Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2025drilling spud▲ Good
Fourth test well, 271-KA03PT06, spudded at Brakfontein using the same optimised drilling methods that worked at PT10. First flow results are expected mid-September 2025. Pilot LNG plant still targeted for late 2026; nothing new beyond the spud.
24 July 2025drilling progress report● Neutral
Drilling of third test well 271-KA03PT10 continues with the optimised approach (no high-viscosity foam). Drilling to depth is expected within three weeks, with first gas flow results now expected in August 2025, later than the earlier 'before July'. Pilot LNG plant targeted late 2026.
14 May 2025drilling spud▲ GoodMajor
Third of five test wells, 271-KA03PT10 at Brakfontein, spudded 9 May 2025 using revised drilling methods from the expert study. It is intended to join a cluster feeding a pilot LNG plant expected in 2026; first gas flow results expected before July 2025.
29 Oct 2024drilling spud● Neutral
Second production test well 271-KV06PT spudded 24 October 2024, 41m from core hole KV-06C (86.5m gassy sandstone), near the Lily pipeline. Initial gas flow results are expected in November. Follows the disappointing first well; each well is to be flow-tested up to 90 days.
23 Oct 2024drilling result▼ BadMajor
First production test well 271-23PT reached 463m on 16 October 2024 but produced no commercial gas in a choke test, so no flow test followed. The company calls it a geological anomaly (a small, sealed compartment). Cost under A$500,000; rig moved to second well.
30 Sept 2024drilling spud▲ GoodMajor
First production test well 271-23PT spudded on 27 September 2024, about 5km from Majuba power station. It starts the five-well program of up to 90-day flow tests; completion and first gas flow results are expected by early November 2024.
16 Sept 2024drilling scheduled● Neutral
Rig mobilisation has begun for production test well 271-23PT, with spud expected the week of 23 September 2024 and first gas flow results in October. Another small slip from the early September spud previously guided.
8 Aug 2024drilling result▲ Good
Core hole 270-11C reached 613.8m with 90m of gas-bearing sandstone, the 38th core hole, all with gas. It completes the 2022-24 ER270 core program and regulator work requirements, resolving the planned two extra ER270 core holes; focus now moves to the five production test wells.
1 Aug 2024drilling scheduled● Neutral
Site preparation has begun for the first of five production test wells; rig to mobilise late August with first well 271-23PT spudding in early September. The nine-month program flow-tests each well up to 90 days. Start slips from the earlier August target.
1 July 2024drilling result▲ Good
Core hole 270-12C, spudded 13 April 2024, reached 742.9m with 87.5m of gas-bearing sequences, in the southern ER270 area about 30km from 270-08C. Core hole 270-11C began 7 June; the five appraisal wells are expected to start within 4-6 weeks.
26 Mar 2024drilling result▲ GoodMajor
Core hole 270-08C reached 745m, the company's deepest, hitting granitic basement; logs show 137.5m of gassy sandstone pay over 1m thick. Coal desorption is 3-5 m³/tonne. This is a clean success after the two short ER270 holes; two more ER270 core holes planned Q2 2024.
7 Mar 2024drilling progress report▲ Good
Core hole 270-08C, spudded 22 January 2024, is below 600m (TD expected about 700m) with gassy sandstones and coals; coal gas content is 2-4 m³/tonne. Continues ER270 coring after earlier short holes; two more ER270 core wells planned in 2024.
31 Oct 2023drilling scheduled● NeutralMajor
Infin Drilling has been awarded the contract for five appraisal production wells in southern ER271, now planned from mid-Q1 2024 (Feb 2024 per the CEO), later than the September 2023 start flagged earlier. Production right report is due late Q1 2024; ER320 grant is expected in Q4 2024.
5 Sept 2023drilling result▲ Good
Six ER272 core holes near Sasol's Secunda plant showed net gas cuts of 101m to 166m, averaging 128m, at about 290m average depth. Wraps up the initial ER272 campaign; the company sees multiple large off-take opportunities.
21 Aug 2023resource reserve update▲ GoodMajor
Sproule certified maiden gas reserves of 3.1 BCF net (6.4 BCF gross, 2P) over a 6.8 km2, 30-well pilot field. Net 2C contingent resource rose about 20% to 3.0 TCF (6.0 TCF gross), plus 2.8 TCF net prospective. Figures are on Kinetiko's 49% interest in Afro Energy.
