Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Mar 2018director officer appointment▲ GoodMajor
Stephen Kelemen, a 40-year industry veteran with Santos coal seam gas background, joins the board as non-executive director from 31 March 2018. Ray Shorrocks takes over as Chairman from Dr David King, who stays on as a non-executive director.
31 Jan 2018quarterly activities report▲ Good
December quarter: cash was A$10.1M after the A$5.6M placement and entitlement raising. Design of the three-lateral Glenaras pilot was complete and drilling remained on target to start in March 2018, while Jemena progressed the pipeline, targeting supply to Barcaldine by 2020.
28 Nov 2017agm notice● Neutral
All three AGM resolutions passed: remuneration report, re-election of Dr David King, and the 10% placement capacity. Administrative result; no operational news.
28 Nov 2017capital raising announcement▲ GoodMajor
The entitlement offer closed oversubscribed, raising the full A$2.59M through 17.25M shares at A$0.15; shareholders took up 59% and the rest came from shortfall applications, so underwriters placed nothing. With the placement, cash is about A$10.6M, completing the A$5.6M raising.
What it means for a shareholder
17.3m new shares at A$0.150 to raise about A$2.6m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00387% to 0.00351% of the company. To keep it you'd need 667 more shares - about A$100 at the issue price.
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28 Nov 2017investor presentation● Neutral
AGM presentation restating Glenaras as the second-largest Queensland contingent gas resource outside the big three LNG exporters, with the Jemena pipeline and upcoming multi-lateral pilot. Market cap A$28.5M, cash A$10.6M. No new results.
9 Nov 2017other● Neutral
Confirms the entitlement offer booklet and personalised forms were posted to eligible shareholders on 9 November 2017. Administrative notice only.
31 Oct 2017capital raising announcement● Neutral
Letter to eligible shareholders restating the 1-for-10 offer at A$0.15. Shares on issue would rise to about 189.7M after the offer and placement. Underwriting fee 6%, plus 2.5M unlisted options (25c, expiring 31 Dec 2019) to Gleneagle. No new news.
31 Oct 2017capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they are ineligible for the rights issue, because the company judged making the offer to them unreasonable. Administrative notice repeating known offer terms.
30 Oct 2017capital raising announcement● Neutral
Offer booklet for the 1-for-10 non-renounceable entitlement offer at A$0.15, raising up to about A$2.58M. Opens 9 November, closes 24 November 2017; underwritten by Patersons and Gleneagle. Detail of the raising already announced; no new news.
30 Oct 2017capital raising announcement▲ GoodMajor
Galilee is raising about A$5.6M at A$0.15 a share (9.1% discount): a A$3.05M placement of 20.3M shares plus a fully underwritten 1-for-10 entitlement offer for up to about A$2.59M. Funds go to the three-lateral Glenaras pilot and working capital.
30 Oct 2017capital raising announcement● Neutral
Letter to optionholders explaining the rights issue. Options do not carry rights to participate, but holders could exercise before the 6 November record date; the letter says their options are currently out of the money. Administrative notice.
27 Oct 2017annual report● Neutral
Annual corporate governance statement as at 26 September 2017, saying practices are largely consistent with ASX recommendations. Small company with few executives. No operational or financial news. Text truncated.
27 Oct 2017other● Neutral
Appendix 4G governance checklist for the year to 30 June 2017, signed by the Company Secretary on 27 October 2017. Administrative form with no operational or financial news.
24 Oct 2017quarterly activities report● Neutral
September quarter: cash A$5.8M. Multi-lateral pilot drilling has slipped to Q1 2018 from end-2017, with reserves booking targeted by late 2018. Vertical wells dropped from the design to cut cost. Jemena MoU noted; acquisition proposals for east coast gas assets are out.
18 Oct 2017other● Neutral
Computershare, the share registry, is moving its Brisbane office to 200 Mary Street from 1 November 2017. Administrative notice with no news about Galilee itself.
