Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2012quarterly activities report● Neutral
March quarter: cash $34.9m, no debt. Glenaras pilot is stable with all wells online; a gas-flow test is due to start in early May 2012. A second five-well pilot is being planned but depends on Glenaras performance. ATP 799P study identified drilling targets.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter report: cash $35.7m, no debt. Partners approved a 2012 program of up to $20m ($10m each), part contingent on Glenaras results, including a possible five-well pilot north of Glenaras. Galilee starts a study of ATP 799P.
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.
21 Nov 2011agm notice● Neutral
Chairman's AGM address: no suitable acquisition found despite evaluating several in Australasia; priority remains producing or near-producing assets. Cash is forecast to fund the Galilee Gas Project for at least two financial years, with no debt.
31 Oct 2011quarterly activities report● Neutral
September quarter report: cash $39.1m, no debt. Repeats the Glenaras 6 first gas flow and completed three-well step-out campaign. A 2012 budget of around $10m (Galilee's share) is being drawn up; more pilots will likely be needed to reach 2P reserves.
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.
28 July 2011quarterly activities report● Neutral
June quarter report: cash $40.3m, FY2011 profit guided $21-22m. Restates the first ATP 529P resource estimate (2C 259 PJ). Glenaras reserves campaign and a three-hole step-out drilling program are set to begin August 2011.
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.
29 Apr 2011quarterly activities report● Neutral
March quarter report: cash $35.5m, no debt; Bathurst has paid $28.12m with about $6m due in May. Glenaras pilot remains online and an initial resource booking is targeted by June 2011. The ATP 529P forward program is stated as fully funded to 2013.
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.
7 Mar 2011other● Neutral
Computershare notice that its Brisbane office, Galilee's share registry, moves to 117 Victoria Street, West End from 7 March 2011. Administrative notice only.
4 Mar 2011asset acquisition disposition▲ Good
Bathurst announces New Zealand's Overseas Investment Office has consented to its acquisition of Eastern Resources Group. This was a key condition of the Galilee sale agreement, moving the A$35m deal closer to completion.
28 Jan 2011quarterly activities report● Neutral
December quarter report: NZ coal sale to Bathurst expected to complete late March 2011; AGL's $37m farm-in complete; 2011 budget $12m. Simon Brodie appointed full-time CFO. Glenaras pilot stayed online despite flooding; initial resource booking targeted end Q1 or early Q2 2011.
24 Dec 2010other● Neutral
Share trading policy document setting out when directors and key management may and may not trade Galilee shares (insider trading, closed periods). Governance policy only; no new figures or events.
30 Nov 2010investor presentation● Neutral
CEO Glenn Haworth's conference presentation restates the strategy: maiden CSG reserves from ATP 529P (target 2011) and the pending A$35m Bathurst sale. Shows cash of $10.63m at 30 September 2010 (plus sale proceeds) and 24c share price. Mostly repeats known facts.
25 Nov 2010other● Neutral
Galilee's constitution, adopted at the 22 November 2010 AGM, is published. It is a legal governance document (Norton Rose) covering share rules, transfers and partial takeovers. The text shown gives no specific changes or figures.
25 Nov 2010investor presentation● Neutral
Technical presentation on the Takitimu mine's history, operations and Coaldale exploration. It notes the pending A$35m sale to Bathurst. Largely background on an asset Galilee is selling; no new results.
24 Nov 2010joint venture update▲ GoodMajor
Galilee and AGL approve the 2011 ATP 529P budget of $12m ($6m each): continue the Glenaras pilot, drill three core wells (one contingent) and one production well, and engage experts for a resource estimate. This closes out the $37m farm-in program.
22 Nov 2010investor presentation● Neutral
AGM presentation sets strategy: deliver maiden reserves from ATP 529P, use ATP 799P learnings and seek growth beyond the Galilee Basin. Notes a $12m 2011 work budget and the A$35m Bathurst sale, completion expected 1Q 2011. Mostly repeats known facts.
