Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2016drilling result▲ GoodMajor
Glenaras lateral well completed on time and within budget, with 400 m of lower R1 coal opened and intersecting Glenaras 3. Strong pressure response at Glenaras 4 exceeded expectations. Production restart is expected within a week, weather permitting; gas results are still to come.
16 Aug 2016drilling progress report● Neutral
Rig has mobilised and the Glenaras 3 workover began 15 August, starting the lateral well project. Drilling and workover should take about three weeks, then the pilot returns to production.
29 July 2016quarterly activities report● Neutral
June quarter: lateral well set for mid-August; Chile and US assets inactive with no significant spend planned. Cash A$9.48M, no debt, down from A$14.9M at 30 September 2015. Largely repeats the 26 July lateral announcement.
26 July 2016drilling scheduled● NeutralMajor
Galilee has contracted a lateral well through the Glenaras R1 pilot, with mobilisation by mid-August 2016. The vertical pilot is likely at equilibrium without more offtake. Success could allow a first reserves booking in early 2017, delayed from earlier hopes of mid-2016.
20 Apr 2016quarterly activities report▲ Good
March quarter: gas seen in all five Glenaras R1 pilot wells, with Glenaras 4 flowing gas and water. Galilee is investigating a ~$1.8M lateral well to speed drawdown and a first reserves booking. Chile permit talks continue; admin spend cut.
8 Mar 2016director officer appointment● Neutral
Executive Director Paul Bilston resigns, leaving 31 March 2016 for a gas infrastructure role in Melbourne, with notice waived to preserve cash. His role will not be replaced; a non-executive director with Glenaras commercialisation skills may be sought later.
1 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: loss $4.624M (prior period $5.674M), mainly Glenaras workover/pilot costs of $1.946M and the Hoffer A well at $1.789M. Restates the strategic review outcomes and the 2015 resource upgrade. Text truncated.
29 Jan 2016quarterly activities report▲ Good
December quarter: five Glenaras R1 wells on pump since late October, with gas desorption seen in all five and casing pressure positive. Rod pumps are working, though R1 permeability is lower so more time is needed. Hoffer A1 abandoned; US activity ceasing; Chile permit still under negotiation.
21 Dec 2015other● NeutralMajor
Strategic review outcome: all US spending ceases except abandonment, with Kansas and Texas assets offered for sale or farm-out. Glenaras R1 results are expected late Q1 2016, with testing to June 2016. Cash expected above $11.0M at end December; executive pay cut 20%, non-executive fees waived.
11 Dec 2015drilling result▼ BadMajor
Hoffer A1 hit over 140 ft of Midcox sandstone but none judged commercial; the well will be plugged and abandoned. Galilee suspends US investment and starts a strategic review, with focus on Glenaras, where R1 test results are expected early 2016. Contradicts the hoped-for Hoffer follow-up.
19 Nov 2015investor presentation● Neutral
AGM presentation repeats the strategy and milestones. Adds cash A$14.9M at 30 September 2015, no debt, share price 11.5c, market cap A$17.5M. Says Glenaras production testing runs over the next 6 months and Hoffer A1 is drilling.
19 Nov 2015agm notice● Neutral
AGM results: the remuneration report and Paul Bilston's re-election both passed on a show of hands. Routine governance outcome with no strategic news.
11 Nov 2015drilling spud▲ GoodMajor
Hoffer A1 spudded 8 November 2015, a 12,250 ft offset to the Hoffer B1 discovery, with Galilee's interest rising to 43.5% (34.8% after payout). Dry-hole cost ~US$1.9M (100%); success could give ~US$2.0M net revenue in year one. Drilling takes 30-40 days.
27 Oct 2015quarterly activities report● Neutral
September quarter: AGL deal completed, ATP 529P 2C resource up 868% to 2,507 PJ, workover finished 9 October, Hoffer B1 ~6 MMscfd, Chile permit under negotiation. Hoffer A1 dry-hole cost ~US$1.9M (100% JV). Mostly repeats announced news.
