Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2013annual report● Neutral
Year to 30 June 2013: loss $6.496m (2012: $6.261m), mainly ATP 799P exploration; cash fell $6.408m. Notes Malt's requisitioned meeting set for 24 September 2013 and Young's appointment as Chairman. No new resource figures; Glenaras pilot extended to December 2013.
19 Aug 2013director officer appointment▲ GoodMajor
Andrew Young, an oil and gas veteran with 37 years' experience, is appointed independent Chairman, replacing interim Chairman Cam Rathie, who stays on as a non-executive director. This fills the vacancy left by Koroknay's death in June.
30 July 2013investor presentation● Neutral
Managing Director's presentation at a Queensland investor forum repeating known strategy and assets. Shows 14c share price, $21.3m market cap and $28.3m cash (31 Mar 2013), with Malt Energy now the top holder at 13.55%. No new information.
26 July 2013other▼ BadMajor
A shareholder holding over 5% has requisitioned a general meeting to remove Chairman Cam Rathie and Managing Director Glenn Haworth and appoint three new directors (David King, Peter Lansom, Paul Bilston). The board is considering the request.
7 June 2013director officer appointment▼ BadMajor
Chairman Steven Koroknay, chairman since June 2010, died suddenly on 6 June 2013. The board says it remains committed to the strategy of the AGL joint venture and seeking growth. An interim chairman is to be named.
7 June 2013director officer appointment● NeutralMajor
After Koroknay's death, director Cam Rathie becomes interim Chairman and CEO Glenn Haworth becomes Managing Director, in line with the board's succession plan. A search for an additional non-executive director has begun.
2 Apr 2013joint venture update▲ Good
The Glenaras pilot restarted after the engineering review, with new submersible pumps; AGL began commissioning on 19 March 2013. All five wells run to design, with early gas seen in three wells. Gas flow tests await target drawdown, so no commercial rate yet.
6 Mar 2013investor presentation● Neutral
CEO presentation at an oil and gas conference repeating known strategy and assets. Shows 13.5c share price, $20.5m market cap and $31.0m cash at 31 Dec 2012, trading below cash. No new information.
26 Feb 2013half year report● Neutral
Half-year to 31 December 2012: loss $4.27m versus $4.55m a year earlier, from Glenaras pilot work and ATP 799P exploration. Restates the Hillview 06 result and the Glenaras restart plan; no new resource figures.
11 Dec 2012drilling result▲ GoodMajor
Hillview 06 in ATP 799P (Galilee 100%) hit two coal seams of 5.51m and 7.15m, with the best early gas indications yet in the permit; oil was seen in Toolebuc Shale. 386m of core taken; the well is plugged. Core tests due Q1 2013 for a possible resource booking.
5 Dec 2012security holder rights change● Neutral
5,000,000 unquoted options (exercise prices 24c to 87c) lapsed unexercised. Remaining securities are 152,140,466 shares and 3,000,000 performance rights. Admin notice with no cash impact.
13 Nov 2012investor presentation● Neutral
CEO presentation at a Galilee Basin conference repeating known strategy, assets and $33.1m cash. Shows 14c share price and $21.3m market cap, below cash. Shareholder count is 1,663; unlisted options 8.0m. No new information.
19 Oct 2012annual report▼ Bad
2012 annual report: chairman says progress is slower than wanted because of frequent downhole equipment failures at Glenaras. Over $34m cash, no debt. Growth bids for producing assets lost on price; the company now also considers unconventional oil and gas assets.
13 Sept 2012annual report▼ Bad
FY2012 annual financial report: loss of $6.2m versus the $21.4m FY2011 profit from the NZ coal sale. Cash fell $6.5m. Glenaras pilot flowed 1,170 mscf in May and is extended to November 2012. No new resource figures.
21 Aug 2012asset acquisition disposition▲ Good
Galilee received the final $800,881 from the 2011 sale of its NZ coal business (ERG), closing out that outstanding payment. Cash is $34.2m, which the company says covers forecast activities beyond 2014.
