Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2013business combination● Neutral
Galilee's board reports receiving Mercantile's letter of intent for a 15c proportional takeover against a 13c close, and advises shareholders to take no action until offer details arrive. Re-release of the letter; no formal offer yet.
21 Oct 2013business combination● NeutralMajor
Mercantile (Sir Ron Brierley's company) says it intends a proportional takeover for 50% of each holding at 15 cents, a 15% premium to 13c. If successful it would cut costs, stop ATP 799P spending and seek to return cash to shareholders.
15 Oct 2013other▼ BadMajor
The three Malt-backed directors elected on 24 September have applied to the Queensland Supreme Court to sue, in Galilee's name, Haworth, Young, Camarri and Jensen for alleged breaches of duty. They also seek Jensen's resignation and a ruling voiding Haworth's contract. The board fight has become litigation.
10 Oct 2013agm notice● Neutral
Company gives notice that its AGM will be held at 2.00pm on 28 November 2013 in Brisbane. Notice of meeting to follow around 25 October. Administrative only.
27 Sept 2013remuneration report● Neutral
Key terms of Glenn Haworth's General Manager contract from 24 September 2013: $350,000 base salary plus super, ongoing term, three months' notice with a three-month base payment on termination by the company.
24 Sept 2013agm notice● Neutral
Chairman's run sheet for the 24 September general meeting on Malt's five requisitioned motions. Resolution 2 was withdrawn after Haworth left the board. Young argues for an independent board majority. Poll called on all resolutions; result not in this text.
24 Sept 2013director officer appointment● Neutral
Paul Jensen joins as independent non-executive director, and Glenn Haworth steps down as Managing Director to become General Manager. Announced on the day of Malt's requisitioned meeting, in what reads as a board response to that fight (inference).
16 Sept 2013agm notice● Neutral
Administrative guide for the requisitioned general meeting, 3.00pm on 24 September 2013 in Brisbane, with ID and proxy requirements. Proxies close 22 September. No substantive new information.
13 Sept 2013joint venture update● NeutralMajor
Chairman Young rebuts Malt Energy's open letter ahead of the requisitioned general meeting, saying Malt, with 16.125%, seeks management control. He notes AGL wrote down the Galilee Gas Project in its accounts and is seeking a 12-month pilot extension from 1 December 2013.
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.
31 July 2013quarterly activities report▲ Good
June quarter: cash $27.4m, no debt. Glenaras gas flow has restarted at about 12 mscf/day, and the operator expects a resource/reserve estimate by December 2013. Seismic on ATP 799P is complete and a strategic review of tenure value is under way.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: cash $28.3m, no debt. Glenaras restarted with gas desorption in all wells, and gas flow tests are planned for the June quarter. ATP 799P's 50km seismic survey is pushed to May 2013, with Hillview 06 core testing continuing.
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.
31 Jan 2013quarterly activities report● Neutral
December quarter: cash $31m, no debt. Hillview 06 in ATP 799P is plugged, with desorption results due Q1 2013 for a possible resource booking. Glenaras pilot restart is on track after the October review; 100km seismic planned from March 2013, and two more wells may follow.
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.
22 Nov 2012agm notice● Neutral
Chairman's AGM address blames limited progress on repeated pump failures at Glenaras, with an external audit and steering committee set up. Cash is expected to fund project activities for at least two more years. Acquisition discipline continues; no deal found.
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.
31 Oct 2012quarterly activities report● Neutral
September quarter: cash $33.1m, no debt. Hillview 06 well in ATP 799P is approved, with rig mobilised and arriving by 2 November (1,400m planned). An expert review of Glenaras is complete; JV partners say a viable project exists once equipment problems are fixed.
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.
28 Sept 2012agm notice● Neutral
Notice that the annual general meeting will be held on 22 November 2012 in Brisbane. Administrative only.
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.
