Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2009quarterly activities report● Neutral
March quarter: Cascade and Takitimu sold 61,645 tonnes (NZ$4.0m), and Takitimu is expected to beat its 140,000-tonne forecast. Glenaras pilot wells still await completion and water facility approvals. Broughton divestment continues after Rio Tinto withdrew in December.
29 Apr 2009price query● Neutral
ASX queried Eastern after its shares rose from 21.5c to an intraday 37c. The company said it knew of no undisclosed information explaining the move and expected no abnormal profit.
6 Mar 2009half year report● Neutral
Eastern's half-year report to 31 December 2008 restates known events: the AGL farm-in, the $4.48m rights issue, and the Rio Tinto Broughton withdrawal. Eastern has renewed its Patersons mandate to sell Broughton. Financial figures are not visible in the extract.
22 Jan 2009quarterly activities report● Neutral
December quarter: Takitimu and Cascade sold 73,413 tonnes (NZ$4.27m), and the Holcim contract was renegotiated for a higher price. Glenaras wells await ponds and pumps. Rio Tinto's Broughton offer was withdrawn; Eastern is talking to other parties.
20 Jan 2009director officer appointment▲ GoodMajor
Steven Koroknay becomes non-executive Chairman of Galilee, with Rino Camarri staying as a director. Cam Rathie, a coal seam gas specialist, also joins the board. This changes Galilee's chair.
8 Jan 2009other▲ Good
Eastern expects a December-half loss of $1.4-1.6m, against $3m a year earlier, helped by New Zealand operations making about $175k profit. It is still seeking buyers for Broughton and Whareatea West. Estimates are unaudited.
19 Dec 2008director officer appointment▲ Good
Steven Koroknay, a veteran oil and gas executive with more than 30 years' experience, joins Eastern's board. The chairman links the appointment to Eastern's strategic focus on coal seam gas with AGL.
5 Dec 2008drilling result▲ GoodMajor
All five Glenaras pilot wells are drilled, finishing the first phase on schedule. A water pond must be built before the wells are perforated and dewatering starts, which should run through 2009 to establish gas flow rates. No gas results yet.
3 Dec 2008drilling progress report● Neutral
Glenaras 3, the fifth pilot well, spudded 21 November and reached 1,071 m on 25 November. The rig was released and demobilising. No coal results given.
26 Nov 2008investor presentation● Neutral
Coal seam gas conference presentation repeats Rodney Creek 8 results (more than 20 TCF gas in place) and the AGL farm-in, and compares peer valuations. It gives Eastern's market cap as $7.8m. Nothing new.
25 Nov 2008investor presentation● Neutral
AGM presentation recaps the AGL farm-in, the rights issue and the New Zealand coal contracts. It shows four of five Glenaras wells drilled and lists Broughton sale and Whareatea West JV or sale as future funding. No new results.
20 Nov 2008capital raising announcement● NeutralMajor
Eastern took up Galilee's 31.15m-share rights issue shortfall for $2.648m, lifting its stake to 67.4%. The raising totals $4.48m for ATP 799P seismic. Eastern funded it with a 12% unsecured $2.6m loan from a related party of MD Campbell Smith.
20 Nov 2008material agreement termination▼ BadMajor
Rio Tinto subsidiary Queensland Coal will not buy Eastern's 90% Broughton interest because its board did not approve, and the deposit will be refunded. This collapses the $10m sale expected to complete in December; Eastern is considering other options.
13 Nov 2008drilling progress report● Neutral
Glenaras 5, the third pilot well, spudded 30 October and reached 1,106 m on 6 November. The rig is moving to Glenaras 6. No coal or gas results are given.
30 Oct 2008drilling progress report● Neutral
Glenaras 2, the second pilot well, spudded 18 October and reached 1,100 m, with casing cemented. AGL's rig is moving to Glenaras 5. No coal results are given.
28 Oct 2008quarterly activities report● Neutral
September quarter: Fonterra supply from Takitimu began 1 September, and Cascade and Takitimu sold 34,540 tonnes (NZ$2.42m). The Glenaras pilot was progressing, with Glenaras 2 spudded 18 October. Broughton sale to Rio Tinto still expected to complete in December.
24 Oct 2008annual report● Neutral
Eastern's 2008 annual report says the AGL farm-in is a turning point for Galilee, with ATP 799P exploration to be funded by the rights issue. It reports a loss, which it attributes mostly to Galilee exploration spending and New Zealand mine start-up costs. Broughton sale offer was $10m.
17 Oct 2008drilling spud▲ GoodMajor
Glenaras 4, the first pilot well, spudded 7 October and reached 1,103 m on 14 October, with wireline logs to follow. AGL operates and holds 50%, Galilee's subsidiaries 25% each. Coal results await log evaluation.
7 Oct 2008director officer appointment● NeutralMajor
Richard May, a non-executive director since August 2006 and former KPMG partner, is appointed non-executive Chairman of Eastern.
7 Oct 2008asset acquisition disposition▲ GoodMajor
Eastern accepted a $10m offer from Rio Tinto subsidiary Queensland Coal for its 90% Broughton interest and received a deposit. Completion is expected December 2008. This revives the sale that collapsed in March.
30 Sept 2008annual report● Neutral
Eastern's annual financial report for the year to 30 June 2008. The extract available covers only the directors' profiles and corporate details, with no financial figures visible. Directors are Smith, May and McIntyre.
30 Sept 2008capital raising announcement● NeutralMajor
Galilee's rights issue raised $1.83m at 8.5c (21.56m shares), for ATP 799P exploration, leaving 812.3m shares. Eastern didn't take up its rights but plans to buy the 31.15m-share shortfall for $2.65m, lifting its stake to 67.4%.
26 Sept 2008drilling scheduled▲ Good
AGL has contracted Ensign Rig 20 for the five-well Glenaras pilot at Rodney Creek, each well to about 1,100 m. First spud is expected early October, with drilling finishing by early December. Follows the July farm-in.
11 July 2008farm in farm out agreement▲ GoodMajor
AGL will earn 50% of ATP 529P by spending $37m on the Rodney Creek pilot and later exploration, and will operate the joint venture. A 10-year gas marketing agreement was also signed. Subject to ministerial approval; resolves the pilot funding search.
11 July 2008farm in farm out agreement▲ Good
AGL's own release confirms the farm-in: $37m for 50% of ATP 529P, split $20m for the pilot (starting by November 2008) and $17m for exploration in FY10 and FY11. Duplicates the Eastern announcement, adding the staging detail.
11 July 2008farm in farm out agreement▲ Good
Galilee's own release repeats the AGL farm-in terms ($37m for 50% of ATP 529P). It adds that Galilee will now focus on raising capital to fund work on ATP 799P. No new deal terms.
19 June 2008farm in farm out agreement▲ Good
Galilee has agreed exclusive farm-in negotiations with one party, ending 15 July 2008. This advances the funding search for the pilot, though no deal is yet signed.
17 June 2008investor presentation● Neutral
June presentation to Galilee shareholders sets out a $20m 2008 pilot and $17m 2009 exploration programme, $37m in total. Funding options are a farm-in, cornerstone investor or rights issue. Results repeat known Rodney Creek 8 data.
11 June 2008joint venture update● Neutral
Galilee has begun talks with interested parties on funding the roughly $20m five-well pilot. Outcomes could include farm-ins and/or a cornerstone investor. This continues the funding search flagged in April.
3 June 2008price query● Neutral
ASX queried Eastern's price rise from 19c to 35c since 29 May. The company said it knew of no unannounced information and pointed to wider interest in coal seam gas after two major companies' announcements.
