Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 June 2018flow test result● Neutral
Answering an ASX request about the 14 June release, Galilee reports the two wells now on continuous production at about 1,600 barrels of water a day combined. No measurable gas yet; pressure must fall further first. Coal depth is about 1,000m in ATP 2019 (100% owned).
14 June 2018flow test result▲ GoodMajor
Initial pump-commissioning tests on both wells flowed water at over 750 barrels a day with under 10% reservoir pressure drawdown, at the upper end of pre-drill expectations. This is water, not gas; dewatering is expected to take months before gas flows.
29 May 2018drilling progress report● Neutral
Pumps have been installed in Glenaras 10L and 12L and completion work is finished. Surface facilities and flowlines are next, with mid-June production start-up still on schedule.
17 May 2018drilling progress report● Neutral
The completions rig is on site to install pumps in Glenaras 10L and 12L over about a week. The drilling rig has left, and mid-June production start-up is still on track.
11 May 2018drilling result● Neutral
Final drilling update: most of the stuck drill string at Glenaras 12L was recovered, and the 12L lateral and sidetrack are intact. The pilot stays a two-lateral design, with 11L as a monitoring well. The completions rig is mobilising and mid-June start-up remains on track.
7 May 2018drilling result▼ BadMajor
The pilot is cut from three laterals to two. Glenaras 12L was drilled with about 480m of coal, but a sidetrack got stuck and 11L will not be drilled further, becoming a monitoring well. Mid-June start-up is unchanged; management is disappointed but confident of booking first reserves.
23 Apr 2018drilling progress report● Neutral
After the stuck assembly at Glenaras 11L was backed off, the rig moved to the third location and spudded Glenaras 12L, to return to 11L later. The six-week drilling duration is no longer stated; early June production start-up is still targeted.
19 Apr 2018drilling progress report▼ Bad
Drilling of the Glenaras 11L shield well hit coal stability problems about 60m into the coal, leaving the drilling assembly stuck. The company will update the market in coming days. This is the first setback for the pilot.
9 Apr 2018drilling result▲ GoodMajor
First lateral, Glenaras 10L, was drilled with about 520m of net coal in the R3 seam, on time and on budget, and flowed freely during connections. The rig has moved on to the first shield well, Glenaras 11L.
3 Apr 2018drilling result▲ Good
Glenaras 10 vertical test hole reached 1,083m and found 29m of net coal, described as one of the largest pay sections in the project area. The R3 coal was chosen as the target and the first lateral has landed in it; drilling is on schedule and budget.
26 Mar 2018drilling spud▲ GoodMajor
Glenaras 10 spudded on 23 March, starting the three-lateral pilot that the October 2017 raising funded. The vertical test hole was at 762m, heading to 1,100m, with six weeks of drilling expected and production start-up targeted for early June.
15 Mar 2018drilling scheduled● Neutral
Easternwell Rig 101 is mobilising to the Glenaras pilot site, with drilling now expected around 26 March after a minor rain delay. Production start-up is targeted for early June, and Jemena has begun pre-FEED planning for the pipeline, now described as delivering gas from 2022.
14 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss A$1.21M (prior year A$3.71M), with Glenaras pilot exploration spend of A$0.51M. Multi-lateral pilot drilling still expected to start March 2018. Resource figures unchanged. Text truncated.
7 Mar 2018director officer appointment▲ GoodMajor
Stephen Kelemen, a 40-year industry veteran with Santos coal seam gas background, joins the board as non-executive director from 31 March 2018. Ray Shorrocks takes over as Chairman from Dr David King, who stays on as a non-executive director.
28 Nov 2017capital raising announcement▲ GoodMajor
The entitlement offer closed oversubscribed, raising the full A$2.59M through 17.25M shares at A$0.15; shareholders took up 59% and the rest came from shortfall applications, so underwriters placed nothing. With the placement, cash is about A$10.6M, completing the A$5.6M raising.
