Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Apr 2015drilling result▲ GoodMajor
Cased hole logs on Hoffer B1 show about 90 ft of gross sandstone in the primary target and about 30 ft more elsewhere, giving roughly 200 ft of combined zones of interest. Net pay cannot be measured through casing; perforating and testing plans are being prepared.
21 Apr 2015investor presentation● Neutral
Symposium presentation repeats known facts: Hoffer B1 called a confirmed gas discovery, about 200 ft of zones of interest, testing to start shortly. Cash $19.6m at 31 December 2014, no debt, market cap $20.5m at 13.5c, stated as fully funded.
7 Apr 2015drilling progress report● Neutral
Cased hole logging at Hoffer B 1 has started, delayed just under two weeks by wet weather. Logging should finish later this week, with completion and testing to follow once the data are analysed.
18 Mar 2015drilling progress report● Neutral
Production casing has been run and cemented in Hoffer B 1 to 14,150 ft over all potentially productive intervals. The rig will be released, with cased hole logging in 7-10 days, then a completion and testing crew once data are analysed.
13 Mar 2015half year report▼ Bad
Half-year to 31 December 2014: loss $5.674m versus $2.457m a year earlier. Exploration spend rose to $4.974m from $1.211m on the start of US drilling. Otherwise repeats operations already reported; Chile CEOP application now targeted for first half of 2015.
12 Mar 2015drilling result● NeutralMajor
Hoffer B 1 reached 14,150 ft (350 ft short of target) with thirteen significant shows; production casing is being run to complete it for testing. Dworsky Haas 1 reached 11,600 ft but its Midcox sands were tight, so the deep section is plugged and shallower zones will be tested. Kansas 3D data quality is excellent.
23 Feb 2015drilling result▲ GoodMajor
Logs on Hoffer B1 show 43 ft of net gas pay in the Middle Midcox, a secondary target, and a possible 40 ft in the Yegua. The company says the 43 ft alone could make the well commercial at current prices, subject to flow testing. Primary target still to be drilled.
16 Feb 2015drilling progress report● Neutral
Hoffer B 1 is at 13,000 ft after strong gas shows and higher-than-expected pressures; cost may run 10-20% over budget (US$112k-225k to Galilee). Dworsky Haas 1 spud on 14 February, about US$786,000 to casing point to Galilee, 21 days to drill.
12 Feb 2015regulatory community update● Neutral
Administrative Listing Rule 5.4.3 notice listing interests held at 31 December 2014, including Hoffer B1 35% (28% after payout), Dworsky 32.46%, Spikes East 38.94%, Hoffer Extension 37.5%. Discloses Spikes East interest at 38.94% (31.15% after payout); otherwise no new substance.
28 Jan 2015drilling progress report▲ Good
Hoffer B 1 reached 11,209 ft with very strong gas shows in two shallower sandstones that may offer an extra completion zone. Dworsky Haas 1 is now due to spud in early February (slipped from mid-January). Kansas 3D seismic recording is finished, with initial results due late February or early March.
7 Jan 2015drilling spud▲ GoodMajor
Hoffer B, the Lavaca County, Texas well in which Galilee holds 35%, was spud on 6 January 2015, targeting 14,250 ft in the Lower Wilcox. Expected to take 40-60 days. Total exposure including entry cost is put at under US$1.5m; the partner's prospect estimate is 70 Bcf gas plus 1.8m bbl oil, not certified.
15 Dec 2014investor presentation● Neutral
Responding to the oil price fall, Galilee says its Texas and Kansas economics remain robust (Lavaca well IRR 125% to 100% at US$65 oil), rig rates are down 20%, and Lavaca drilling slips to late December and mid-January. It is assessing corporate opportunities.
20 Nov 2014investor presentation● Neutral
AGM presentation repeats known facts: cash $24.7m, no debt, market cap $20.5m at 13.5c, and the Illinois, Texas, Kansas and Chile projects. Says current activities are fully funded and Hoffer B should spud mid-to-late December.
19 Nov 2014regulatory community update▲ Good
The Kansas 3D seismic survey (about 40 sq miles, Meade County) has begun after permits were secured, with acquisition expected by year end and early 2015 results. This follows the July Kansas MOU and the JV agreement reported in the quarterly.
12 Nov 2014drilling result▼ BadMajor
Wenzel 1, the fourth Illinois well, reached 2,757 ft and a test found no commercial hydrocarbons, so all four wells were dry. Galilee and partners suspend field activity until early Q2 2015 to review results, and the company says they support further exploration.
