Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2010drilling progress report▼ Bad
Work on ATP 529P resumed after wet-weather delays: Crossmore South-1 reached 1,323m on 29 April and Laugharne Creek-1 spudded 1 June, within a seven-hole coring programme. Glenaras pilot dewatering has stopped for pump replacement scheduled for Q3 2010.
9 Feb 2010drilling progress report● Neutral
Crossmore South-01 is suspended due to wet weather. Galilee's 2009 programme of Dunrossie-01 and Dotswood-01 completed in February after a short weather delay.
21 Dec 2009drilling progress report● Neutral
Crossmore South-01, the third AGL core hole, is at 798m. Dotswood-01 in ATP 799P spudded 9 December, was drilled to 865m and cased, and work pauses over Christmas until early January.
8 Dec 2009drilling result▲ Good
Dunrossie-01 finished at 1330m having intercepted Betts Creek coals, and cores went for testing. Vera Park-1 reached 1180m. Both holes are being plugged, and rigs are moving to Dotswood-01 and Crossmore South-01.
3 Dec 2009drilling progress report▲ Good
Dunrossie-01 reached 1320m and met the Betts Creek coals, and Vera Park-1 is past 1068m, also meeting the coals as expected. These are early positive signs, but no test results yet.
26 Nov 2009drilling progress report● Neutral
Vera Park-1 is drilling at 939m and Dunrossie-01 at 1060m. AGL's 540km seismic survey is now complete.
17 Nov 2009drilling progress report● Neutral
Muttaburra-2 was plugged and abandoned as planned, and Vera Park-1 spudded 12 November, now at 153m. Dunrossie-01 is at 629m, and AGL's seismic is about 449 of 540km.
10 Nov 2009drilling spud● Neutral
Muttaburra-2 reached a total depth of 1088.9m on 2 November, shy of the 1136m plan, and testing is complete. Dunrossie-01, the first ATP 799P core hole, spudded 6 November and is at 128m. AGL's seismic is about 380 of 540km.
3 Nov 2009drilling progress report● Neutral
Muttaburra 2 is coring at 1058m against a 1136m plan, and AGL's seismic is about 305 of 540km. Rig P69 is on site for Dunrossie-01 in ATP 799P, with early seismic lines showing strong reflectors as expected.
28 Oct 2009drilling progress report▲ Good
Muttaburra 2 in ATP 529P reached 998.4m, meeting the Betts Creek coal seams as expected, with 1136m planned. The 150km seismic in ATP 799P finished 21 October under budget, and a rig is mobilising for Dunrossie-1.
20 Oct 2009drilling spud● Neutral
AGL started the 2009 drilling in ATP 529P with Muttaburra 2, the first of 7 core holes, planned to 1135m. Seismic in ATP 799P is 122 of 150km done, and its two core holes are due to start before month end.
30 Sept 2009drilling progress report● Neutral
Galilee's chairman said Terrex was contracted for 150km of seismic and Major Drilling for two, possibly three, core holes in ATP 799P, starting 10 and 12 October. AGL's 540km seismic had begun, its seven core holes were planned to start, and the Glenaras test was due to begin later in November.
3 July 2009drilling scheduled▲ Good
Galilee is tendering for a rig for two core holes (with a third optional) in ATP 799P in late 2009, and a 150km seismic contract is imminent. Eastern will fund its share from the rights issue. AGL's Glenaras production test is scheduled for second half 2009.
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.
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.
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.
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.
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.
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.
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%.
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.
26 Mar 2007resource reserve update▲ GoodMajor
Eastern declares an initial Whareatea West resource of 25.7Mt (18.0Mt Measured, 7.7Mt Indicated) of coking to high-ash thermal coal, 70-85m deep. Only 40% of the permit is explored, so it could grow. This resolves the pending resource estimate.
20 Mar 2006drilling spud▲ Good
Exploration drilling has started at Whareatea West, New Zealand, 5km north of the Cascade mine. Eastern holds the permit 100%, and initial indications are that it holds export quality hard coking coal.
