Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2022production update● Neutral
Pressure testing shows the six new wells are shielding the centre of the pilot, and pressure is at its lowest ever. Two wells need pump replacements, so 14 are producing. Only a small area of coal is below desorption pressure so far; more gas is expected in coming months.
21 Oct 2022annual report● Neutral
FY22 annual report. The chair calls the year pivotal, citing the new managing director, the six-well drilling programme finished in June, and an inaugural reserves certification targeted for 2023. It admits pump failures in the first half of FY22 limited gas progress at Glenaras.
6 Oct 2022production update▲ Good
Pilot has 15 wells online producing about 90 Mscfd gas and 30,000 BWPD, up from about 70 Mscfd in August. Pressure at the central observation well is the lowest recorded, and surrounding wells are nearing desorption pressure. Company expects more gas in coming months.
21 Sept 2022annual report● Neutral
FY22 annual financial statements: net loss A$19.76M (FY21: A$18.50M), mainly drilling, pump programme and pilot operating costs. Resources unchanged (2C 2,508 PJ). Confirms David Casey as MD from 1 December 2021, replacing David King.
21 Sept 2022other● Neutral
Annual corporate governance statement, dated 21 September 2022, saying practices substantially follow ASX recommendations except where noted. Routine compliance document with no new operational or financial information.
21 Sept 2022other● Neutral
Appendix 4G key to corporate governance disclosures, lodged with the annual report and signed by the Company Secretary. Administrative form pointing to where governance disclosures are found.
19 Sept 2022material agreement▲ GoodMajor
Galilee signed a non-binding MoU with APA Group to explore a pipeline from Glenaras to the Cooladdi compressor station, about 420 km south, on the South West Queensland Pipeline. It supersedes the 2017 Jemena agreement. No binding terms or costs yet.
6 Sept 2022investor presentation● Neutral
Conference presentation by the Managing Director for the RIU Good Oil & Gas conference. The visible text is disclaimers and the competent person statement, repeating the 2015 contingent resource estimate; the rest is truncated and no new information is shown.
18 Aug 2022joint venture update● Neutral
Galilee joins a Sunshot Industries trial testing six non-native tree species for biomass and CO2 sequestration, under the late-2020 Heads of Agreement. It is a small research trial, not a commercial commitment.
15 Aug 2022production update▲ Good
All 16 pilot wells (10 original, 6 new) are now pumping, with water above 30,000 BWPD, the pilot's highest, and gas around 70 Mscfd, up from about 60 Mscfd in April. Reservoir pressure is trending down strongly.
14 July 2022production update▲ Good
All existing Glenaras pilot wells are back online with water at about 18,000 BWPD, near pre-drilling rates, after rain-related shutdowns raised reservoir pressure. New wells are expected online within about 2 weeks as extra irrigation capacity is built.
23 June 2022drilling result▲ GoodMajor
Glenaras 29, the sixth and final well, reached 1,039m with 27m of net coal and excellent gas shows. The drilling programme is finished and the rig released. Two existing wells are back producing, with the rest returning over coming weeks.
20 June 2022drilling result▲ Good
Glenaras 26 reached 1,039m with 28m of net coal and excellent gas shows, completing the fifth well. Glenaras 29 spudded 17 June and is drilling at 850m. Power station upgrade is complete; all surface works are due by end July.
14 June 2022drilling scheduled▲ GoodMajor
Galilee adds a sixth well, Glenaras 29, to the 2022 programme, placed in the centre of the pilot to speed up pressure reduction after rain shut in existing wells. The company says the A$6.1M R&D refund helped make it possible.
9 June 2022drilling result▲ Good
Glenaras 25 reached 1,058m with 28m of net coal and excellent gas shows. With four wells drilled, the company says results confirm its geological model and fault zone. The rig is moving to the last well, G26. Power station upgrade and gathering trenching are progressing.
6 June 2022capital raising announcement▲ GoodMajor
Galilee received a A$6,121,511 refundable R&D tax offset for 2020/21 from Glenaras pilot and water work. It is cash on top of the A$17.3M held at March, and the company says it was already funded for current activities.
2 June 2022other● Neutral
Top 20 holder report for the SPP and placement options. Total 42,490,818 options held by 191 holders, with the top holder having 18.83%. Administrative.
2 June 2022other● Neutral
Range of units report for the SPP and placement options: 42,490,818 options across 191 holders. Administrative register data with no new information.
31 May 2022drilling result▲ Good
Glenaras 27 hit 25m of net coal at 1,035m with higher gas readings and likely natural fractures, supporting the fault-zone interpretation. Drilled in under 7 days and under budget. Fourth well G25 has spudded; G24 pump is installed.
24 May 2022drilling progress report● Neutral
Third well Glenaras 27 started, targeting the fault zone thought to let water cross into the coals. Rain delayed it. Completion of G24 has begun and a 500 kVA generator is on site. Management says the programme is roughly on budget.
16 May 2022drilling result● Neutral
Glenaras 28 reached 1,038m and found 27m of coal with gassy behaviour, like G24. A second unseasonal rain event (over 50mm) halts the campaign until roads dry; Glenaras 27 is next.
9 May 2022drilling spud● Neutral
The second well, Glenaras 28, started drilling after rain of over 160mm delayed the rig move, and was moved up the order because of more forecast rain. It had reached 200m. Wells take about a week each.
4 May 2022investor presentation● Neutral
May 2022 investor update restating the five-well plan and unchanged resource (2C 2,508 PJ). Quotes a share price of A$0.36, about 339M shares, and A$17M cash. Nothing new.
27 Apr 2022drilling result▲ Good
Glenaras 24 reached 1,057m, finding 26m of net coal that was gassy, with fluid losses suggesting a permeable, depleted reservoir. Completed on schedule despite over 100mm of rain. First of five wells done; rig moves to G26 once roads dry.
26 Apr 2022security holder rights change● Neutral
Options prospectus offering free A$0.48 attaching options to SPP participants, and enabling on-sale of 36,922,568 placement options and 1,375,000 director options. Applications close 27 May, issue 2 June. Administrative follow-up to the February raising.
21 Apr 2022drilling spud▲ GoodMajor
Drilling began at Glenaras 24, the first of the five new wells, each planned to about 1,000m and about 7 days. Existing pilot wells have run with the longest continuous time yet without pump failure. Some pilot wells may be turned down during the programme.
14 Apr 2022capital raising announcement● NeutralMajor
The share purchase plan raised A$1.555M at A$0.32 for 4,859,375 new shares, well short of the A$3M target, with no scale-back. Participants get free A$0.48 options expiring 4 September 2023. Shares are issued 21 April.
What it means for a shareholder
4.9m new shares at about A$0.320 to raise about A$1.6m. That's 1.4% dilution: every existing holder's slice gets 1.4% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00094% to 0.000927% of the company. To keep it you'd need 46 more shares - about A$15 at the issue price.
Create a free account to see this worked out for your own holding.
8 Apr 2022drilling progress report▲ Good
Silver City Rig 23 is on site and all lease pads and roads for the five wells are complete. First well G24 is expected to spud 20 April, with the first well online in early June. The SPP closes 11 April with no further extension.
4 Apr 2022drilling scheduled▲ Good
Drilling of five new vertical Glenaras wells was set to start 19 April, with Silver City Rig 23 mobilising that week. All wells were online, producing about 60 Mscfd of gas and 17,000 BWPD, and the share purchase plan close was extended a week to 11 April.
23 Mar 2022investor presentation● Neutral
March 2022 operations update presentation; only the disclaimer text is readable. No new facts can be taken from it, and it likely repeats the recent drilling plan.