17 Oct 2017material agreement▲ GoodMajor
Galilee signed a binding agreement with Jemena to fast-track a pipeline from Glenaras to the east coast market. Jemena starts community engagement and design work while Galilee appraises to certify enough gas to underwrite it; both aim for FEED in 2019.
4 Oct 2017investor presentation● Neutral
Roadshow deck pitching Glenaras as the second-largest Queensland contingent gas resource outside the big three LNG exporters. Market cap A$18M, cash A$6M, resource figures unchanged. Restates the multi-lateral pilot plan; no new results.
29 Sept 2017annual report● Neutral
Year to 30 June 2017: loss A$3.83M (2016: A$6.04M), with A$3.817M spent on Galilee Basin exploration. Multi-lateral pilot drilling planned before 31 December 2017, subject to approvals and rig availability. Office downsized on 31 Dec 2016. Text truncated.
31 July 2017quarterly activities report▲ GoodMajor
Lateral pilot testing is complete after about 10 months; modelling matched the data and supports a new three-lateral pilot nearby, with drilling targeted before end-2017. Cash A$6.1M. Joint venture options are being considered. This replaces the earlier plan to build gas rates at the existing pilot.
28 Apr 2017quarterly activities report● Neutral
March quarter: cash A$5.7M plus about A$1.2M expected R&D refund. Lateral still makes strong water and small continuous gas; reserve modelling is delayed, partly as the small team assesses other onshore opportunities. Earlier hopes of a 2017 reserves booking now look less certain (inference).
15 Mar 2017half year report● Neutral
Half-year to 31 Dec 2016: loss A$3.71M (prior year A$4.62M), mostly A$2.94M Glenaras pilot exploration spend. Lateral well still making small continuous gas, not yet enough for a reserve booking. Text truncated.
30 Jan 2017quarterly activities report● Neutral
December quarter: the Glenaras lateral keeps flowing water with small but continuous gas; gas rates are not yet enough for a reserves booking, with modelling due in 6-8 weeks. ATP 529 converted to ATP 2019 on 28 Nov 2016, securing a final four-year exploration term.
20 Dec 2016other● Neutral
Registered office and principal place of business moved to Level 36, Riverside Centre, 123 Eagle Street, Brisbane, effective immediately. Administrative notice only; other contact details unchanged.
18 Nov 2016agm notice● Neutral
All AGM resolutions passed on a show of hands, including the remuneration report, Shorrocks' re-election, an employee share plan and options for the three directors. Proxies show sizeable votes against the share plan (about 20M) and the option grants (18.7-20.1M).
18 Nov 2016investor presentation● Neutral
AGM presentation restates the Glenaras lateral story and a first reserves booking targeted for 2017. Shows share price 11.5c, market cap A$17.5M, cash A$6.7M, no debt. No new results.
25 Oct 2016quarterly activities report▲ GoodMajor
September quarter: Glenaras lateral now produces over 4 times the old five-well rate, flows below critical desorption pressure and first gas is through the separator. Cash A$6.7M, no debt. US and Chile remain inactive.
17 Oct 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative form with no operational or financial news; its dates look inconsistent (financial year ended 30 June 2015, dated 17 October 2015).
17 Oct 2016annual report● Neutral
2016 Annual Report: chairman reports the lateral well's encouraging water rates and the aim of converting resources to reserves. Repeats the 100% ATP 529 ownership, 3C of 5,314 PJ and US wind-down. Text truncated; no new figures seen.
10 Oct 2016production update▲ GoodMajor
Lateral well is flowing water at over 2.5 times the old five-well pilot rate at 50% drawdown, above modelled expectations. Gas onset is expected in coming months. Executive salary cuts are reversed from 1 October and non-executive fees restored to 50%.
20 Sept 2016annual report● Neutral
Financial report for year to 30 June 2016: loss A$6.039M (prior year A$9.974M), including A$3.088M Galilee Basin exploration and A$1.701M US drilling. Restates AGL interest acquisition and 2015 resource upgrade. Text truncated.
