Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2021half year report● Neutral
Half-year report to 31 December 2020. SC 44 remains suspended; legal advice says the company's tenure stays current while the DOE has not decided. The French Government eventually lodged its defence. Financial statements are not visible in the text.
25 Feb 2021other● Neutral
ASX again paused trading in GGX securities pending a further announcement. The notice gives no reason.
16 Feb 2021regulatory community update▼ BadMajor
The French Government lodged a defence on 15 February against the €34.35m claim. Separately, Bordeaux's appeal court annulled the 2018 judgment behind the €383,500 penalties already paid to the company; it will seek redress, possibly via the Conseil d'Etat. This is a setback.
15 Feb 2021other● Neutral
ASX paused trading in GGX securities pending a further announcement, and the notice gives no reason. It came on 15 February 2021, the date the Pau Tribunal had set to close the file on the St Griede claim.
11 Feb 2021price query● Neutral
ASX queried a rise from 0.6 to 1.3 cents on heavy volume. The company said it knew of no undisclosed information and pointed to its 12 January France claim announcement as the likely reason for interest.
12 Jan 2021regulatory community update▲ Good
The French Government missed the 2 January 2021 deadline to defend the €34.35m (about A$54m) St Griede damages claim. The Pau Tribunal set 15 February 2021 to close the file. The company says it has a good chance, but outcome and timing remain uncertain.
27 Nov 2020agm notice● NeutralMajor
AGM address: the company says frustration with the Philippines and France, plus Australian opportunities, means it is now reviewing Australian oil and gas acquisitions. It is also looking at restructuring a balance sheet with large amounts owed to directors. This marks a shift away from Philippine focus.
30 Sept 2020annual report● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2020 is in the annual report. Administrative compliance with no new substance.
30 Sept 2020annual report▼ Bad
Annual report to 30 June 2020. The Chairman says operations stay suspended, the SC 44 extension is unconfirmed, and the Philippines extended its State of Calamity by a year. He says the company will look at Australian opportunities and expects the French claim to be resolved in 2021. Auditor now Stantons.
16 Sept 2020other● Neutral
ASX paused trading in GGX securities pending a further announcement, on the same day as a price query. No reason is given in the notice itself.
16 Sept 2020price query● Neutral
ASX queried a jump from $0.002 to $0.005 with heavy volume. The company said it knew of no undisclosed information, had no other explanation, and confirmed it complies with continuous disclosure rules.
2 Sept 2020regulatory community update▼ Bad
The SC 44 extension ended 2 September 2020 with no DOE decision on the force majeure request. The company's lawyers advise the request is deemed automatically extended until the DOE decides. No field work has been possible since March 2020.
16 Mar 2020regulatory community update▼ Bad
COVID-19 travel controls in the Philippines may delay mobilising crew and service providers for Nuevo Malolos-1. About 5.5 months remain on the SC 44 moratorium, so delays could prevent production testing before expiry. The company will contact the DOE.
13 Mar 2020half year report▼ Bad
Half-year report to 31 December 2019. It adds that approvals were received in February 2020 and equipment from Singapore is due in Cebu about 18 March. It also reports the Philippine farm-in talks failed in March 2020, ending that new-venture thread. Financials not visible.
13 Jan 2020regulatory community update● Neutral
The €34.35m (about A$55m) claim against the French Government over St Griede was lodged and registered at the Pau Tribunal in early January 2020. The company says the outcome is uncertain. This follows the September 2019 instruction to lawyers.
9 Dec 2019drilling progress report▼ BadMajor
Nuevo Malolos-1 hit trouble: a dropped pry bar wedged the drilling assembly at 837m depth after the well was cleaned out to 1,913.7m. Attempts to free it failed, the well is suspended over the holidays, and equipment may need importing. This delays the deepening.
29 Nov 2019investor presentation● Neutral
AGM presentation largely repeating the September one: 20.4 MMbbl Malolos resource, modified deepening program, St Griede claim, and the rights issue raising $340,000. It notes raising capital is very difficult for small caps.
25 Sept 2019regulatory community update● NeutralMajor
The company instructed French lawyers to lodge a €34.6m (about A$55m) damages claim in the French tribunal over the St Griede non-renewal, as the Ministers did not respond in two months. The company says it has a good chance of success, but the outcome is unknown.
24 Sept 2019annual report● Neutral
Appendix 4G confirming the corporate governance statement, dated 24 September 2019, is in the annual report. Administrative compliance with no new substance.
24 Sept 2019annual report● Neutral
Annual report for year to 30 June 2019. The Chairman says deepening results are expected around end October 2019, no new Philippine venture has closed, and a French claim was lodged in July 2019. Financial figures are not visible in the extract.
9 Sept 2019drilling spud▲ GoodMajor
Site operations for the Nuevo Malolos-1 deepening began on 9 September 2019, meeting the DOE's end-September start deadline. Rig-2 will be moved about 20m, then the well deepened from 1,941.5m to a proposed 2,250m TVD to test two known oil sandstones.
2 Sept 2019investor presentation● Neutral
September presentation repeating known facts: drilling must begin by end September 2019 on the 20.4 MMbbl (2C) Malolos field, St Griede is abandoned with a claim lodged, and the rights issue raised $340,000. No new information.
31 July 2019capital raising announcement▼ BadMajor
Entitlement offer closed with applications for only 112.8m of 572.2m shares (about $338.5k of $1.717m). The 459.4m-share shortfall ($1.378m) is to be placed with investors within 3 months. Funding for the well remains dependent on that placement.
8 July 2019regulatory community update▲ GoodMajor
The DOE granted until end of September 2019 to start deepening Nuevo Malolos-1, easing the SC 44 termination risk. The company urges eligible shareholders to apply for the offer, which closes 26 July.
25 June 2019capital raising announcement▼ Bad
Entitlement offer closing extended again, to 26 July 2019, because of uncertainty over SC 44 after the DOE refused to defer drilling. The company wants investors to commit only after agreement with the DOE on drilling timing.
17 June 2019regulatory community update▼ BadMajor
The Philippine DOE denied the force majeure request to delay Nuevo Malolos-1 drilling, requiring drilling by 3 July 2019 or risk SC 44 termination. The company will challenge the decision; the DOE decision now affects the capital raising.
10 May 2019capital raising announcement▼ BadMajor
Entitlement offer closing pushed from 27 May to 28 June 2019 as drilling is deferred to July because of Philippine elections. The company discloses SC 44 depends on finishing the well by July 2019, and the DOE could terminate it if it refuses more time.
7 May 2019capital raising announcement● Neutral
Offer document and application forms were dispatched; the entitlement offer opens today and is scheduled to close 27 May 2019. Administrative only.
30 Apr 2019capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the entitlement offer; their shares go to the shortfall. Administrative, no new information.
30 Apr 2019capital raising announcement● Neutral
Letter to eligible shareholders summarising the 1-for-2 entitlement offer at $0.003. Entitlements cannot be traded. Administrative, repeats the earlier announcement.
