Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2015asset acquisition disposition▲ GoodMajor
Rey completed buying Backreef's 50% of the roughly 5,000 km2 Derby Block for $2M on production licence grant or a 2% royalty. It also settled about $391,000 of claims and granted Oil Basins a 0.5% royalty. A joint operating agreement was signed; Rey takes over as operator from 1 January 2016.
1 June 2015joint venture update▲ Good
Oil Basins confirms the Derby Block dispute is settled and Rey becomes its 50/50 partner, with Oil Basins operating. It says it receives $391,000 and a 1% royalty on Rey's share. It will seek a farminee, with a 500 km seismic survey budgeted around $4M.
28 May 2015drilling progress report● Neutral
All rig equipment and completion gear has reached Dunnart-2. Perforation and the flow test are expected shortly after rig-up finishes.
21 May 2015drilling progress report● Neutral
Rig 6 arrived at the Dunnart-2 site on 20 May. Rig-up is under way and testing is expected to start toward the end of the following week.
12 May 2015drilling progress report▼ Bad
The Dunnart-2 rig is completing upgrades after inspection and is now expected on site the week of 18 May 2015. Another slip from the April target.
30 Apr 2015quarterly activities report● Neutral
March quarter: Dunnart-2 flow test has all approvals and is planned for Q2 2015. Senagi-1 and Victory wells are targeted for Q3 2015 in the Fitzroy Blocks, and the Wright prospect is drill-ready. Derby Block tribunal win is noted; acquisition not yet completed.
21 Apr 2015drilling progress report● Neutral
All approvals for the Dunnart-2 test are now in hand and equipment is in Perth. The rig is to be inspected and mobilised within about three weeks. Key is also talking to rig contractors about a wider campaign.
17 Apr 2015regulatory community update▲ Good
Final regulator approval received for the Dunnart-2 health and safety plan addendum. Key says it will shortly update the market on test timing.
2 Apr 2015regulatory community update▲ Good
Regulator approved the Dunnart-2 Completion and Testing Program. Only the health and safety plan approval remains, with testing targeted for mid to late April.
31 Mar 2015regulatory community update▲ Good
Key received regulator approval of its amended Environment Plan for the Dunnart-2 test. Health and safety and testing program approvals are still awaited; testing is anticipated from mid-April.
27 Mar 2015other● Neutral
Administrative filing of an ASIC Form 484 under Listing Rule 3.8A. No substantive information in the text.
18 Mar 2015joint venture update▲ GoodMajor
On 17 March 2015 the tribunal dismissed Oil Basins' bid to overturn Backreef's title to the Derby Block. This resolves the key condition on Rey's 50% acquisition; Rey is considering next steps to complete it.
13 Mar 2015half year report▼ Bad
Half-year to 31 December 2014: net loss $5.33M (prior year $2.17M). Cash was $933,000, rising to $4.05M after the $4M placement. Derby Block tribunal outcome was then expected in March 2015. Otherwise repeats known project positions.
11 Mar 2015drilling scheduled● Neutral
Key now plans the Dunnart-2 production test for around mid-April 2015, slipping from its late-February aim, still subject to final regulator approvals. A 12 m interval (614-626 m) will be perforated. Key also maps at least 10 undrilled EP437 prospects and leads.
10 Mar 2015contract award▲ Good
Key signed a fixed lump-sum contract with Drilling Contractors Australia for Rig 6 to run the Dunnart-2 production test, with service contracts also awarded. Timing is not stated and awaits Department of Mines and Petroleum approvals. Rey holds 43.47%.
27 Feb 2015other● Neutral
Administrative filing of an ASIC Form 484 under Listing Rule 3.8A. No substantive information is given in the text.
30 Jan 2015quarterly activities report● Neutral
December quarter: Senagi-1 is now expected in Q3 2015 and Dunnart-2 production test design is underway. FIRB approval for the Derby Block deal has been received, and the tribunal ruling is expected in February 2015. The $4M raising is noted.
27 Jan 2015joint venture update▼ Bad
Oil Basins says no agreement has been reached with Rey despite meetings since mid-December. It cites Rey's demand that it drop the tribunal action and Rey's reluctance to allow a later farmout. Oil Basins says it would hold 100% of title if it wins.
27 Jan 2015other● Neutral
Secondary trading notice for the 50M shares issued at 8c to raise $4M, allowing on-sale. Administrative; no new information.
27 Jan 2015capital raising announcement● NeutralMajor
Rey completed its $4M placement of 50M shares at 8c to two Hong Kong investors, 25M each. Start Grand Global now holds about 40.1M shares, 5.6% of the enlarged capital.
What it means for a shareholder
50.0m new shares at A$0.080 to raise about A$4.0m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00188% to 0.00175% of the company. To keep it you'd need 942 more shares - about A$75 at the issue price.
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2 Jan 2015joint venture update▲ Good
Backreef's agreement to sell the Derby Block to Buru expired on 31 December 2014, satisfying one condition of Rey's 50% acquisition. The tribunal hearing outcome and FIRB approval remain outstanding.
24 Dec 2014capital raising announcement● NeutralMajor
Rey will raise $4M through a placement of up to 50M shares at 8c, below the 10c and 10.3c of the 2014 placements. Funds go to the Dunnart-2 test, two more EP437 wells, two Fitzroy wells and working capital.
What it means for a shareholder
50.0m new shares at A$0.080 to raise about A$4.0m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00188% to 0.00175% of the company. To keep it you'd need 942 more shares - about A$75 at the issue price.
Create a free account to see this worked out for your own holding.
23 Dec 2014drilling scheduled▲ Good
Key has tendered for the Dunnart-2 production test, with three suitable completion rigs identified. About 5 m of net pay would be perforated in a roughly one-week test, aimed at late February 2015, subject to regulatory approvals.
3 Dec 2014other● Neutral
Rey extended its on-market share buyback; 1,452,151 shares were bought back over the previous 12 months. The extension is a routine administrative notice.
1 Dec 2014joint venture update▼ Bad
Oil Basins says Backreef does not presently hold a 50% beneficial interest in the Derby Block and calls Rey's deal highly conditional. A tribunal decision is expected by 27 January 2015. This disputes the basis of Rey's 28 November acquisition.
28 Nov 2014asset acquisition disposition● NeutralMajor
Rey agreed to acquire Backreef's 50% of the roughly 5,000 km2 Derby Block (EP487), Canning Basin, for $2M on production licence grant or a 2% royalty. It is conditional on a tribunal ruling over title, termination of other sale agreements and FIRB approval. Co-owner Oil Basins disputes it.
28 Nov 2014other● Neutral
Secondary trading notice for 3.5M shares issued to non-executive directors, as approved at the 26 November AGM. Administrative; no new information.
26 Nov 2014investor presentation● Neutral
AGM presentation repeating known facts: Dunnart-2 oil shows, a production test and two exploration wells planned for 2015, and about 650 km of Fitzroy seismic. It shows cash of $1.5M at 24 November and about 659.9M shares.
17 Nov 2014other● Neutral
Administrative filing of an ASIC Form 484 under Listing Rule 3.8A. No substantive information is given in the text.
30 Oct 2014quarterly activities report● Neutral
September quarter: Dunnart-2 was cased and suspended after 20 m of oil shows, with Rey earning 43.47% of EP437. 145 km of Fitzroy seismic was acquired; Senagi-1 is expected in Q2 2015. The $3M raising was completed.
