Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2019investor presentation● Neutral
Roadshow presentation repeating known material: resources of 308/2,508/5,314 PJ, the five-well pilot and the 500 PJ reserves target. Notes a share price of A$0.70, market cap about A$158M and cash A$17M (31 March) with no debt.
17 June 2019drilling progress report▲ Good
Completions rig is on site to fit pumps to the three new wells, and the first stage of the gas and water pipelines is installed. Early-July start-up and A$8M budget hold. The environmental authority was also amended to allow more flexible produced-water management.
28 May 2019asset acquisition disposition▲ GoodMajor
Galilee was named Preferred Tenderer for a 384 sq km Surat Basin block (PLR2018-1-8) in a Queensland Government tender, paid for with non-cash consideration. It is under 10km from existing CSG facilities. This adds a second area beyond the Galilee Basin.
27 May 2019drilling result▲ GoodMajor
Final well Glenaras 16L was drilled with about 308m of net coal, completing the three-well programme on schedule and within the A$8M budget. Management says the project is substantially de-risked; completions start mid-June, with production still aimed for early July.
15 May 2019drilling result▲ Good
Second well Glenaras 15L was drilled with about 295m of net coal in the R3 seam, on schedule and budget. The rig is moving to 16L, due to spud 17 May. Programme still points to early-July production.
30 Apr 2019drilling result▲ GoodMajor
Glenaras 14L, described as the most important well of the programme, was drilled with about 240m of net coal in the R3 target, on schedule and budget. The rig has moved to 15L. Cost and early-July production target unchanged.
18 Apr 2019drilling spud▲ GoodMajor
Glenaras 14L, the central well of the three-well programme, spudded on 17 April and the surface hole reached 200m. Target depth is about 1,530m. Six-week programme and A$8M cost unchanged; production now aimed for early July 2019.
26 Mar 2019drilling progress report● Neutral
Civil works for the three-well Glenaras drilling programme are finished and Easternwell Rig 103 is mobilising to Longreach. Drilling is on track for early April, with new wells on production by late June. Cost remains about A$8M.
8 Mar 2019other▲ Good
S&P index announcement, not a company release: Galilee is among additions to the All Ordinaries from 18 March 2019. Index inclusion only; no change to operations or finances.
1 Mar 2019half year report● Neutral
Half-year to 31 December 2018 loss was A$2.026M (prior period A$1.213M), after a A$1.1M insurance recovery for last year's lost-in-hole costs. Pilot gas stable, water about 3,000 barrels a day. Contingent resources unchanged; nothing materially new.
25 Feb 2019material agreement▲ Good
Galilee signed a non-binding MOU with Clarke Energy to assess a staged gas-fired power station at Glenaras. It would use early pilot gas for electricity before any Jemena pipeline decision. Only a feasibility framework; no commercial terms or costs agreed.
18 Feb 2019drilling scheduled● NeutralMajor
Three new Glenaras laterals (14L, 15L, 16L) will be drilled from early April 2019 at about A$8.0M, using Easternwell Rig 103. The two existing wells drain a larger area than planned, so the pilot is redesigned. Production by late June; the 500 PJ 2P reserves target is unchanged.
18 Feb 2019other● Neutral
Notice of an investor conference call on 19 February 2019 at 1pm AEST to discuss the new Glenaras drilling programme. Administrative only, with no new information.
20 Dec 2018drilling scheduled▲ GoodMajor
Galilee signed a letter of intent with Easternwell for a rig, with drilling planned for April 2019, funded by the recent raising. Pilot water is down to about 3,100 barrels a day, gas still 15-20 thousand cubic feet a day. Shares on issue now 225,679,361.
11 Dec 2018capital raising announcement● Neutral
Cleansing and dilution notice for the A$13M placement at A$0.60: 21,666,671 shares issued, 20,401,269 of them under the 7.1A capacity. Existing holders are diluted about 9.6% overall. Joint lead managers are paid 6% on about 5.5M shares placed, roughly A$3.3M (as stated).
5 Dec 2018capital raising announcement▲ GoodMajor
Galilee raised about A$13M by placing 21,666,667 shares at A$0.60, with a free 1:1 option at A$0.75 expiring December 2019. A new cornerstone investor took the largest part. Funds are to secure a rig, order long-lead items and add working capital.