30 Oct 2014drilling result▼ BadMajor
Cunningham 1, the third Illinois well, reached 2,556 ft. Oil shows were weak or the zones tight, and no commercial hydrocarbons were recovered; the well is being plugged. Shale shows again extend the resource-play study area. Wenzel 1, the final well, is next.
28 Oct 2014asset acquisition disposition▲ GoodMajor
Galilee signs binding agreements to widen its Lavaca County, Texas interests: 37.5% in a new Lower Wilcox exploration area, 32% (24% after payout) in the Dworsky Haas 1 well, and a share of Williams 2. Hoffer B is expected to spud mid-to-late December 2014; Dworsky cost to casing point is about US$900,000.
24 Oct 2014drilling result▼ BadMajor
Kramer 1, the second Illinois well, reached 2,625 ft. Strong oil and gas shows in the Racine zone were tested without commercial hydrocarbons, and the well is being plugged. Shale shows widen the area of interest for a resource-play study. Rig moves to Cunningham 1.
17 Oct 2014annual report● Neutral
2014 annual report repeats known facts: the new board and strategy, the Chile MOU with ENAP, the US projects, and the Glenaras R1 test still deferred awaiting AGL funding approval. CFO is now Don Langdon and company secretary Stephen Rodgers.
16 Oct 2014drilling result▼ BadMajor
Hanner 1 reached 2,268 ft; the main Racine reef reservoir was poorly developed and a test of the Trenton zone found no commercial hydrocarbons. The well is being plugged. About 300 ft of oil shows are said to show a working petroleum system; the first Illinois well is a dry hole.
8 Oct 2014drilling scheduled▲ GoodMajor
The first Illinois well, Hanner 1 (Logan County, target depth 2,990 ft), is due to spud this week, with Kramer 1 next. Dry hole cost is expected under US$200,000. The MD calls it Galilee's first drilling in a number of years.
26 Sept 2014annual report● Neutral
Full-year report to 30 June 2014: loss $2.601m versus $6.496m a year earlier, including $1.117m of one-off legal and restructure costs from the board change and failed takeover. Repeats the three-part strategy, the ATP 799P exit and the new US and Chile projects.
1 Sept 2014director officer appointment● Neutral
CFO and Company Secretary Simon Brodie, CFO since November 2010, leaves. Two part-time appointments replace him: Stephen Rodgers as Company Secretary and Don Langdon as CFO. The MD says part-time roles are a significant cost saving.
19 Aug 2014investor presentation● Neutral
August presentation repeats the portfolio strategy: cash $25.7m at 30 June 2014, no debt, and Q4 2014 activity in Illinois, Texas, Kansas and Chile. Market cap $20.5m at 13.5c per share. No new announcements are stated in the visible text.
31 July 2014quarterly activities report▼ BadMajor
June quarter: reviews the new Chile, Illinois, Texas and Kansas projects. The Glenaras R1 test program is deferred because AGL has no approved budget for it, a setback to the ATP 529P restart announced on 31 March.
30 July 2014material agreement▲ GoodMajor
Galilee signs a conditional MOU, subject to a final JV agreement, to earn up to 75% working interest in selected areas of 110,000 acres in Kansas by funding a 3D seismic survey and wells. Galilee would operate; seismic planned for Q3 2014.
25 July 2014other● Neutral
Galilee gives notice of a change of registered office and postal address in Brisbane from 31 July 2014. Phone and email unchanged. Administrative.
24 June 2014asset acquisition disposition▲ GoodMajor
Galilee acquires a 35% working interest (final interest subject to other participants) in the Hoffer prospect, a 4,300m exploration well in Lavaca County, Texas, planned for late 2014. Expected cost to testing is under US$1.5m. A third new project.
18 June 2014farm in farm out agreement▲ GoodMajor
Galilee enters a joint venture to drill shallow oil prospects in Illinois, funding the first well on each prospect to earn a 75% working interest. Dry hole costs are under $200,000 each; drilling is planned for Q4 2014. Second diversification move after Chile.
27 May 2014material agreement▲ GoodMajor
Galilee signs a non-binding MOU with Chile's state oil company ENAP to study coal seam gas in a roughly 7,200 sq km area of the Magallanes Basin. It is the first step in the diversification strategy; concession ownership interests are still to be agreed.