18 July 2023drilling scheduled▲ Good
Core wells 272-03C and 272-04C were spudded in ER272. A drilling contract for five back-to-back appraisal/production wells west of Volksrust in ER271, under the IDC joint venture, is said to be imminent, with drilling from September 2023 to mid-Q1 2024.
6 July 2023drilling result▲ Good
Third and fourth ER272 core wells, 272-06C and 272-08C, logged 166m and 134m of gassy sandstone, the best so far in ER272. Two more wells are to spud next week; CEO says talks with potential off-takers will start soon.
13 June 2023drilling result▲ Good
First two ER272 core wells near Sasol's Secunda refinery were completed, with logs showing 101m (272-01C) and 117m (272-02C) of gassy sandstone. Two more wells are due to spud this week, continuing the new-block campaign begun in May.
11 May 2023drilling result▲ Good
Core well 270-05C on ER270 showed 134.5m of gassy sandstone and coal desorption just under 12 m3/t and rising. This completes strong desorption results from all three ER270 holes drilled this year; the company now moves to ER272 near Sasol.
9 May 2023drilling spud▲ GoodMajor
Two rigs mobilised to ER272 near Sasol's Secunda refinery; first well 272-01C spudded 4 May. Core hole 270-05C finished at 597m with 134.5m of cumulative gas intersect, completing the three-hole ER270 campaign.
4 Apr 2023drilling result● Neutral
Re-release of the 4 April 270-03C results (153.5m gassy sandstone pay, desorption above 10 m3/t), with only minor formatting and punctuation changes. No new information.
4 Apr 2023drilling result▲ Good
Core well 270-03C logs show 153.5m of gassy sandstone pay, and one coal sample is above 10 m3/t and rising. It is the first hole with reservoir-quality sandstone in the deep Dwyka formation. Updates the earlier 112m minimum estimate.
29 Mar 2023drilling progress report▲ Good
Core well 270-05C, about 10km from the Lily Pipeline, hit gassy zones from 175m with strong visible gas below 220m, and was still coring below 350m. Final depth and gas content are not yet reported; all three ER270 holes have now found gas.
27 Mar 2023drilling spud▲ Good
Third ER270 core well, 270-05C, was spudded; a second coring rig is due late April, with tenders out for larger rigs for H2 drilling of at least nine ER271 wells. PASA renewed ER271 (about 1,288 km2) and work on a production right application has begun.
14 Mar 2023drilling result▲ Good
Core hole 270-03C, the second on ER270, finished at 605m TD with at least 112m of gas-bearing sequences; logs and desorption tests are still underway. The coring rig now moves to 270-05C. Follows the 22 February report of gassy zones.
22 Feb 2023drilling progress report▲ Good
Core hole 270-03C, near the Lily Pipeline, hit significant gassy zones from beyond 300m, with strong visible gas at 380-390m. It was coring below 460m after a thick dolerite sill to 290m. Final depth and gas content are not yet reported.
9 Feb 2023drilling result▲ GoodMajor
Wireline logs for 270-06C show 147m of gassy sandstone pay, more than the 131m at Majuba. Desorption is nearly 7 m³/t and rising. Gas-bearing geology now extends about 64km south of Majuba, supporting a roughly 125km potential gas fairway.
30 Jan 2023drilling spud▲ Good
Core well 270-03C was spudded 24 January, the second on ER270, about 10km north of 270-06C and 2km from the Lily Pipeline. Majuba hole 271-23C desorption reached a peak of 13 m³/t, above the 11 m³/t reported earlier.
15 Dec 2022drilling result▲ Good
Core hole 270-06C, the first on ER270, finished at 545m after being spudded 3 November. Logging is done and gas desorption tests are awaited. It sits about 60km south of the Majuba hole 271-23C; preliminary logs are described as encouraging.
30 Nov 2022drilling result▲ GoodMajor
Majuba core hole 271-23C desorbed over 11 m³/tonne, a project record, with 131.5m of sandstone pay and six coal seams. Hole 270-06C, below 445m, has gassy zones about 30km beyond earlier southern discoveries, extending the known gas area.
