Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2006drilling result▼ BadMajor
Scrubby #1 reached 1,250 metres and is being plugged and abandoned. Golden Dynasty is suspending its drilling program to remap prospects, after two wells in a row failed to find oil. European Gas's interest and royalties continue.
30 June 2006drilling progress report● Neutral
Scrubby #1 is at 1,085 metres drilling in the Grant Formation, close to its 1,245-metre planned depth. No result reported.
23 June 2006drilling spud● Neutral
Scrubby #1, the second well of Golden Dynasty's three-well program, spudded on 22 June 2006 and was at 166 metres. Planned depth is 1,245 metres.
19 June 2006drilling result▼ BadMajor
Boundary SE-1 is plugged and abandoned at 1,710 metres after finding no commercially significant shows. This is a dry hole in a well funded by Golden Dynasty; European Gas keeps its 20% and royalties. The rig moves to Scrubby-1.
1 June 2006drilling progress report● Neutral
Boundary SE-1 is at 505 metres, drilling ahead toward a planned 1,900 metres. No new result yet.
24 May 2006drilling spud● Neutral
Golden Dynasty spuds Boundary SE-1 in EP129, Canning Basin, targeting the oil-bearing sandstone that Boundary 1 produced from. European Gas is diluting to 20% of Terratek, the permit holder, and keeps a 2% well head royalty. The well was at 96.5 metres.
8 May 2006asset acquisition disposition● NeutralMajor
European Gas agrees to sell most of its Canning Basin permits (28,700 sq km) to ARC Energy for 1.5 million ARC shares (about A$2.3 million) plus a 2% net well head royalty. This continues the Australian exit; the deal is subject to a definitive agreement and approvals.
16 Mar 2006half year report● Neutral
Half-year accounts to 31 December 2005 show an operating loss of $285,041 (2004: $90,398). Operations repeat earlier announcements: Lorraine gas in place and the Canning Basin divestment.
16 Mar 2006capital raising announcement▲ GoodMajor
European Gas agrees a placement of 21.0 million shares at $0.65 to raise A$13.65 million before costs, mainly from European institutions. Funds go to the European coal bed and coal mine methane projects, acquisitions and working capital.
What it means for a shareholder
21.0m new shares at A$0.650 to raise about A$13.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
30 Jan 2006asset acquisition disposition▲ GoodMajor
Three coal bed methane permits covering 1,553 sq km in southern Tuscany, Italy, are granted, subject to environmental studies. European Gas can earn 75% (Heritage Petroleum keeps 25%) by funding reservoir studies capped at €200,000 per permit, and will operate.
24 Jan 2006admin correction● Neutral
The name change to European Gas Limited and ASX code change from KBO to EPG take effect today, with a new website. Repeats the 20 January announcement; no new substance.
20 Jan 2006other▲ GoodMajor
Kimberley Oil NL becomes European Gas Limited (code KBO to EPG from 24 January 2006), shifting focus from the Canning Basin to French coal bed methane. Lorraine gas in place is 991.2 Bcf; core drilling is planned for first half 2006.