What it means for a shareholder
17.3m new shares at A$0.150 to raise about A$2.6m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00387% to 0.00351% of the company. To keep it you'd need 667 more shares - about A$100 at the issue price.
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28 Nov 2017investor presentation● Neutral
AGM presentation restating Glenaras as the second-largest Queensland contingent gas resource outside the big three LNG exporters, with the Jemena pipeline and upcoming multi-lateral pilot. Market cap A$28.5M, cash A$10.6M. No new results.
9 Nov 2017other● Neutral
Confirms the entitlement offer booklet and personalised forms were posted to eligible shareholders on 9 November 2017. Administrative notice only.
31 Oct 2017capital raising announcement● Neutral
Letter to eligible shareholders restating the 1-for-10 offer at A$0.15. Shares on issue would rise to about 189.7M after the offer and placement. Underwriting fee 6%, plus 2.5M unlisted options (25c, expiring 31 Dec 2019) to Gleneagle. No new news.
31 Oct 2017capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they are ineligible for the rights issue, because the company judged making the offer to them unreasonable. Administrative notice repeating known offer terms.
30 Oct 2017capital raising announcement● Neutral
Offer booklet for the 1-for-10 non-renounceable entitlement offer at A$0.15, raising up to about A$2.58M. Opens 9 November, closes 24 November 2017; underwritten by Patersons and Gleneagle. Detail of the raising already announced; no new news.
30 Oct 2017capital raising announcement▲ GoodMajor
Galilee is raising about A$5.6M at A$0.15 a share (9.1% discount): a A$3.05M placement of 20.3M shares plus a fully underwritten 1-for-10 entitlement offer for up to about A$2.59M. Funds go to the three-lateral Glenaras pilot and working capital.
30 Oct 2017capital raising announcement● Neutral
Letter to optionholders explaining the rights issue. Options do not carry rights to participate, but holders could exercise before the 6 November record date; the letter says their options are currently out of the money. Administrative notice.
27 Oct 2017annual report● Neutral
Annual corporate governance statement as at 26 September 2017, saying practices are largely consistent with ASX recommendations. Small company with few executives. No operational or financial news. Text truncated.
27 Oct 2017other● Neutral
Appendix 4G governance checklist for the year to 30 June 2017, signed by the Company Secretary on 27 October 2017. Administrative form with no operational or financial news.
18 Oct 2017other● Neutral
Computershare, the share registry, is moving its Brisbane office to 200 Mary Street from 1 November 2017. Administrative notice with no news about Galilee itself.
17 Oct 2017material agreement▲ GoodMajor
Galilee signed a binding agreement with Jemena to fast-track a pipeline from Glenaras to the east coast market. Jemena starts community engagement and design work while Galilee appraises to certify enough gas to underwrite it; both aim for FEED in 2019.
4 Oct 2017investor presentation● Neutral
Roadshow deck pitching Glenaras as the second-largest Queensland contingent gas resource outside the big three LNG exporters. Market cap A$18M, cash A$6M, resource figures unchanged. Restates the multi-lateral pilot plan; no new results.
29 Sept 2017annual report● Neutral
Year to 30 June 2017: loss A$3.83M (2016: A$6.04M), with A$3.817M spent on Galilee Basin exploration. Multi-lateral pilot drilling planned before 31 December 2017, subject to approvals and rig availability. Office downsized on 31 Dec 2016. Text truncated.
31 July 2017quarterly activities report▲ GoodMajor
Lateral pilot testing is complete after about 10 months; modelling matched the data and supports a new three-lateral pilot nearby, with drilling targeted before end-2017. Cash A$6.1M. Joint venture options are being considered. This replaces the earlier plan to build gas rates at the existing pilot.
15 Mar 2017half year report● Neutral
Half-year to 31 Dec 2016: loss A$3.71M (prior year A$4.62M), mostly A$2.94M Glenaras pilot exploration spend. Lateral well still making small continuous gas, not yet enough for a reserve booking. Text truncated.
