Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Nov 2018investor presentation● Neutral
Asia investor roadshow deck repeats known facts: Glenaras contingent resource (2C 2,508 PJ), about A$90M spent, pilot gas still 15-20 thousand cubic feet a day, and 500 PJ+ reserve potential if commercial rates are reached. Market cap about A$139M. No new results.
31 Oct 2018quarterly activities report● Neutral
September quarter: cash A$7.5M at 30 September. Gas flow is back at 15-20 thousand cubic feet a day after the 12L pump upgrade, with water about 3,800 barrels a day. Jemena's ecological and constructability surveys have started.
26 Oct 2018annual report● Neutral
The 2018 annual report restates the year already reported, including the three-lateral drilling programme and small gas flows from both wells. The chairman calls the next six months critical. Nothing materially new beyond earlier releases.
26 Oct 2018annual report● Neutral
The 2018 Corporate Governance Statement, dated 20 September 2018, says practices are largely consistent with ASX recommendations and lists exceptions. Board is three members. Administrative; no new operational or financial information.
26 Oct 2018admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative notice with no operational or financial substance.
16 Oct 2018production update▲ Good
The Glenaras 12L pump change-out is complete, and the old pump was in excellent condition. Combined water is about 3,900 barrels a day. A gas rate update will follow once fluid levels are drawn down. This resolves the 28 September pump issue.
5 Oct 2018agm notice● Neutral
Galilee announced its 2018 AGM for 11:00am on 28 November 2018 in Brisbane. The notice of meeting will follow in October. Administrative only.
28 Sept 2018production update● Neutral
Glenaras 12L's pump is near its upper limit and has had intermittent power problems, so the company is bringing forward a swap to a larger pump. A workover rig is mobilising for about mid next week, with the well back on full production within a week afterward.
24 Sept 2018annual report● Neutral
Statutory accounts for the year to 30 June 2018 show a loss of A$10.316M (2017: A$3.830M), driven by A$10.495M of Galilee Basin exploration spending. Raisings in the year totalled A$5.12M. Contingent resources are unchanged; the pilot is on production.
13 Sept 2018production update▲ Good
First measured gas flow from Glenaras: 15-20 thousand cubic feet a day from both wells, rising. Water about 3,600 barrels a day. Surface facilities were upgraded for 12L, with short shutdowns. This is a small rate, not yet commercial.
15 Aug 2018production update▲ GoodMajor
First gas has begun flowing from Glenaras 10L, at a rate too small to measure, as both wells fall below critical desorption pressure. Water is about 3,500 barrels a day. Management says months more are needed to reach commercial gas rates.
31 July 2018quarterly activities report● Neutral
June quarter: cash A$4.9M at 30 June, before the A$5.66M placement completed 10 July. Water rates over 3,100 barrels a day, fluid level about 575m. Jemena received a petroleum survey licence for the pipeline corridor. Gas not yet flowing.
24 July 2018production update▲ Good
Glenaras 10L and 12L water rates rose to over 2,800 barrels a day combined (from about 2,400), with fluid level about 530m from surface. Direct 10L-12L communication and 11L drawdown continue. Still water only; ramp-up continues toward full drawdown. Shares on issue 203,862,690.
17 July 2018investor presentation● Neutral
This is a Comet Ridge (ASX:COI) presentation on the Galilee Basin, lodged under Galilee Energy's announcements, not a Galilee Energy release. It describes GLL's Glenaras pilot as the only operating coal seam gas pilot in the basin; it brings nothing new for GLL.
10 July 2018capital raising announcement▲ GoodMajor
Galilee raised about A$5.66M through a placement of 14.155M shares at A$0.40, a 9% premium to the 15-day VWAP, with a free 50c option expiring 31 Dec 2019 per share. Water rates reached about 2,400 barrels a day, and pressure drawdown was seen in the 11L monitoring well.