16 Oct 2015annual report● Neutral
2015 Annual Report, full version of the report lodged 30 September. Chairman cites the free AGL 50% of ATP 529P, 6 MMscfd at Hoffer B1, and Hoffer A1 drilling in mid Q4 2015. Text truncated, so no new figures.
16 Oct 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 16 October 2015. Administrative compliance form with no operational or financial news.
12 Oct 2015investor presentation● Neutral
Company update and new presentation restating the strategy: book reserves at Glenaras and move to US production. Adds share price 12c, market cap A$18.3M, cash A$16.0M (30 June), enterprise value A$2.3M. No new operational results.
9 Oct 2015drilling result▲ Good
All five Glenaras workovers at ATP 529P finished on time and under budget. Commissioning starts next week, then six to nine months of production testing of the R1 coal seam to see if commercial gas flows are possible.
30 Sept 2015annual report▼ Bad
Annual report for year to 30 June 2015: loss $9.974m versus $2.601m, driven by $8.789m exploration expense from US drilling. Restates the three-part strategy and the ATP 529P acquisition; text truncated, so no further figures.
17 Sept 2015drilling scheduled▲ GoodMajor
A workover rig has mobilised to ATP 529P to recomplete the five Glenaras pilot wells in the R1 coal seam. Workover should take about 6 weeks, then 6-9 months of production testing, which is key to converting contingent resources to reserves.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation repeats known facts: new ATP 529P resource figures, Hoffer discovery, Chile application. Adds cash of A$16.0m at 30 June 2015, no debt, market cap A$15.1m at 9.9c, which it describes as trading below cash backing.
1 Sept 2015resource reserve update▲ GoodMajor
New MHA assessment lifts ATP 529P contingent gas resources to 308 PJ (1C), 2,507 PJ (2C) and 5,314 PJ (3C), from 259 PJ 2C in 2011, covering a larger area with new well data. No reserves yet; R1 test early Q4 2015.
27 Aug 2015asset acquisition disposition▲ GoodMajor
Galilee completed buying AGL's remaining 50% of ATP 529P, now 100% owner and operator. R1 coal seam testing is planned to start early in Q4 2015. Completes the deal announced 4 June.
31 July 2015quarterly activities report● Neutral
June quarter: ATP 529P deal documented, with Galilee operator from 14 July; Hoffer B1 Midcox ~6 MMscfd, further Midcox testing suspended on poor cement, moving to Yegua; first development well planned Q4 2015; Chile CEOP application submitted. Largely repeats announced news.
7 July 2015well test result● NeutralMajor
Hoffer B1 Midcox zones flowed about 6 MMscfd in total, but poor cement integrity has compromised testing and some zones may not be usable in this well. Galilee still calls it a gas discovery; reserves auditor planned, development wells under US$2.0M each.
15 June 2015well test result▲ GoodMajor
First Middle Midcox zone at Hoffer B1 (about 17 ft net pay) flowed 3.5 MMscfd over 12 hours, with possibly 25-50 barrels of condensate a day. Testing was suspended after a suspected cement failure, repaired. Zones below the Middle Wilcox were not commercial. More testing follows.
4 June 2015asset acquisition disposition▲ GoodMajor
AGL agreed to transfer its 50% of ATP 529P to Galilee at no upfront cost, plus $590,000 for Glenaras operations, making Galilee 100% owner and operator. Subject to final agreement and approvals; resolves the earlier wait on AGL budget approval for the R1 test.
13 May 2015well test result● Neutral
Production testing began at Hoffer B1 (35% WI, 28% after payout), with about 200 ft across several zones to test and up to 10 tests possible. Testing started at the deepest zone, hampered by a blockage; results due after weeks of testing. Continues the April logging work.
12 May 2015admin correction● Neutral
Galilee lodged its updated securities trading policy, effective 8 May 2015, following ASX Guidance Note 27 changes. Administrative only; no operational or financial news for shareholders.
29 Apr 2015quarterly activities report● Neutral
March quarter: Hoffer B1 reached 14,150 ft with about 200 ft of zones of interest; testing due in coming weeks. Completed well cost rose to about US$670,000 net to Galilee because of high pressures, which the company says should not materially hurt returns. Kansas seismic interpreted.
