Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2008other▲ Good
Galilee's preliminary Rodney Creek 8 report put gas in place above 20 TCF across ATP 529 and 799, with 24 net metres of gassy coal, gas contents of 2.8 to 6.6 m3/t and 50 mD permeability. A five-well pilot was costed at about $20m, and funding options were under review.
20 Mar 2008asset acquisition disposition▼ BadMajor
Rio Tinto will not proceed with buying Broughton, ending the $10m MOU of January. Eastern will keep seeking a buyer, is talking to a potential purchaser, and is considering a short-term Convertible Note raising.
4 Mar 2008other▼ BadMajor
Eastern expects a loss of about $3m for the six months to 31 December 2007, against $1.132m a year earlier. It cites roughly $1m more Galilee exploration spending, a roughly $750,000 larger NZ mining operating loss and restructure costs.
25 Jan 2008asset acquisition disposition▲ GoodMajor
Eastern signs an MOU with Rio Tinto Coal Australia to sell Broughton Coal Mining, which holds 90% of the Broughton JV, for $10m, subject to due diligence by end February. Follows the earlier finding that stand-alone development was not viable.
13 Dec 2007security holder rights change● NeutralMajor
The 1:10 share consolidation approved at the 28 November AGM is completed, cutting shares on issue to 71,785,401 held by 1,796 holders. Holdings are rounded up; trading of the new shares starts 13 December 2007.
28 Nov 2007investor presentation● Neutral
AGM address by the Managing Director recaps Rodney Creek 8 results (24.7m coal, 4.4 m3/t, 50 mD) and NZ forecasts. Describes Broughton and Dorben as non-performing assets for disposal. No new facts.
28 Nov 2007well test result▲ GoodMajor
Rodney Creek 8 permeability testing gave 1 to 120 millidarcies with a weighted average of 50 mD, described as above average and comparable to other Australian coal seam methane areas. Adsorption isotherms are due mid January, then a final report.
21 Nov 2007investor presentation● Neutral
Broker presentation with Dr Read Holland recaps Galilee history and Rodney Creek 8 results (24.77m coal, 2.8 to 6.6 m3/t gas, 97% methane) and positions Galilee as moving from explorer toward producer. No new data.
20 Nov 2007investor presentation● NeutralMajor
November update repeats the Rodney Creek 8 results. New: Galilee plans five more exploration wells and a five-spot pilot, funding via farm-ins, placements or a float is being considered, and Eastern plans to relinquish Dorben. Cash $1.45m, debt A$4m at end September.
8 Nov 2007investor presentation● Neutral
Sydney presentation repeats Rodney Creek 8 results and known NZ and Broughton positions. Notes Galilee options of farm-ins, share placement or float, and a stated pursuit of selling Broughton. Market cap $25m, 717m shares.
2 Nov 2007drilling result▲ GoodMajor
Preliminary Rodney Creek 8 results: 24.77m of gassy coal, gas content 2.8 to 6.6 m3/t (median 4.4), 97-98% methane, moderate to high permeability. Final report expected January 2008. Confirms the earlier encouraging view.
26 Oct 2007investor presentation● Neutral
October 2007 capability statement describing Eastern's strategy: grow NZ coal output, develop Galilee coal seam gas and conventional potential, and pursue an Australian coal project. Repeats known facts and history, with no new figures.
26 Oct 2007annual report● Neutral
Annual report with MD's review: a loss for 2006/07, with an improved result expected this year. Takitimu's 200,000 t/yr plant is due early 2008, the NZ$4m Westpac facility was secured in July, and Broughton and Whareatea West partners are sought.
21 Sept 2007annual report● Neutral
Eastern's statutory accounts for the year to 30 June 2007 (text truncated). The directors' report shows Campbell Smith as Managing Director and Howard Stack and Bill Lyne resigning as directors on 5 July 2007. Financial figures are not visible in the text provided.
