Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2021quarterly activities report▲ GoodMajor
December quarter: Queensland awarded the Potential Commercial Areas, securing the full Glenaras booked resource. A Heads of Agreement with Sunshot Energy adds a gas-for-power option at Barcaldine. Gas rate is still steady, with an increase expected in coming weeks. Cash A$23.8M after the A$15M placement.
13 Jan 2021production update▲ Good
All six new vertical wells are producing, with total pilot water at 14,500 barrels a day. Lateral well water is down 20% since the first new well started, which the company reads as pressure depletion. Gas rate not reported.
14 Dec 2020production update▲ Good
All six new vertical wells now have pumps; Glenaras 21 and 22 started production last week. Total pilot water is 13,200 barrels a day, with lateral well water declining and gas steady. Glenaras 17A is due on line next week.
1 Dec 2020security holder rights change● Neutral
9,650,000 unlisted performance rights lapsed unvested after vesting criteria were not met by 30 November. Shares on issue stay at 295,260,556, with no options or performance rights left. Removes potential future dilution.
30 Nov 2020production update▲ Good
The three new vertical wells now make over 6,000 barrels of water a day, and total pilot output exceeds 12,000. Communication between the new vertical wells and the older lateral wells is seen. Pumps are installed in Glenaras 21, and work has moved to Glenaras 22.
24 Nov 2020investor presentation● Neutral
AGM presentation repeating known facts: 295M shares, A$0.62 price, A$183M market cap, A$33M cash and no debt after the placement. Also notes seismic reprocessing at Springsure confirmed a CSG prospect, and pilot about 85% toward critical desorption.
19 Nov 2020production update▲ Good
The three new wells are on continuous production at over 3,000 barrels of water a day combined, in line with modelling; the whole pilot makes over 9,000. The company still expects three to six months of drawdown before material gas rates appear.
16 Nov 2020production update▲ GoodMajor
Glenaras 19, 20 and 23 are commissioned and start continuous production this week, meeting the mid-November target. The other three wells are delayed by COVID-related shipping of US pumping equipment, expected on site in two to three weeks.
11 Nov 2020capital raising announcement▲ GoodMajor
Galilee raised about A$15M through a placement of 23.8M shares at A$0.63, a 9.4% discount to the 5-day average price. Cash rises to about A$33M, to fund Glenaras appraisal, first-phase gas commercialisation and possible Springsure exploration. Dilutes existing holders.
What it means for a shareholder
23.8m new shares at A$0.630 to raise about A$15.0m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held A$1,000 of shares (1,587 at the issue price), your slice goes from 0.000585% to 0.000538% of the company. To keep it you'd need 139 more shares - about A$88 at the issue price.
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9 Nov 2020drilling progress report▲ Good
Pumps are installed in Glenaras 19, 20 and 23, with surface pipelines complete and commissioning of Glenaras 19 starting. This keeps the mid-November first-production target from October on track.
29 Oct 2020annual report● Neutral
2020 Annual Report restates the Chairman's and MD's messages: five-well Glenaras campaign done, wells to start production in coming weeks, Kumbarilla phase 1 complete, ATP 2050 won. Financial results (A$17M loss) were already reported on 25 September; no new figures in the readable text.
20 Oct 2020drilling result▲ GoodMajor
The final Glenaras well, 22, found 26 m net coal, completing the five-well programme on schedule and within budget. A completions rig is starting to fit pumps. The company is targeting the first new wells on line by mid-November, with gas and water flowlines about 90% installed.
13 Oct 2020drilling result▲ Good
Glenaras 20, the fourth of five wells, reached total depth on time and budget with 25 m net coal, within expectations. It is cased and suspended. Glenaras 22 spudded 11 October.
6 Oct 2020drilling result▲ Good
Glenaras 19, the third of five wells, reached total depth on time and budget with 25 m net coal, within expectations. It is cased and suspended. Glenaras 20 spudded 4 October.
30 Sept 2020drilling result▲ Good
Glenaras 21, the second of five wells, reached total depth on time and budget with 25.5 m net coal, within expectations. It is cased and suspended. Glenaras 19 spudded 28 September.
