Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2024business combination▲ GoodMajor
Galilee and Vintage signed a binding Scheme Implementation Deed, converting the August Heads of Agreement: 2 Vintage shares per Galilee share, with Galilee holders owning about 40% of the merged group. Board unanimously recommends, subject to an independent expert and no superior proposal.
20 Sept 2024capital raising announcement▲ GoodMajor
Entitlement offer completed: 173.4M new shares issued at A$0.012, raising about A$2.08M, with Canaccord taking up 115.3M shares (A$1.38M) as underwriter. This meets the raising condition of the Vintage merger, which Galilee says is to be voted on later this year.
What it means for a shareholder
173m new shares at A$0.012 to raise about A$2.1m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.015% to 0.0114% of the company. To keep it you'd need 25,934 more shares - about A$311 at the issue price.
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17 Sept 2024capital raising announcement● Neutral
Entitlement offer closed 13 September with valid applications for 58.1M shares (about A$700,000). The remaining 115.3M shares fall to underwriter Canaccord. Completion is expected 20 September.
23 Aug 2024capital raising announcement● Neutral
Offer booklet and ineligible-shareholder letters dispatched for the 1-for-2.2 entitlement offer at A$0.012, up to 173.4M shares and about A$2.08M. Holders outside Australia and New Zealand cannot take part. Administrative step in the 15 August raising.
16 Aug 2024capital raising announcement● Neutral
Offer Booklet for the underwritten 1-for-2.2 entitlement offer at A$0.012 per share, raising about A$2.08M. It is non-renounceable, so shareholders who don't take up are diluted. This implements the 15 August raising.
16 Aug 2024admin correction● Neutral
Because of ASX pricing rules, the placement and entitlement offer price was cut from 1.25 cents to 1.2 cents per share. Updated notices were lodged.
16 Aug 2024annual report● Neutral
FY24 (to 30 June 2024) net loss A$3.54M versus A$8.94M the year before, driven by Glenaras pilot costs of A$5.38M. Contingent resources unchanged (2C 2,508 PJ); coals are 'verging on' critical desorption pressure. Figures repeat the earlier quarterlies.
15 Aug 2024business combination● NeutralMajor
Galilee signed a binding Heads of Agreement for Vintage Energy to acquire 100% via scheme of arrangement: 2 Vintage shares per Galilee share, implying A$0.02. Galilee holders would own about 39.8% of the merged group. Subject to due diligence, independent expert and Galilee's A$2.5M raising. This follows the failed search for a Glenaras partner.
15 Aug 2024capital raising announcement● NeutralMajor
Galilee launched a fully underwritten raising: A$500,000 placement of about 40M shares at A$0.0125, plus a 1-for-2.2 entitlement offer for about A$2.15M at the same price. Canaccord underwrites, with about A$300,000 sub-underwritten by directors. Funds go to scheme costs and working capital. The raising is dilutive to those not taking up their entitlement.
What it means for a shareholder
40.0m new shares at A$0.0125 to raise about A$500,000. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (80,000 at the issue price), your slice goes from 0.0235% to 0.0211% of the company. To keep it you'd need 9,419 more shares - about A$118 at the issue price.
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15 Aug 2024investor presentation● Neutral
Vintage's presentation of the proposed Galilee merger, repeating the Heads of Agreement terms. The visible text is disclaimers; no new information is shown.
24 July 2024quarterly activities report● Neutral
June quarter: cash about A$3M, no debt, with A$0.47M spent on exploration. The Glenaras pilot stays online while the updated model is analysed, and the data room remains open. No partner or commercial gas rates yet.
22 Apr 2024quarterly activities report● Neutral
March quarter: cash A$4.5M, no debt, with A$0.7M spent on exploration. The updated Glenaras model is complete and three pilot wells are online. The Frontier Gas grant application was submitted; the data room stays open. Still no commercial gas rates.
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.
31 Jan 2024quarterly activities report● Neutral
December quarter: cash fell to A$5.9M (from A$8.6M) with no debt. Glenaras coals are 'verging on' critical desorption pressure, drilling has slowed, and extra wells may be needed. The data room draws interest; no commercial gas rates yet.
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.
30 Oct 2023quarterly activities report● Neutral
September quarter: cash A$8.6M, no debt, after the A$4.9M R&D refund. The first 3D seismic over Glenaras is done, and coals are 'verging on' critical desorption pressure. A data room is now open to potential investors, a step beyond the earlier non-binding Essar MoU. No commercial gas rates yet.
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.
5 Oct 2023agm notice● Neutral
The 2023 AGM is set for 23 November 2023, with director nominations closing 12 October. Administrative notice only, with no new business information.
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.
