Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2010other▲ GoodMajor
Galilee expects its first-ever profit, A$1.6-1.8m after tax for the year to 30 June 2010, versus a $2.447m loss the year before. It credits the $8.5m Broughton sale and New Zealand coal profit of $2-2.5m. Figures are unaudited until September.
22 June 2010drilling progress report▼ Bad
Work on ATP 529P resumed after wet-weather delays: Crossmore South-1 reached 1,323m on 29 April and Laugharne Creek-1 spudded 1 June, within a seven-hole coring programme. Glenaras pilot dewatering has stopped for pump replacement scheduled for Q3 2010.
21 June 2010director officer appointment● Neutral
The board was restructured after the buyout: Steven Koroknay becomes chairman, and former Galilee directors Cam Rathie and Rino Camarri join. John McIntyre resigned. Campbell Smith remains Managing Director, resolving the interim chair arrangement after May's resignation.
11 June 2010director officer appointment● Neutral
Chairman Richard May resigned effective 10 June 2010; he had been a director since 2006 and chairman since October 2008. Managing Director Campbell Smith becomes interim chairman until the 21 June board meeting.
7 June 2010other● Neutral
A routine updated top-20 shareholder list and spread after shares were issued for the Galilee minority buyout. Total shares are 152,140,466; Becamal holds 16.85%, Ecarlate 12.06%. The old Galilee company is renamed Galilee Resources Ltd and is 100% owned.
4 June 2010business combination▲ GoodMajor
Eastern shareholders approved the share issue for the Galilee buyout at the 1 June EGM, and Eastern renamed itself Galilee Energy Limited. The ASX code changes from ECU to GLL on 4 June. The New Zealand coal business continues under a wholly owned subsidiary.
28 May 2010business combination▲ GoodMajor
All Galilee minority holders have accepted Eastern's 1-for-7 buyout offer, which closed 28 May. Eastern will hold 100% of Galilee once its shareholders approve the share issue at the 1 June EGM, which also covers the rename to Galilee Energy Limited.
10 May 2010investor presentation● Neutral
A New Zealand-focused company update repeats known facts: two mines producing ~200,000 tonnes a year, the Fonterra 10-year extension, and a Whareatea West $2m exploration plan. Market cap is $34.4m at 33.5c.
10 May 2010asset acquisition disposition▲ GoodMajor
Eastern completed the sale of its 90% of Broughton (EPC 818) for A$8.5m, with payment received, ending its Australian coal exposure. Its Galilee holding has risen to 98% on acceptances to date.
28 Apr 2010investor presentation● Neutral
Eastern's April company update repeats known facts: 102.8m shares, cash of $3.4m at 31 March, Galilee reserves certification targeted in 2010, and the Broughton sale completing in May. Nothing new.
27 Apr 2010business combination▲ GoodMajor
Acceptances from Galilee minorities reached 26.62%, taking Eastern to 94.61% of Galilee, above the 90% condition. Finalising the offer still needs Eastern shareholder approval at an EGM expected 1 June 2010.
22 Apr 2010business combination▲ GoodMajor
Galilee's independent board committee recommends minorities accept the new 1-for-7 offer, absent a superior proposal. It cites the higher price and 26.25% commitments. Merged holdings would be about 27.89% former Galilee holders and 67.54% current Eastern.
20 Apr 2010investor presentation● Neutral
An investor briefing repeats known Galilee facts: >20 TCF gas in place, the AGL farm-in, ATP 799P work and a Q3 2010 reserves certification target. It lists the way forward as including a corporate restructure.
20 Apr 2010business combination● Neutral
The formal offer document for the new 1-for-7 offer, dated 20 April 2010, closes 5pm on 28 May unless extended or withdrawn. It is not a prospectus or bidder's statement. It repeats the announced terms.
20 Apr 2010business combination▲ GoodMajor
Eastern made a new offer of 1 Eastern share for every 7 Galilee shares, valuing each at 4.9c versus 3.1c before. Holders of 26.25% have agreed to accept. Offer closes 28 May; Becamal may convert up to $2.4m of loan to shares.