What it means for a shareholder
14.2m new shares at A$0.400 to raise about A$5.7m. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00132% to 0.00123% of the company. To keep it you'd need 187 more shares - about A$75 at the issue price.
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28 June 2018flow test result● Neutral
Answering an ASX request about the 14 June release, Galilee reports the two wells now on continuous production at about 1,600 barrels of water a day combined. No measurable gas yet; pressure must fall further first. Coal depth is about 1,000m in ATP 2019 (100% owned).
14 June 2018flow test result▲ GoodMajor
Initial pump-commissioning tests on both wells flowed water at over 750 barrels a day with under 10% reservoir pressure drawdown, at the upper end of pre-drill expectations. This is water, not gas; dewatering is expected to take months before gas flows.
4 June 2018agm notice● Neutral
Surface facilities are being installed and mid-June start-up is still on track. The company also called a general meeting for 6 July to refresh its 15% placement capacity, which it could not do at the November 2017 AGM given the timing of the October raising.
29 May 2018drilling progress report● Neutral
Pumps have been installed in Glenaras 10L and 12L and completion work is finished. Surface facilities and flowlines are next, with mid-June production start-up still on schedule.
17 May 2018drilling progress report● Neutral
The completions rig is on site to install pumps in Glenaras 10L and 12L over about a week. The drilling rig has left, and mid-June production start-up is still on track.
11 May 2018drilling result● Neutral
Final drilling update: most of the stuck drill string at Glenaras 12L was recovered, and the 12L lateral and sidetrack are intact. The pilot stays a two-lateral design, with 11L as a monitoring well. The completions rig is mobilising and mid-June start-up remains on track.
7 May 2018drilling result▼ BadMajor
The pilot is cut from three laterals to two. Glenaras 12L was drilled with about 480m of coal, but a sidetrack got stuck and 11L will not be drilled further, becoming a monitoring well. Mid-June start-up is unchanged; management is disappointed but confident of booking first reserves.
27 Apr 2018quarterly activities report● Neutral
March quarter: cash A$10.2M. Glenaras 10L drilled with 520m of net coal, 11L hit problems, and 12L is drilling ahead. Production start-up is now targeted for mid-June, a slight slip from early June. The company is still pursuing complementary gas assets and investment partners.
23 Apr 2018drilling progress report● Neutral
After the stuck assembly at Glenaras 11L was backed off, the rig moved to the third location and spudded Glenaras 12L, to return to 11L later. The six-week drilling duration is no longer stated; early June production start-up is still targeted.
19 Apr 2018drilling progress report▼ Bad
Drilling of the Glenaras 11L shield well hit coal stability problems about 60m into the coal, leaving the drilling assembly stuck. The company will update the market in coming days. This is the first setback for the pilot.
9 Apr 2018drilling result▲ GoodMajor
First lateral, Glenaras 10L, was drilled with about 520m of net coal in the R3 seam, on time and on budget, and flowed freely during connections. The rig has moved on to the first shield well, Glenaras 11L.
3 Apr 2018drilling result▲ Good
Glenaras 10 vertical test hole reached 1,083m and found 29m of net coal, described as one of the largest pay sections in the project area. The R3 coal was chosen as the target and the first lateral has landed in it; drilling is on schedule and budget.
26 Mar 2018drilling spud▲ GoodMajor
Glenaras 10 spudded on 23 March, starting the three-lateral pilot that the October 2017 raising funded. The vertical test hole was at 762m, heading to 1,100m, with six weeks of drilling expected and production start-up targeted for early June.
15 Mar 2018drilling scheduled● Neutral
Easternwell Rig 101 is mobilising to the Glenaras pilot site, with drilling now expected around 26 March after a minor rain delay. Production start-up is targeted for early June, and Jemena has begun pre-FEED planning for the pipeline, now described as delivering gas from 2022.
14 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss A$1.21M (prior year A$3.71M), with Glenaras pilot exploration spend of A$0.51M. Multi-lateral pilot drilling still expected to start March 2018. Resource figures unchanged. Text truncated.
