Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2022quarterly activities report▲ Good
June quarter: six wells drilled within budget, pilot water now about 19,000 BWPD, and maiden reserve booking still targeted for Q1 2023. Net cash was A$16.2M with no debt. A$8.7M was spent on exploration and evaluation.
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.
29 Apr 2022quarterly activities report▲ Good
March quarter: pilot at about 60 Mscfd gas and 17,000 BWPD, no pump failures for over 4 months, and first new well drilled. Cash was A$17.3M with no debt after the A$11.8M placement. Company still expects commercial production and a maiden reserve within 12 months.
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.
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13 Apr 2022agm notice● Neutral
All 12 resolutions at the 13 April general meeting passed on a poll. This includes the pending approvals from the notice of meeting (the director placement was among open items, though resolution details are not readable). Shares on issue were 332,303,124.
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.
9 Mar 2022half year report● Neutral
Half-year to 31 December 2021: net loss before tax A$8.1M (A$11.5M a year earlier), mainly A$8.3M of Glenaras exploration spend. Progress was slower than expected because pumps would not stay online. Casey replaced King as director on 1 December. Resources unchanged.
4 Mar 2022other● Neutral
S&P Dow Jones index rebalance notice for the S&P/ASX indices. It is a third-party announcement; the visible text does not mention Galilee, and the list is truncated.
4 Mar 2022capital raising announcement● Neutral
The share purchase plan is offered to eligible shareholders at A$0.32, up to A$30,000 each, opening 4 March and closing 4 April 2022. Participants are to get one free A$0.48 option per share, subject to a prospectus. This follows the February placement.
2 Mar 2022contract award▲ GoodMajor
Silver City Rig 23 is contracted to drill five new vertical Glenaras wells (G24-28) from mid-April, funded by the recent A$11.8M raising. Pilot gas is about 50 Mscfd. Company says depressurisation is progressing but not fast enough for commercial gas, with modelling suggesting 6-12 months to enhance it.
24 Feb 2022capital raising announcement● NeutralMajor
Galilee raised A$11.8M through a placement of 36.9M shares at A$0.32, about 11% below the last price and far below the A$0.63 raised in November 2020. Each share carries a free A$0.48 option. Funds go to five new vertical Glenaras wells. A A$3M share purchase plan and A$440,000 of director shares are planned.
What it means for a shareholder
36.9m new shares at A$0.320 to raise about A$11.8m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00106% to 0.00094% of the company. To keep it you'd need 390 more shares - about A$125 at the issue price.
Create a free account to see this worked out for your own holding.
31 Jan 2022quarterly activities report● Neutral
December quarter: workovers completed, water peaked at 19,300 BWPD, and pressure is the lowest yet at G14, with modest desorption but no clear gas increase. Casey became Managing Director. Cash fell to A$10.1M from A$13.6M, no debt.
27 Jan 2022production update▲ Good
Pumps have run continuously since the workovers (G21 tripped on a surface fault). G14 pressure is the lowest yet and water has eased from a 19,300 to about 17,500 BWPD, which the company says supports modest gas desorption. No gas rate increase is reported yet.