19 Apr 2010business combination▼ BadMajor
Eastern's 1-for-9 offer for Galilee minorities lapsed on 19 April 2010 because its conditions were not satisfied or waived. No Eastern shares will be issued. Eastern says it will make a new offer on different terms.
15 Apr 2010admin correction● Neutral
Eastern re-lodged its 9 April coal presentation with amendments to slides 6 and 7. The changes soften Whareatea West and Albury wording to 'prospective' and 'sub-bituminous', dropping the earlier resource-size claims.
9 Apr 2010investor presentation● Neutral
Eastern's coal presentation repeats known facts: Broughton's $8.5m sale (subject to a Mitsui 60-day pre-emptive right) and NZ mines producing ~200,000 tonnes a year. It shows net tangible assets of A$15.7m excluding Galilee.
26 Mar 2010director officer appointment● NeutralMajor
Campbell Smith intends to resign as Eastern's Managing Director once a replacement is found, expected in the second half of 2010. He stays as non-executive director of Eastern and Galilee. A new CEO will focus on coal seam gas.
12 Mar 2010business combination● Neutral
Eastern extended its offer for the minority shares of its 68%-owned Galilee from 19 March to 19 April 2010. The terms in the 10 February 2010 Offer Document were unchanged.
8 Mar 2010half year report● Neutral
Eastern's half-year report to 31 December 2009 reviews known items: AGL farm-in progress, ATP 799P seismic and cores (results due first half 2010), a $6m later work programme, and the Broughton put option exercised for $8.5m, completing by May.
26 Feb 2010asset acquisition disposition● NeutralMajor
Eastern exercised the put option to sell its 90% of Broughton (EPC 818) to Resource Portfolio Partners for A$8.5m, the bottom of the $8.5-12m range. Completion is expected in May 2010, subject to conditions precedent.
26 Feb 2010business combination● Neutral
Responding to Galilee's independent board committee, Eastern explains the 3.1c offer value. It put NZ coal and Broughton at about 10c of its 27.5c price, leaving 17.5c for Galilee, implying a Galilee project value of about $26.5m or 2.85c per share.
10 Feb 2010business combination● Neutral
The formal offer document sets out the 1-for-9 share offer, closing 5pm on 19 March 2010 unless extended or withdrawn. It is not a prospectus or bidder's statement and is not lodged with ASIC. It repeats the announced terms.
10 Feb 2010business combination● NeutralMajor
Eastern offered to buy out the Galilee minority, 1 Eastern share for every 9 Galilee shares, valuing each at 3.1c at 27.5c. Up to 33,002,114 Eastern shares would be issued, closing 19 March. It needs 90% acceptances (waivable) and Eastern shareholder approval.
9 Feb 2010drilling progress report● Neutral
Crossmore South-01 is suspended due to wet weather. Galilee's 2009 programme of Dunrossie-01 and Dotswood-01 completed in February after a short weather delay.
20 Jan 2010other▼ BadMajor
Eastern guides to a half-year loss of A$4.2-4.5m, up from A$1.55m, on higher gas exploration spending, despite NZ profit of A$1.2-1.3m. The Fonterra supply deal is extended 10 years, and Broughton sale is expected to complete in Q1 2010.
24 Dec 2009security holder rights change● Neutral
Becamal has decided not to proceed, for now, with converting $1.3m of its loan to Eastern into shares at 62c, which shareholders approved at the 27 November AGM. The debt therefore stays in place.
21 Dec 2009drilling progress report● Neutral
Crossmore South-01, the third AGL core hole, is at 798m. Dotswood-01 in ATP 799P spudded 9 December, was drilled to 865m and cased, and work pauses over Christmas until early January.
8 Dec 2009drilling result▲ Good
Dunrossie-01 finished at 1330m having intercepted Betts Creek coals, and cores went for testing. Vera Park-1 reached 1180m. Both holes are being plugged, and rigs are moving to Dotswood-01 and Crossmore South-01.
