7 Apr 2016other▼ Bad
Voluntary suspension extended again, with the funding and capital raising announcement now expected on or before 20 April 2016. No new information beyond the delay.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2016other▼ Bad
Voluntary suspension extended again, pending the funding and capital raising announcement, now expected on or before 6 April 2016. No new information beyond the delay.
14 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: operating loss $829,209, up from $515,927 a year earlier. Repeats IDC talks at an advanced stage, the bulk sampling permit, the Gigajoule MOC and planned wells. Directors are listed as joint acting managing directors.
9 Mar 2016other▼ Bad
The company asked for the voluntary suspension to continue, pending the project funding and capital raising announcement now expected on or before 23 March 2016. No new information beyond the delay.
23 Feb 2016other● NeutralMajor
At the company's request, shares were suspended from 24 February 2016 pending an announcement on project funding and capital raising. The company expected this to be released around 9 March 2016. Trading in the shares is frozen until then.
17 Feb 2016resource reserve update▲ GoodMajor
Gustavson's updated estimate lifts 56ER P50 (2C) contingent resources to 655.7 bcf. Gas in place P50 is up 28% (1,083.2 bcf), with the sandstone portion up 55%, on the 2012 estimate. It covers about 32% of the prospective geology across 56ER and 38ER.
26 Oct 2015investor presentation● Neutral
Afro Energy presentation repeating known facts: 2.4 tcf GIIP, 1.5 tcf contingent, Gigajoule and IDC interest. Snapshot shows 184.3m shares, A$0.04 price, A$7.03m market cap, and cash of A$0.89m including the September placement. Lists Visage as CEO.
26 Oct 2015investor presentation● Neutral
Amended re-release of the same 26 October Afro Energy presentation. The visible text is identical to the original, so no new substance can be seen.
19 Oct 2015regulatory community update▲ GoodMajor
Regulators approved a further 8 wells near KA-03PT and renewed ER56 and ER38 for two more years at Amersfoort. Work is planned over six months from Q1 2016 to enable gas sales under the bulk sampling permit. IDC due diligence continues; funding is not yet committed.
1 Oct 2015annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2015, pointing to pages 54-62 of the annual report. Administrative form with no business substance.
1 Oct 2015annual report● Neutral
Annual report for the year to 30 June 2015: loss of $1,200,962, down from $1,785,528 the year before. Principal activity is coal bed methane exploration. Text provided is truncated, so no further detail is available.
3 Sept 2015capital raising announcement● NeutralMajor
Kinetiko raised $584,400 through a placement at 3.5 cents, a 22% discount to the last close, issuing 16,697,138 shares. Funds go to partner negotiations, exploration and working capital. Chairman says the December 2014 raise lasted about 8 months.
What it means for a shareholder
16.7m new shares at about A$0.035 to raise about A$584,400. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.017% to 0.0155% of the company. To keep it you'd need 2,846 more shares - about A$100 at the issue price.
Create a free account to see this worked out for your own holding.
25 Aug 2015joint venture update▲ Good
The Development Bank of Southern Africa gave a non-binding expression of interest to fund project preparation for Amersfoort, subject to conditions and due diligence. A second state lender after the IDC; no funding is committed.
20 Aug 2015material agreement▲ Good
Afro Energy signed a non-binding memorandum of cooperation with gas distributor Gigajoule to study supplying gas from ER56. A pre-feasibility study is intended to lead to a gas sales agreement if positive. No price or volume stated.
4 Aug 2015regulatory community update▲ GoodMajor
South Africa's mineral resources department permitted Kinetiko and Badimo to remove and sell up to 500 mmscf of gas a year for 2 years from ER56 and ER38. At an assumed US$8/GJ, the company estimates about US$8m of revenue if fully produced and sold. It is a first of its kind in South Africa.
28 July 2015joint venture update▲ GoodMajor
Afro Energy received a non-binding funding interest letter from South Africa's state-owned Industrial Development Corporation. An agreed work program of well clusters and a gas terminal could allow first revenues within 6 months and maiden reserves in 2016. This is not yet committed funding.
21 Apr 2015joint venture update● NeutralMajor
Kinetiko and Badimo settled all disputes, including the cash calls. Kinetiko's application to take Badimo's 51% was withdrawn and the 2010 farm-out terminated. Amersfoort will move into a new JV, Afro Energy, owned 51% Badimo and 49% Kinetiko, so Kinetiko stays at 49%.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014: operating loss $515,927, down from $918,295 a year earlier. Repeats the Visagie CEO plan, the pending Badimo transfer, BEE partner talks and the $550,000 note raise.
5 Mar 2015admin correction● Neutral
Administrative notice: the share registry moves to Automic Registry Services from 23 March 2015. No business substance.
5 Mar 2015investor presentation● Neutral
Presentation repeating known facts: 139m shares, 19.25m notes, cash A$752k at 31 Dec 2014, no debt, market cap A$4.11m. Targets a strategic partner deal in Q1 2015 and maiden reserves mid 2015 (previously mid 2014).
6 Jan 2015capital raising announcement● NeutralMajor
Kinetiko raised $550,000 via convertible notes from sophisticated investors including directors, at 12% interest, converting at $0.03 per share (19.25m shares if fully converted). Funds keep tenements in good standing and provide working capital; conversion needs shareholder approval. Note text gives a 24 May 2014 maturity, likely a typo (inference).
20 Nov 2014asset acquisition disposition▲ GoodMajor
Kinetiko was granted 12 prospecting gas licences covering 7,093 km² in Botswana's Karoo Kalahari Basin, 100% owned, with an initial two-year term. This resolves the May 2013 application and will follow the Amersfoort exploration approach.
22 Oct 2014director officer appointment▲ GoodMajor
Johan Visagie, already consulting as project manager, will become CEO by end of March quarter 2015, ending the interim joint-MD arrangement. The Badimo 51% transfer has gone to the Minister for Mines. Kinetiko holds 49% and is in advanced talks with several BEE energy companies.
1 Oct 2014annual report● Neutral
Annual report for the year to 30 June 2014. It lists Andrew Lambert as resigned 2 May 2014; Searle and Michael are co-managing directors. The extracted text shows no financial figures.
5 June 2014other● Neutral
ASX lifted the trading suspension immediately after Kinetiko's 5 June announcement on Amersfoort, the Standard Bank mandate and the survey results. Administrative notice only.
5 June 2014joint venture update▲ GoodMajor
Kinetiko issued Badimo a withdrawal notice after about A$1.4m of unpaid cash calls, deemed to transfer Badimo's 51% of Amersfoort to Kinetiko, giving 100% once regulators approve. Badimo may contest. Also: a strong aeromagnetic result and a Standard Bank advisory mandate.
2 June 2014other● Neutral
Kinetiko extended the voluntary suspension again, pending the Badimo Gas joint venture announcement, now expected 4 June. No new substance.
23 May 2014other● Neutral
Kinetiko extended the voluntary suspension, still pending the announcement on the Badimo Gas joint venture, now expected 30 May. No new substance.
20 May 2014other● Neutral
ASX suspended Kinetiko's shares at the company's request on 20 May, pending an announcement. Administrative notice only.
20 May 2014other● Neutral
Kinetiko requested voluntary suspension, after a 16 May trading halt, pending an announcement on the status of its joint venture agreement with Badimo Gas, expected 23 May.