18 Sept 2007production update▲ Good
Press release says Takitimu is back in full production ahead of the Fonterra Clandeboye contract from September 2008 (about 130,000 t/yr). Targets 50,000 t in the coming year, over 200,000 t after; a new plant is to be built. Eastern says it has invested over $12m in NZ coal.
10 Sept 2007other● Neutral
Routine top 20 shareholder list, showing changes from an in specie distribution of shares previously held by Propwood. Becamal is largest at 19.35% and AMP Life holds 10.20%.
29 Aug 2007drilling result▲ GoodMajor
Galilee says Rodney Creek #8 drilling and testing is complete and encouraging: 27.6m total seam thickness, over 16m potentially economic, gas content comparable to or better than earlier Enron results. Lab confirmation is due late October; exploration options review to report early 2008.
16 Aug 2007other● Neutral
New Managing Director Campbell Smith's shareholder letter restates the 16 Aug position: NZ operations cash positive and profitable in 2007-08, Cascade at 50-55kt a year for four years, Galilee CBM results in the December quarter. Largely repeats known facts.
16 Aug 2007other▲ Good
New Managing Director Campbell Smith writes that NZ operations are cash positive and will show a profit in 2007-08. Cascade is revised to 50,000-55,000 tonnes a year for four years, and Galilee CBM results are expected in the December quarter.
14 Aug 2007investor presentation● Neutral
AusIMM presentation on the NZ business, centred on the Takitimu mine: history, a 200,000 tpa plant to be installed, and 50,000 tonnes of coal exposed. No new financial or resource figures.
8 Aug 2007investor presentation● Neutral
NZ broker presentation largely repeats the July deck. New items are strategy points to pursue a North Island acquisition and expand the NZ management team. Market cap remains $23m.
30 July 2007investor presentation● Neutral
July 2007 presentation repeats known facts: Galilee 67% owned with CBM results due Oct/Nov 2007, and Takitimu forecast at 40,000 tpa in 2007/08 rising to 140,000 tpa. It gives market cap $23m, 717m shares and a NZ$4m debt facility.
24 July 2007remuneration report● Neutral
New Managing Director Campbell Smith gets a $220,000 package with no options or shares. He also replaces Mike O'Brien on the Galilee Energy board. Eastern's Galilee stake is stated as 67%.
24 July 2007drilling result▲ Good
Rodney Creek #8 reached total depth of 1,110m on 20 July, two days early. Coring is complete and permeability testing begins, with definitive results not expected until Q4 2007. Following the rights issue, Eastern's Galilee holding rose to 67%.
23 July 2007director officer appointment● NeutralMajor
Executive Director Campbell Smith becomes Managing Director of Eastern from 23 July 2007, adding Australian projects to his NZ role. CEO Mike O'Brien retires from the same date.
17 July 2007drilling progress report▲ Good
Rodney Creek #8 hit the R1 seam, over 7m thick, at about 907m, slightly shallower than forecast. Drilling is on time and on budget, with results due in the final quarter of 2007.
11 July 2007drilling spud▲ GoodMajor
Drilling starts at Rodney Creek in Galilee's ATP 529P, targeting about 1,200m to test gas content and permeability of the coal seams. The long-delayed programme is due to finish within 30 days, with testing taking 3 to 4 months.
25 May 2007admin correction● Neutral
Re-lodgement of the 24 May Citigroup presentation, adding a Competent Person Statement for the Whareatea borehole data. No new content.
24 May 2007investor presentation● Neutral
Citigroup presentation largely repeats known facts: Broughton stand-alone not viable, Whareatea West needs a farm-in partner, and Galilee drilling is planned for June 2007. It states cash of $1.8m at end March and NZ$ debt facility undrawn.
23 May 2007capital raising announcement● NeutralMajor
Galilee Energy plans to raise $3.07m by issuing 614m shares at 0.5c to fund its coal seam methane and petroleum exploration, with drilling due mid-June. Eastern (60.52%) intends to take up its full entitlement but will not underwrite any shortfall.
