 2021flow test result▲ GoodMajor
Well KA-03PTR flow test achieved initial open flow up to 650 Mscfd and an average of 190 Mscfd, with gas over 96% methane. Management says this supports immediate production. It is a small rate; the well made about 25.5 MMscf in 2013.
23 Mar 2021production update▲ Good
Testing and commissioning of upgraded equipment on well KA-03PTR is complete, and the well is flowing for clean-up ahead of flow-rate testing. A 2.5 km access road upgrade is done. A gas off-take agreement is still being finalised, so no sales yet.
16 Mar 2021investor presentation● Neutral
Operational summary of the half-year report, repeating known points: $1.26m option funding, 965 km2 surveyed, workover, and pilot gas expected Q2 2021. No new information.
16 Mar 2021half year report● Neutral
Half-year to December 2020: loss of $1,124,340 (prior period $832,395). Workover completion now said to be end-March 2021, with pilot gas production slipping to Q2 2021 from the Q1 earlier targeted. Funding talks for a 20-well field continue.
3 Mar 2021drilling result▲ Good
Third aeromagnetic survey interpretation finds six new potential gas compartments (77 km2) and the largest dolerite dyke so far, bringing the total to 37 compartments and 257 km2. These are interpreted targets, untested by drilling. Surveyed area now 965 km2, 21% of granted ground.
24 Feb 2021director officer appointment● Neutral
Founding director Dr James Searle resigns from the board after about 10 years, but will continue as a consultant. He had been the geologist behind the Company's interpretation work. Leaves Sierakowski, Michael and Fontaine on the board.
16 Feb 2021production update▲ Good
Workovers on wells KA-03PTR and KA-03PT2 are complete, using equipment recovered from another well. Flow testing starts immediately and talks with gas buyers are advanced. Production is said to remain on track for Q1 2021; full ER56 production right to be sought afterwards.
9 Feb 2021director officer appointment● NeutralMajor
Tom Fontaine, a CBM engineer who co-founded Pure Energy (sold to British Gas for over A$1bn in 2009), joins as non-executive director. Chair Adam Sierakowski becomes Executive Chairman on $190k a year from 9 February 2021.
29 Jan 2021quarterly activities report● Neutral
December 2020 quarter: $1.26m raised from early option exercise, third aeromagnetic survey flown (6,011 line-km, 273 km2) with interpretation now expected early February, and well workover due by end-January. Pilot CNG gas is now estimated for Q1 2021; funding talks continue.
29 Jan 2021other● Neutral
Cleansing prospectus offering 100 shares at 15c (to raise $15), used only to remove trading restrictions on shares issued earlier, likely from the option exercises (inference). No new money or business news.
21 Jan 2021capital raising announcement▲ GoodMajor
Early exercise of 3c options raised $1.26m, about 81% of that option class, with about $287,000 possible from the rest. Funds are for well workovers, first CNG gas production, survey interpretation and core drilling. This delivers the option funding flagged in October.
27 Nov 2020security holder rights change● Neutral
Shareholders approved a new company constitution at the 27 November 2020 AGM and a copy was lodged. Administrative; the text provided does not describe specific changes to shareholder rights.
26 Nov 2020drilling progress report● Neutral
The third aeromagnetic survey is complete: 6,011 line-km over 273 km2 of ER271 and ER38. Processing and interpretation are expected by mid-January 2021, a delay from the December expectation given on 18 November.
19 Nov 2020production update▲ GoodMajor
Workover of existing wells has begun for pilot gas-to-CNG production near KA-03PTR in ER56, with completion due mid-December 2020 and first gas expected early 2021. Advanced talks with gas traders as buyers. Follows the October production approval; first revenues would be the aim.
18 Nov 2020drilling progress report● Neutral
A third aeromagnetic survey has started: 6,011 line-km over 273 km2 of ER271 and northern ER38, linking the earlier survey areas. Results are expected in December 2020 to help target well tests and pilot fields.
27 Oct 2020quarterly activities report▲ Good
September 2020 quarter report: restates the 4.9 Tcf contingent resource and 30 potential production fields from the aeromagnetic work. Management expects short-term funding from exercise of the 3c options, about $1.5m if all are exercised. Institutional funding talks continue.
21 Oct 2020regulatory community update▲ GoodMajor
Afro Energy won approval to produce and sell up to 500 mmscf of gas a year for two years from ER56 and ER38. This opens a path to first revenue and first reserves from a pilot field; a full production right would be sought later.
14 Oct 2020drilling result▲ Good
Interpretation of the ER38 survey identifies 10 further potential gas compartments, up to 22 km2 each and 124 km2 total, larger than those on ER56. Says the data is advancing funding talks with South African institutions for a pilot field. Potential only, untested by drilling.
30 Sept 2020annual report● Neutral
FY2020 annual report: loss of $1,874,159 (2019: $1,702,128). Directors unchanged: Sierakowski, Searle and Michael. Principal activity is coal bed methane exploration; registered office is now 283 Rokeby Road. Further financial detail not visible in the text provided.
30 Sept 2020admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the governance statement is on pages 61-70 and was approved by the board on 29 September 2020. Administrative, no new information.
24 Sept 2020drilling result▲ Good
Initial interpretation of the July aeromagnetic survey finds 10 new gas compartments on ER56, doubling the total to 20. It may also support a revision of the 4.9 Tcf contingent resource. ER38 interpretation is ongoing. These are interpreted targets, not drilled results.
4 Sept 2020admin correction● Neutral
Administrative notice: registered office and principal place of business moves to 283 Rokeby Road, Subiaco. Phone and postal address unchanged. No substantive news.
31 July 2020quarterly activities report▲ Good
June 2020 quarter report: Gustavson's update (after quarter end) lifted contingent resource from 1.5 to 4.9 Tcf. Aeromagnetic survey prepared, with one zone interval well then 14 wells planned. Funding institutions responding positively; no new funding amounts stated.
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.