What it means for a shareholder
21.7m new shares at A$0.600 to raise about A$13.0m. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (1,667 at the issue price), your slice goes from 0.000817% to 0.000739% of the company. To keep it you'd need 177 more shares - about A$106 at the issue price.
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28 Nov 2018investor presentation● Neutral
AGM presentation largely repeats earlier material. It notes a share price of A$0.58, market cap about A$118M, cash A$7.5M and no debt, with water down to about 3,500 barrels a day from peaks above 4,000. Gas is still 15-20 thousand cubic feet a day.
19 Nov 2018production update● Neutral
Glenaras pilot water holds at 3,500-4,000 barrels a day, gas still about 15-20 thousand cubic feet a day, and the 12L pump is performing. Wells communicate; gas is expected once pressure falls below desorption. 500 PJ+ reserve potential restated; no commercial gas yet.
5 Nov 2018investor presentation● Neutral
Asia investor roadshow deck repeats known facts: Glenaras contingent resource (2C 2,508 PJ), about A$90M spent, pilot gas still 15-20 thousand cubic feet a day, and 500 PJ+ reserve potential if commercial rates are reached. Market cap about A$139M. No new results.
26 Oct 2018annual report● Neutral
The 2018 annual report restates the year already reported, including the three-lateral drilling programme and small gas flows from both wells. The chairman calls the next six months critical. Nothing materially new beyond earlier releases.
26 Oct 2018annual report● Neutral
The 2018 Corporate Governance Statement, dated 20 September 2018, says practices are largely consistent with ASX recommendations and lists exceptions. Board is three members. Administrative; no new operational or financial information.
26 Oct 2018admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative notice with no operational or financial substance.
16 Oct 2018production update▲ Good
The Glenaras 12L pump change-out is complete, and the old pump was in excellent condition. Combined water is about 3,900 barrels a day. A gas rate update will follow once fluid levels are drawn down. This resolves the 28 September pump issue.
28 Sept 2018production update● Neutral
Glenaras 12L's pump is near its upper limit and has had intermittent power problems, so the company is bringing forward a swap to a larger pump. A workover rig is mobilising for about mid next week, with the well back on full production within a week afterward.
24 Sept 2018annual report● Neutral
Statutory accounts for the year to 30 June 2018 show a loss of A$10.316M (2017: A$3.830M), driven by A$10.495M of Galilee Basin exploration spending. Raisings in the year totalled A$5.12M. Contingent resources are unchanged; the pilot is on production.
13 Sept 2018production update▲ Good
First measured gas flow from Glenaras: 15-20 thousand cubic feet a day from both wells, rising. Water about 3,600 barrels a day. Surface facilities were upgraded for 12L, with short shutdowns. This is a small rate, not yet commercial.
15 Aug 2018production update▲ GoodMajor
First gas has begun flowing from Glenaras 10L, at a rate too small to measure, as both wells fall below critical desorption pressure. Water is about 3,500 barrels a day. Management says months more are needed to reach commercial gas rates.
24 July 2018production update▲ Good
Glenaras 10L and 12L water rates rose to over 2,800 barrels a day combined (from about 2,400), with fluid level about 530m from surface. Direct 10L-12L communication and 11L drawdown continue. Still water only; ramp-up continues toward full drawdown. Shares on issue 203,862,690.
17 July 2018investor presentation● Neutral
This is a Comet Ridge (ASX:COI) presentation on the Galilee Basin, lodged under Galilee Energy's announcements, not a Galilee Energy release. It describes GLL's Glenaras pilot as the only operating coal seam gas pilot in the basin; it brings nothing new for GLL.
10 July 2018capital raising announcement▲ GoodMajor
Galilee raised about A$5.66M through a placement of 14.155M shares at A$0.40, a 9% premium to the 15-day VWAP, with a free 50c option expiring 31 Dec 2019 per share. Water rates reached about 2,400 barrels a day, and pressure drawdown was seen in the 11L monitoring well.
What it means for a shareholder
14.2m new shares at A$0.400 to raise about A$5.7m. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00132% to 0.00123% of the company. To keep it you'd need 187 more shares - about A$75 at the issue price.
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