25 Sept 2020other● Neutral
Annual corporate governance statement for 2020, saying practices substantially follow ASX 4th Edition recommendations with stated exceptions. It lists Greg Columbus as an independent director from 17 September. Administrative; no operational or financial news.
25 Sept 2020annual report● Neutral
Year to 30 June 2020 net loss was A$17M, up from A$11M, mainly from Glenaras operations, ATP 2019 remediation and the Kumbarilla drilling, totalling A$14M. The directors say COVID-19 did not disrupt field work or going-concern ability. Glenaras remains the foundation asset.
25 Sept 2020other● Neutral
Appendix 4G, a checklist pointing to where the governance disclosures sit, lodged with the annual report on 25 September. Administrative; no new information.
23 Sept 2020drilling result▲ Good
Glenaras 23 reached total depth on time and budget, with all Betts Creek coals on prognosis and 29 m net coal. It is cased and suspended for production. Glenaras 21 spudded 22 September.
17 Sept 2020director officer appointment▲ GoodMajor
Greg Columbus joins as independent Non-Executive Director and Audit Committee member. He is Managing Director of Clarke Energy, with which Galilee has a non-binding gas power MOU, and chairs Warrego Energy. The Chair describes the move from explorer to developer.
15 Sept 2020drilling spud● Neutral
Glenaras 23, the first of five vertical pilot-enhancement wells, spudded 14 September and reached 207 m surface hole. The full programme is expected to run 4-5 weeks, at 6-7 days per well. This starts the drilling flagged in August.
26 Aug 2020investor presentation● Neutral
Presentation repeats known Glenaras themes: pilot ~85% toward critical desorption, five new wells, and contingent resources unchanged. Shows about 271M shares, A$0.55 share price, A$22M cash and no debt. No new results.
26 Aug 2020drilling scheduled▲ Good
Silver City Rig 25 is contracted and long-lead items are ordered for the five Glenaras vertical wells (~1,050 m each). Drilling is on track for mid-September, taking 5-6 weeks, without shutting in the pilot. This follows the 11 August modelling result.
11 Aug 2020resource reserve update▲ GoodMajor
Schlumberger modelling of the Glenaras pilot is complete with a good history match. It says faster water drawdown is needed, via five new perimeter vertical wells plus Glenaras 17A as a producer, and supports the 800-1,000 PJ initial 2P reserve target.
17 June 2020resource reserve update▲ GoodMajor
Glenaras 17A shows the whole R1-R7 coal section is being drained by the pilot, which is about 85% of the way to critical desorption (centre ~700 psi, ~100 psi above). Company sees potential for an initial 2P reserve of 800-1,000 PJ, up from the 500 PJ+ target.
18 May 2020drilling result▲ GoodMajor
Glenaras 17A monitoring well reached depth after the first hole, 17, was abandoned over drilling problems. It found 30 m net coal and depletion in the Betts Creek coals, most in the R3 seam. Pilot kept running; analysis and legacy-well sealing continue.
28 Apr 2020drilling result▼ BadMajor
Kumbarilla Central 3 reached 1,073 m with 22 m net coal, but tests again showed lower than expected productivity, and fractures prevented some testing. Phase 1 is complete; the company turns to conventional oil and gas leads and moves the rig to Glenaras.
22 Apr 2020drilling result▼ BadMajor
Kumbarilla Central 2 reached 1,140 m with 25 m net coal, but preliminary drill stem testing shows lower than expected productivity. This is a setback for the reserves case. The third well, KC3, is to spud 23 April south of the fault.
17 Apr 2020drilling result▼ BadMajor
Kumbarilla Central 1 confirmed 25 m net coal, but poor downhole conditions (slow coring, mud weight issues) compromised flow testing, which is key to converting resources to reserves. Later wells will be modified. KC2 spuds later today.
14 Apr 2020drilling result▲ Good
Kumbarilla Central 1 reached 1,020 m, intersecting coal in all three Walloon targets with strong gas shows. Preliminary logs show about 25 m net coal, above pre-drill expectations. Gas content and flow results are still pending.
