Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2023drilling result▼ BadMajor
The Pau Tribunal awarded GGX only €60,342.25 plus interest and €1,500 costs against its €34.35m St Griede claim; the rest was dismissed. This resolves the long-awaited hearing, a near-total loss. Lawyers see grounds for appeal, with a decision pending.
6 Apr 2022farm in farm out agreement▲ GoodMajor
Binding term sheet with Santos to acquire 60% of Cooper Basin licences ATP 1063 and ATP 1174 by funding 100km of 2D seismic and one well (about $3m). Replaces the lapsed Armour deal; equity raising will be needed and work programs need government amendment by 1 Oct 2022.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Non-binding heads of agreement with Armour Energy to earn 50% of the Riverside and Myall-Bainbilla blocks in Queensland's Surat Basin by funding seismic and three wells, over $12m in total. Drilling is targeted for early 2022. It gives the company its first Australian project since the Philippine termination.
22 Nov 2021farm in farm out agreement▲ Good
Armour's own announcement of the same non-binding farm-in: Gas2Grid would earn 50% of 519 km2 of Surat acreage by funding over $12m of seismic, three wells and fracture stimulation. Three months are allowed to finalise binding agreements. Duplicates the company's announcement.
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.
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.
13 May 2014drilling progress report▲ Good
Swabbing at Malolos-1 continues with the oil percentage rising. Gas is breaking out of the oil, with 95 psi wellhead pressure and a 35-minute flare. An initial oil rate is still several days away.
9 May 2014drilling progress report● Neutral
Packer and completion assembly are set above the upper oil sandstone at Malolos-1. The swabbing unit is being set up, and oil production testing will likely start over the weekend. No test results yet.
5 May 2014drilling progress report● Neutral
Rig-2 has begun Malolos-1 operations and cleaned out the two cement plugs. Next the packer and completion assembly will be run, then swabbing and oil production testing. The 'before end of April' test start has slipped into May.
23 Apr 2014drilling progress report● Neutral
Rig-2 was set to start Malolos-1 operations on 24 April, and the swabbing unit, acquired under a lease/purchase agreement, was already on site. Initial oil testing was still scheduled to begin before the end of April.
11 Apr 2014drilling progress report● Neutral
A crew is mobilised to Malolos-1 to prepare Rig-2. Well clean-out starts next week, then about two weeks of swabbing one sandstone, then a shut-in. Each of the two sandstones is to be tested in turn, and test oil will be sold in Cebu.
29 Jan 2014resource reserve update▲ GoodMajor
Independent assessment lifts the Malolos contingent resource (2C) to 20.4 MMbbl oil in place from 12 MMbbl (1C 6.8, 3C 68.1). It also adds a new unrisked prospective resource of 104 MMbbl (14-601) in SC44 leads. Farm-out talks continue; no deal yet.
27 Aug 2013resource reserve update● Neutral
Company says Malolos-1 and Malolos-4 show oil sands over a 496 m interval, but only the steep eastern limb is tested, so the field could be much larger. The 4-12-42 MMbbl resource is unchanged. It prefers farming out SC44 to fund appraisal, and will also pursue other fund raising.
20 June 2013resource reserve update▲ GoodMajor
First Malolos oil contingent resource: 12 million barrels best estimate of oil in place, ranging from 4 million to 42 million. It covers the two lower sandstones, and no seismic exists to confirm the trap. It follows the earlier dry wells.
4 June 2013drilling progress report▲ Good
Work restarted at Malolos-1 after the crew break. The fluid level had risen naturally to 22.6 m below surface, and the first 4 swab recoveries were all oil. The upper oil sandstone and gas zones are still to be tested.
7 May 2013drilling progress report▼ Bad
Corroded tubing keeps wearing out swab cups, so new tubing is being shipped from Singapore, due in about 2 weeks. The rig crew gets a 14-day break around the Philippine elections. Testing of the upper oil sandstone and gas zones is delayed until after the break.
1 May 2013drilling progress report● Neutral
Swabbing resumed at Malolos-1 with replacement equipment, and oil was recovered with seawater. The fluid level was swabbed down from 187 m to 560 m. Results are called encouraging, but no commercial rate has been established.
22 Apr 2013drilling progress report● Neutral
The lower Malolos-1 sandstone (7,280-7,308 ft) was perforated and oil recovered, with 0.36 bbl of oil, gas and water brought to surface. Swabbing equipment failed on corroded tubing, so a commercial rate is not yet established.
17 Apr 2013drilling progress report● Neutral
Malolos-1 perforating guns are being loaded to perforate the lower oil sandstone at 7,300 feet first, then the interval at 7,200 feet. Oil flow test results are expected within days and gas interval results in 7-10 days.
2 Apr 2013drilling progress report▲ Good
Malolos-1 junk, a test packer, has been cleared and the hole is open to 2,250.4 m, giving access to the two target oil sandstones. Cement left by the 1960 operator was also drilled out. Perforating and flow tests follow, with results expected in 7-10 days.
26 Mar 2013drilling progress report● Neutral
Cement squeezing at Malolos-1 is finished and the mill is about to start on the junk. The company expects oil flow test results within 7-10 days.
11 Mar 2013drilling progress report● Neutral
Malolos-1 has had its fourth cement squeeze on the shallow perforations. Milling the deep junk and flow testing still follow, with at least another month of work expected.
26 Feb 2013drilling progress report● Neutral
Rig-2 replaced Rig-1 at Malolos-1 and resumed work on 22 February, running 24 hours a day. The 5 inch liner is out and shallow perforations are being cement squeezed before the junk is milled. The company says operations will last at least a month.
25 Jan 2013drilling progress report● Neutral
Rig-1 milled 1.37 m of junk at Malolos-1 to 2,203.3 m, with the junk containing rubber and metal. Milling continues for an unknown time, and the company is considering swapping in Rig-2 and moving Rig-1 to swab Jacob-1.
24 Jan 2013drilling scheduled▼ BadMajor
Ilang-1 (5 million barrels) is deferred because Jacob-1 and Gumamela-1 raise a high risk that the target sandstones are absent. Rig-1 repairs are done, and swapping in Rig-2 at Malolos-1 is being considered. The company is also reviewing offers to hire out its rigs.
14 Jan 2013drilling progress report▼ Bad
No progress at Malolos-1 since 8 January because of rig mechanical repairs. Work should restart this week, with the company still estimating 4-6 weeks to finish the workover and testing.
8 Jan 2013drilling result▼ BadMajor
Gumamela-1 was plugged and abandoned at 1,051.6 m, with no significant porosity in the limestone or the sediments below it. It is the second dry result in a row. The Ilang-1 drill decision is now under review, and Rig-2 is on standby.
7 Jan 2013drilling progress report▼ Bad
Gumamela-1 was stopped at 1,051.6 m after the limestone ended at 876.3 m with no significant gas. Electric logging follows. Malolos-1 milling is still not underway after a draw-works brake repair.
2 Jan 2013drilling progress report▼ Bad
Gumamela-1 reached 880 m in the Cebu Limestone, which is mainly tight with no hydrocarbon shows and only thin porous intervals. At Malolos-1 the mill is above the junk at 2,187.2 m and milling is about to begin.
24 Dec 2012drilling progress report● Neutral
Gumamela-1 was drilling at 556 m through marl, with a high methane gas show (12% by volume) at 535 m. Malolos-1 wellhead pressure of 275 PSI was bled down and oil samples taken, with milling due to start after Christmas.
