Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2019director officer appointment▲ Good
Gordon Grieve, a Piper Alderman partner chairman with 30+ years as an energy lawyer, joined the board as an independent non-executive director on 6 September. He advised on Eastern Star Gas's sale to Santos. The chairman calls it a pivotal time as the company moves toward development.
2 Sept 2019production update▲ GoodMajor
Gas has started flowing from the Glenaras pilot, though at rates too small to measure. All wells are below the critical desorption pressure, with water at about 6,800 barrels a day. First gas ahead of the roughly three-month drawdown expected from late July.
14 Aug 2019production update▲ Good
All five Glenaras wells remain on continuous production, now flowing over 6,200 barrels of water a day combined, up from over 4,200 on 5 August. Still about double the old two-well pilot. No gas rates yet; three months of drawdown still expected.
5 Aug 2019production update▲ Good
All five wells are producing over 4,200 barrels of water a day combined, about double the old two-well pilot at the same drawdown stage. Wells communicate directly. No gas rates yet; three months of drawdown still expected.
1 Aug 2019resource reserve update▲ GoodMajor
ATP 2043 (Surat Basin, 384 sq km) was formally granted at 100% for six years from 1 August 2019, with an independently certified 504 PJ 2C contingent gas resource. This lifts the company's total 2C resource to 3,012 PJ.
31 July 2019production update▲ GoodMajor
All five Glenaras lateral wells are online and on continuous production, with surface facilities complete and the A$8M programme on budget. Production will be ramped up over coming weeks. This starts the roughly three-month drawdown needed to see gas.
24 July 2019quarterly activities report● Neutral
June quarter: 14L and 15L commissioned, 16L under way, and ATP 2043 preferred tenderer status noted. Cash fell to A$11.6M from A$17.2M, with no debt. Pilot cost remains within A$8M; material gas still needs about three months of drawdown.
11 July 2019flow test result▲ Good
Glenaras 14L showed strong early productivity and quick pressure response in the older 10L and 12L wells, which the company says confirms good coal connectivity. Jemena also lodged its voluntary environmental impact statement application and federal referral for the Galilee Gas Pipeline.
8 July 2019drilling progress report▲ Good
Pumps are installed in 14L, 15L and 16L and pipelines are complete. Commissioning and flow testing of 14L has begun, with 15L and 16L to follow in about 10 days. The three-month drawdown for material gas is unchanged.
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.
8 Apr 2019quarterly activities report● Neutral
March quarter: civil works done and Rig 103 mobilising, but wet weather after a cyclone pushed drilling back about two weeks at no extra cost. Production target slips to mid-July from late June. Cash A$17.2M, no debt; programme still about A$8M.
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.
31 Jan 2019quarterly activities report● Neutral
December quarter: cash A$18.4M, no debt, after the A$13M raising. Pilot gas is stable and water about 3,000 barrels a day. Analysis shows more wells are likely needed to draw down the coal, so commercial gas takes longer. New CFO Milton Cooper replaces Don Langdon.
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 2018agm notice● Neutral
All ten resolutions passed at the 28 November AGM, including the remuneration report, re-election of Shorrocks, election of Kelemen, ratification of the 2018 placement and the 10% placement capacity. Administrative; the capacity was used in the placement a week later.
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.
