Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2024half year report● Neutral
Half-year to 31 December 2023: net loss A$1.35M versus A$8.72M a year earlier, with spending on Glenaras well work and operations cited. Contingent resources unchanged (2C 2,508 PJ). Data room open; the company is contemplating partners and the Frontier Gas grant.
26 Feb 2024security holder rights change● Neutral
311,921 shares issued on an employee's exercise of performance rights. Minor dilution, no cash raised.
1 Feb 2024security holder rights change● Neutral
628,050 shares issued on an employee's exercise of performance rights. Minor dilution, no cash raised.
24 Jan 2024production update▼ BadMajor
Galilee has shut in most Glenaras pilot wells, leaving two operating, to calibrate its reservoir model; coals are only now approaching critical desorption pressure. The data room is open to investors, and a Queensland Frontier Gas grant will be sought. Commercial gas rates are still not achieved.
11 Dec 2023security holder rights change● Neutral
267,173 shares were issued on performance rights exercised by an employee, taking shares to 338,804,672. 1,750,000 performance rights lapsed on cessation of employment. Minor dilution and no cash raised.
7 Dec 2023director officer appointment● Neutral
David Casey's notice period ended on 6 December 2023, finalising his resignation as Managing Director, as announced on 12 September. He leaves holding 1,340,434 performance rights and 156,250 shares. Ray Shorrocks remains Executive Chairman.
30 Nov 2023regulatory community update● Neutral
Galilee welcomed the RAPAD and VisIR plan for a 930 km transmission line from Hughenden to Biloela, noting Queensland's plan needs 3 GW of firming gas. A supportive policy comment only, with no commitment or contract for Glenaras.
23 Nov 2023admin correction● Neutral
Updated company constitution lodged after a special resolution passed at the 23 November 2023 AGM. Administrative only; the text shown does not describe what changed.
22 Nov 2023material agreement▲ Good
Galilee signed a non-binding MoU with Queensland government-owned Energy Queensland on gas supply to Barcaldine Power Station and a hydrogen facility there. It also plans to apply for the A$21M Frontier Gas Exploration Program by 31 January 2024. No binding terms or funding.
17 Nov 2023investor presentation● Neutral
Chief Technical Officer David Woodley presented at the Noosa Mining Conference. Visible text is only disclaimers and the competent person statement repeating the 2015 contingent resource estimate; the rest is truncated, so no new information is shown.
18 Oct 2023admin correction● Neutral
Appendix 4G corporate governance checklist filed with the annual report, dated 18 October 2023. Compliance paperwork only, with no substantive new information.
18 Oct 2023annual report● Neutral
2023 Annual Report. The chairman's letter says the pilot is at a 'critical juncture' with a 'reservoir in transition', and expects meaningful gas in FY23/24, possibly with additional drilling. Gas is still awaited. Visible text is truncated, with no new resource figures shown.
3 Oct 2023other▲ Good
The ATO paid a A$4.95M refundable R&D tax offset for 2022/23, after A$7.6M the year before. The chair says it gives more time to work on de-watering at Glenaras while the company seeks a partner in ATP 2019. The headline's 'through to mid 2023' appears to be a typo.
12 Sept 2023director officer appointment▼ BadMajor
Managing Director David Casey resigned on three months' notice, to step down before end-2023 after about 21 months; he cites other business opportunities. Chair Ray Shorrocks becomes Executive Chairman at no change in pay. This confirms the management changes flagged in the 12 September webinar notice.
11 Sept 2023investor presentation● Neutral
Notice of a chair-hosted investor webinar on 12 September 2023 to update on changes to the management team. The nature of the changes is not stated; the timing alongside the Good Oil presentation is notable.
6 Sept 2023investor presentation● Neutral
Managing Director's presentation at the Good Oil Conference. Visible text is only disclaimers and the competent person statement repeating the 2015 contingent resource estimate; the rest is truncated, so no new information is shown.
5 Sept 2023security holder rights change● Neutral
42,678,318 listed options (exercise price from the February 2022 placement attachment) expired unexercised on 4 September 2023. Shares on issue are 338,537,499. No new money was raised from them.
15 Aug 2023annual report● Neutral
FY23 accounts: net loss A$8.94M, down from A$19.76M in FY22, with spending on well interventions and remedial work. Contingent resources unchanged (2C 2,508 PJ) and over A$150M invested in the pilot to date. No reserve booking is reported in the visible text.
12 July 2023material agreement▲ GoodMajor
Galilee signed a non-binding MoU with India's Essar Exploration & Production to explore collaboration, including possible farm-in or investment in Glenaras and technical help on Essar's Raniganj CSG field. A second Indian partner MoU after Oil India in December; no binding terms or funding.
9 May 2023investor presentation● Neutral
Managing Director's presentation at the 121 Mining Investment Conference. Visible text is only disclaimers and the competent person statement repeating the 2015 contingent resource estimate; the rest is truncated, so no new information is shown.
17 Apr 2023production update▲ Good
A$7.7M R&D refund received. Remedial work on Glenaras 27 and 28 is complete; water fell and gas rates improved versus before the workovers. A pump failure at Glenaras 20 leaves 15 wells online, with a workover rig secured.
28 Mar 2023other▲ GoodMajor
The ATO approved a A$7.6M refundable R&D tax offset for 2021/22, which the company says funds it through to end 2023. It eases the falling cash position (A$5.8M at December) and opens hydrogen demonstration scoping. Remedial cementing on Glenaras 27 is done and Glenaras 28 is under way.
13 Mar 2023half year report● Neutral
Half-year to 31 Dec 2022: net loss A$8.72M (A$8.13M a year earlier), mainly Glenaras pilot drilling, pump work and operating costs. Restates the record gas rate above 100 Mscfd and unchanged contingent resources; maiden reserve certification is described only as an aim.
8 Mar 2023production update● Neutral
Remedial work has started on Glenaras 27 and 28 to isolate the lower Aramac sands, after weather delays. Gas is around 100 Mscfd and Glenaras 26 is flowing about 50 Mscfd. Pressures are the lowest recorded. The early-2023 reserves target is no longer repeated in the company boilerplate.
1 Feb 2023production update● Neutral
Pressure surveys show the lowest pressures yet, but the pilot is taking longer to produce gas than predicted, with crossflow between layers a possible cause. Glenaras 26 showed desorption after remedial work; same fix is planned for Glenaras 27 and 28 from mid-February.
19 Dec 2022production update▲ Good
After remedial work on Glenaras 26, the pilot hit a record gas rate above 100 Mscfd (up from about 90 in October) with all 16 wells pumping. Gas from the target seams held steady or rose as water fell, suggesting more coal nears desorption pressure. Gas is still mostly solution gas.
1 Dec 2022material agreement▲ Good
Galilee signed a non-binding MoU with state-owned Oil India Limited to explore collaboration on coal seam gas in India, Australia and elsewhere, including joint bids in India's Special Bid Round 2022. No binding terms or funding yet; it opens a possible overseas and partner route.
24 Nov 2022investor presentation● Neutral
Managing Director's AGM presentation. The visible text is disclaimers and the competent person statement repeating the 2015 contingent resource estimate; the rest is truncated, so no new information is shown.
21 Nov 2022director officer appointment● Neutral
Andrew Ritter replaces Stephen Rodgers as Company Secretary with immediate effect. Rodgers resigned after 8 years. Administrative change; Ritter is now the ASX listing rules contact.
10 Nov 2022investor presentation● Neutral
Managing Director's presentation at the Noosa Mining Conference. The visible text is only disclaimers and the competent person statement repeating the 2015 contingent resource estimate; the rest is truncated, so no new information is shown.
