Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2021drilling progress report▲ Good
Workovers on G10L, G17, G20 and G23 are finished and pumps are back online, restoring pilot water output above 18,000 BWPD. This resolves the pump failures reported since September. Gas has not yet increased; Casey sees the failures as a sign critical desorption was reached.
25 Nov 2021director officer appointment▲ GoodMajor
David Casey, a coal seam gas expert who authored the original Glenaras scoping study, becomes Managing Director from 1 December 2021, ending the interim role of Dr King, who also leaves the board. Pay is A$450,000 plus a A$250,000 sign-on fee.
23 Nov 2021other● Neutral
AGM address, with no technical presentation. Multiple pump failures meant high water rates could not be held long enough to fully unlock Glenaras; redundancy and sturdier completions are planned, with a workover crew secured. A CEO succession plan is expected shortly.
23 Nov 2021agm notice● Neutral
All resolutions at the 23 November 2021 AGM passed on a poll. Shares on issue were 295,260,556. Administrative result with no new operational or financial information.
1 Nov 2021other● Neutral
Statutory notice that Galilee received JobKeeper payments: A$48,000 for FY2020 and A$191,100 for FY2021, with none repaid. Administrative, no operational significance.
28 Oct 2021quarterly activities report▼ Bad
September quarter: pumps failed at G10L, G14L, G20 and G23, and workovers with modified completions have begun, with pumps due back by mid-November at about 18,000 barrels a day. Cash fell to A$13.6M from A$18.2M, no debt.
22 Oct 2021annual report● Neutral
2021 Annual Report. The chairman calls it a trying year: the pilot took longer to reach critical desorption than hoped, reached in G14 in July, with gas near 80 Mscfd. It restates the known resources, the Alinta agreement and the Lansom-to-King management change.
4 Oct 2021agm notice● Neutral
Annual General Meeting set for 11:00am on 23 November 2021, held virtually. Director nominations close 5pm on 11 October. Administrative notice only.
30 Sept 2021production update▼ Bad
G23 shows about 240 psi of pressure depletion since the pump programme, but pumps also failed at G14 and the high-water-producing G20, making gas measurement difficult. Workovers to replace pumps at G10L, G23 and G20 start around 27 October, with pumps back by mid-November.
23 Sept 2021annual report● Neutral
Year to 30 June 2021 net loss A$18.5M (A$17M a year earlier), mainly A$18M of Glenaras drilling, pump and water spend. Dr King became Managing Director on 18 June 2021 as Peter Lansom retired. Resources unchanged: 2C 2,508 PJ.
23 Sept 2021other● Neutral
Appendix 4G, the checklist pointing to the governance statement for the year to 30 June 2021. Administrative filing with no new substance.
23 Sept 2021other● Neutral
Annual corporate governance statement, approved 23 September 2021. It says practices substantially follow ASX recommendations, with exceptions explained. Administrative, with no new operational or financial information.
20 Sept 2021production update▼ Bad
Pressure at G10L measured about 580 psi, below the 600 psi desorption level, showing the low-pressure zone growing, but not yet more gas. Pumps failed at G10L and G23; workovers unlikely before the third week of October, delaying pilot progress.
24 Aug 2021production update▲ Good
Galilee says the reservoir is 'in transition': desorbed gas rose over 100% since the pump programme and G14L's desorbed gas doubled. Pump gas-lock limits total gas growth. Outer lateral wells are expected to reach critical desorption around end of September. A third mobile irrigation system is commissioned.
29 July 2021quarterly activities report▲ Good
June quarter: pump programme finished with record gas, and the pilot centre is now below critical desorption pressure (G14 about 550 psi). Two ex-Shell executives joined. Cash A$18.2M at 30 June, no debt; A$2.8M R&D offset received.
20 July 2021production update▲ GoodMajor
First direct pressure reading in the pilot centre (G14, about 550 psi) is below the roughly 600 psi desorption level. Share of gas coming from coal rather than water rose from about 45% to 75%. A G19 pump failure delayed full-field gas measurement; total gas stayed steady.
24 June 2021production update▲ Good
Gas approaching 80 Mscfd, with all six vertical wells now producing gas, after extra zones were perforated. Pressure tests at Glenaras 8, 7 km away, show depletion, which the company says supports higher reserve targets. Dr David King now signs as Managing Director.
7 June 2021other▲ Good
Galilee received a refundable R&D tax offset of A$2,789,155 for 2019/20, from Glenaras pilot and water management spending. It adds to cash, which the company says is already funded for current activities.
31 May 2021production update▲ Good
Pilot gas reaches about 70 Mscfd, the company's highest, with gas now in five outer vertical wells. Water is easing from a roughly 20,000 barrel peak as pressure falls. The federal budget commits A$15.7M for Galilee and North Bowen basin appraisal in 2021-22.
21 May 2021director officer appointment● NeutralMajor
After a board strategic review, Managing Director Peter Lansom retires as MD and director after almost eight years, staying on for technical work. Dr David King becomes interim MD for up to six months on A$450,000 while a CEO search runs. David Woodley becomes COO.
10 May 2021production update▲ Good
Pump programme nearly complete: water about 19,000 barrels a day, up over 30%, and gas above 60 Mscfd, 20% higher than the earlier 50 Mscfd. Gas now appears at three new vertical wells. Second pivot is operating.
29 Apr 2021quarterly activities report▲ Good
March quarter: water now 16,500 barrels a day after three workovers, with early gas signs in two worked-over wells. Alinta Heads of Agreement noted. Cash A$19.2M at 31 March, no debt.
14 Apr 2021production update▲ Good
Three of six vertical well workovers (G19, 20, 21) are done and back online, with total pilot water back at prior rates. Target is about 18,000 barrels a day. Programme is on schedule and within budget; second pivot due end April.
26 Mar 2021production update● Neutral
Pump enhancement programme under way: roads reopened, pumps on site, rig mobilising, with workovers running to mid-May and some wells shut in meanwhile. Glenaras 10L pump will also be replaced. Target remains over 30% more water. A second irrigation pivot is being built.
25 Mar 2021material agreement▲ GoodMajor
Galilee signed a non-binding Heads of Agreement with Alinta Energy to work towards supplying Glenaras gas to the east coast market. It adds to the Sunshot and Jemena arrangements, but no volumes, price or terms are given.
18 Mar 2021production update● Neutral
Pilot gas steady at about 50 Mscfd, with measurement still constrained; water 13,700 barrels a day. The pump upgrade workover rig is delayed to end March by heavy rain. The larger pumps have arrived in Brisbane.
11 Mar 2021half year report● Neutral
Half-year to 31 December 2020: loss before tax A$11.5M (A$5.8M a year earlier), mainly A$11.6M of Glenaras exploration and evaluation spend. A$3.8M R&D tax offset was received as other income. Restates known facts: all eleven pilot wells producing, PCAs awarded.
25 Feb 2021drilling scheduled● NeutralMajor
A A$2.5M programme will fit larger pumps in six vertical wells from late March, aiming to lift pilot water production over 30%. Gas is about 50 Mscfd, with some gas unmeasured. David Woodley, ex-Origin and Shell, is hired as Project Director.
11 Feb 2021production update▲ GoodMajor
The Glenaras pilot hit 50 Mscfd of gas, its highest measured rate, after a separator was installed to measure gas coming through the water lines. All eleven wells are producing; lateral well water has fallen to about 4,600 barrels a day. The company expects gas to rise further.
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.
