15 Nov 2021other● Neutral
AGM address repeating known points: SC 44 terminated, with ICC arbitration threatened if not reinstated. The French claim's final submissions close 26 November. Farm-in talks in Australia are at an advanced stage.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2021quarterly activities report● Neutral
September quarter: after the DOE confirmed termination of SC 44, the company has invited it to settle amicably, failing which it will go to ICC arbitration. It says it is in advanced negotiations on two Australian oil and gas opportunities.
6 Oct 2021agm notice● Neutral
The AGM is set for 15 November 2021, with director nominations closing 13 October. Administrative notice.
29 Sept 2021annual report● Neutral
Corporate governance statement and Appendix 4G for the year to 30 June 2021, lodged with the annual report. Administrative compliance document with no new business information.
29 Sept 2021annual report● Neutral
Annual report to 30 June 2021. The chairman reports SC 44 termination confirmed, the €34.35m French claim awaiting a hearing date, and talks on Australian projects. The $5.97m director shortfall substantially cut liabilities. Financial statements are not visible in the text.
28 Sept 2021regulatory community update▼ BadMajor
The DOE rejected the company's reconsideration request and reiterated termination of SC 44. The company calls this wrongful and is studying legal remedies. This confirms the loss of the Philippine permit unless a challenge succeeds.
30 July 2021quarterly activities report▼ Bad
June quarter: the DOE has terminated SC 44 and the company has asked it to reconsider. An appeal on the annulled €383,500 penalties was lodged with the Conseil d'Etat in June. The directors' $5.97m shortfall was applied to repaying their loans.
5 July 2021capital raising announcement● NeutralMajor
The entitlement offer closed with eligible shareholders taking only 52.9m of 2,044.6m shares ($158,805). The directors' entities took up the 1,991.6m-share shortfall ($5.97m). Shares issue on 7 July 2021.
2 June 2021regulatory community update▼ BadMajor
The Philippine DOE has terminated Service Contract 44, rejecting the company's March 2020 force majeure claim, with no explanation given. The company will seek reconsideration. This is a major blow to its only drilling project in the Philippines, the Malolos field.
20 May 2021capital raising announcement● Neutral
Cover letter to eligible shareholders restating the 1-for-1 offer at $0.003 (about $6.13m, director-underwritten) and its timetable. No new information.
19 May 2021capital raising announcement● Neutral
Offer booklet for the fully underwritten 1-for-1 entitlement offer at $0.003 to raise about $6.13m, underwritten by directors Morton, Sam Yue and Munns. Opens 27 May, closes 1 July 2021. Repeats the 19 May launch terms.
19 May 2021capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand they cannot take part in the $0.003 entitlement offer. Their shares go to the directors' shortfall. Administrative.
19 May 2021capital raising announcement● NeutralMajor
The company relaunched a fully underwritten 1-for-1 entitlement offer at $0.003 to raise about $6.13m. Directors Morton, Sam Yue and Munns underwrite $1.81m, $2.07m and $2.25m, and proceeds repay their loans, cutting company liabilities. Closes 1 July 2021.
12 May 2021capital raising announcement● Neutral
The $0.0034 entitlement offer was withdrawn because ASX rules bar prices in fractions smaller than a tenth of a cent. It will be replaced with a 1-for-1 offer at $0.003, lowering the amount raised and the underwriting.
12 May 2021capital raising announcement● Neutral
Offer booklet for the 1-for-1 entitlement offer at $0.0034 to raise about $6.95m, partly underwritten by directors up to $5.5m. It was superseded when the offer was withdrawn the same day.
12 May 2021capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the $0.0034 entitlement offer. Their shares go to the directors' shortfall. Administrative, and overtaken by the withdrawal.
12 May 2021capital raising announcement● Neutral
The company launched a 1-for-1 entitlement offer at $0.0034 to raise about $6.95m, partly underwritten by the three directors up to $5.5m. Proceeds go to working capital, new ventures and repaying the directors' loans. Withdrawn the same day.
30 Apr 2021quarterly activities report▲ GoodMajor
March quarter: SC 44 stays suspended with no DOE response, and no hearing date is set for the France claim. The company raised $2.542m in placements, 399m shares at $0.0037 (26 Feb) and 266.5m at $0.004 (24 Mar), for new ventures and working capital.
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.
29 Jan 2021quarterly activities report● Neutral
December quarter: SC 44 work stays suspended and the DOE has still not ruled on force majeure. The French defence was not filed by the due date. The company continues its search for Australian ventures. Cash figures are truncated.
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 Oct 2020quarterly activities report▼ Bad
September quarter: SC 44 operations stay suspended and the DOE has not ruled on force majeure; the moratorium formally ended 2 September but remains on foot. The French defence is overdue, with a decision hoped for in first half 2021. The company has begun searching for Australian ventures.
7 Oct 2020agm notice● Neutral
Notice that the AGM will be held on 27 November 2020, with director nominations closing 14 October 2020. Administrative only.
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.