31 July 2012quarterly activities report▼ BadMajor
June quarter: cash $33.8m. Glenaras produced just 1,170 mscf in May; under-reamed wells GA03 and GA05 gave mainly water, so under-reaming looks unsuitable. The contingent part of the 2012 budget is deferred, cutting Galilee's 2012 spend to $4.5m from $10m. ATP 799P: one well plus 100km seismic approved.
27 Apr 2012director officer appointment● Neutral
Unmarketable parcel sale completed at 17c per share: 640,083 shares sold for 458 holders; 257 of 715 small parcels were retained. CFO Simon Brodie also appointed joint company secretary alongside Bill Lyne.
7 Mar 2012security holder rights change● Neutral
Galilee gives notice it will sell small shareholdings worth under $500 (3,124 shares or fewer) at a minimum of 16c per share, free of brokerage, unless holders opt to keep them by 17 April 2012. Administrative tidy-up of the share register.
20 Feb 2012half year report▼ Bad
Half-year report to 31 December 2011: loss from continuing operations of $4.55m versus $1.07m a year earlier, due to continued ATP 529P exploration. The 2012 $20m joint venture budget aims for a maiden reserve estimate by June 2012.
20 Feb 2012half year report● Neutral
Duplicate of the half-year report to 31 December 2011 lodged the same day: loss of $4.55m, 2012 budget of $20m, maiden reserve targeted by June 2012. No new information.
23 Nov 2011investor presentation● Neutral
Conference presentation repeating known strategy, assets and $39.1m cash. Shows a $26.6m market cap at 17.5c, which it describes as trading well below cash. Top holders include Becamel 16.85% and Ecarlate 12.06%.
21 Nov 2011investor presentation● Neutral
CEO's AGM presentation restates strategy: prove 2P reserves in ATP 529P and acquire cash-flowing oil and gas assets. Cites 1,090 PJ 3C resource (100% basis) and cash of $39.1m. Mostly repeats known facts.
24 Oct 2011annual report● Neutral
2011 annual report. The chairman says growth opportunities are hard to find, with bids on Australian producing oil and gas assets unsuccessful. Reserves conclusions at Glenaras are expected in about six months. ATP 799P spending may resume in about 12 months.
5 Oct 2011well test result▲ GoodMajor
Glenaras 6 flowed steadily at about 54 Mscf/day for four days, reported as the project's first gas discovery and first stabilised flow in the Galilee Basin. The three step-out wells (GA07-09) are complete, each with over 25m of coal.
2 Sept 2011annual report▲ Good
FY2011 profit after tax of $21.43m, in line with guidance, driven by the NZ coal sale to Bathurst. Cash is $40.3m. A final completion payment of under $1m is still to be finalised.
30 June 2011resource reserve update▲ GoodMajor
First resource estimate for ATP 529P by SRK: contingent resources of 259 PJ (2C) and 1,090 PJ (3C, 1.043 TCF), covering 450 km2 of 5,929 km2 (100% basis; Galilee holds 50%). This delivers the first booking targeted for 2011.
14 June 2011other▲ GoodMajor
Galilee guides to FY2011 profit of $21-22m from the ERG sale, with no tax payable. A $5.24m completion payment was received in May; under $1m remains. Cash is $39.5m. Resource estimate due end June; reserve estimate now aimed at December 2011 after pilot delays.
13 May 2011price query● Neutral
ASX queried Galilee's fall from 21c to 17c with higher volume. The company says it knows of no unannounced information explaining the trading and confirms it complies with listing rules.
21 Mar 2011asset acquisition disposition▲ GoodMajor
The sale of the NZ coal business (ERG) to Bathurst completed on 18 March 2011, ending the restructure begun in 2009. Galilee has received A$28.11m, about A$6m is due in May, and cash is $35.5m with no debt. This resolves the sale thread.
8 Mar 2011half year report● Neutral
Half-year report to 31 December 2010 shows a loss of $1.065m, versus a $5.6m loss a year earlier because the 2009 ATP 799P exploration program finished. States all regulatory approvals for the ERG sale are received, with completion expected 18 March 2011.
