Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 (GGE 10.5%) is drilling at 10,638 ft; mud logs show oil over 35 ft in the Lario and gas over 15 ft in the U Nod Blan. Electric logs at total depth will decide whether the shows are commercial. Not yet a result.
10 Dec 2012drilling progress report● Neutral
Hensarling #1 at Desiree is drilling at 12,120 ft toward the Cris R IV and V (potential 200,000 bbl oil and 15-30 BCF gas) after setting casing over the Cris R II and III pay. It repeats the 31 ft and 49 ft pay results. Total depth is 12,550 ft.
10 Dec 2012drilling progress report● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 update: drilling at 12,120 ft toward Cris R IV and V after casing the pay. Nothing new for GGE.
6 Dec 2012drilling result▼ BadMajor
Calloway #1 at S Welsh hit a significant gas influx from a zone above the target; the operator says the well is under control but recommends plugging it. The well had not reached the Marg Tex target, and a re-drill proposal is being prepared. GGE's cost share is now about US$165,000.
3 Dec 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats that Hensarling #1 logs confirm 49 ft of net pay in Cris R III and 31 ft in Cris R II. Nothing new for GGE.
3 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 (GGE 10.5%) is drilling at 8,644 ft, with the first main target, U Marg Tex, expected near 9,980 ft. Planned time to the 10,900 ft total depth is now 14 days. No result yet.
3 Dec 2012drilling result▲ GoodMajor
Logs confirm 49 ft of net pay in Cris R III plus 31 ft in Cris R II at Hensarling #1 (GGE 35.6%), slightly above pre-drill expectations. This confirms the discovery; casing is being run before drilling on to Cris R IV and V. GGE's dry-hole share estimate rose to about US$1.35m from US$1.1m.
3 Dec 2012drilling progress report● Neutral
Calloway #1 at S Welsh is drilling at 7,206 ft toward 7,500 ft, having crossed the fault and now drilling through the objective interval as planned. GGE holds 10.5%. No result yet.
30 Nov 2012joint venture update● Neutral
Operator Clayton Williams will now complete Abita in the 19 Sand (estimated 200,000-400,000 bbl recoverable), after the 29 Sand attempt failed with a likely isolation failure. A rig is expected in early December. This changes the earlier plan to restart from the 29 Sand; GGE holds 20%, reverting to 15%.
26 Nov 2012drilling result▲ GoodMajor
Electric logs at Desiree's Hensarling #1 (GGE 35.6%) indicate 31 ft of net pay in Cris R II, in line with expectations. The tool could not log the deeper Cris R III, so the well is being conditioned for re-logging. Early sign of a discovery after three dry holes in 2012.
26 Nov 2012drilling progress report● Neutral
Partner Tamaska reports West Klondike's Wilberts Sons #1 (GGE 10.5%) is setting casing at 3,000 ft, with about 30 days planned to reach 10,900 ft. GGE's share is about US$460,000. No result yet.
26 Nov 2012drilling progress report● Neutral
S Welsh's Calloway #1 (GGE 10.5%) has set casing at 2,500 ft and is drilling at 6,000 ft toward 7,500 ft. GGE's share of cost remains US$145,000. No result yet.
26 Nov 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 news: 31 ft of net pay in Cris R II, Cris R III not fully logged, re-logging under way. Nothing new for GGE.
22 Nov 2012drilling spud● NeutralMajor
West Klondike's Wilberts Sons LLC #1 spud overnight and was drilling at 925 ft, expected to take 30 days to reach 10,900 ft. GGE held 10.5% (paying about 14%, roughly US$460,000 to TD) in a 2-4.8 million bbl oil target.
22 Nov 2012drilling progress report● Neutral
Golden Gate repeats the Hensarling #1 update: Cris R III oil shows over 40-50 ft, drilling at 12,340 ft, logs to follow. Nothing new for GGE.
22 Nov 2012drilling progress report▲ Good
Hensarling #1 hit the second target, Cris R III, with oil shows over 40-50 ft, drilling at 12,340 ft. Logs will now test whether Cris R II and III hold pay. Shows are encouraging but commerciality is unproven.
21 Nov 2012drilling scheduled● Neutral
Partner Tamaska says West Klondike's Wilberts Sons #1 (GGE 10.5%) has a rig on location and will spud within days. It is a 30-day, 10,900 ft turnkey well; GGE's share is about US$460,000, plus US$65,000 completion if successful. Targets 2-4.8 million bbl.
19 Nov 2012drilling progress report● Neutral
Golden Gate repeats the Hensarling #1 oil shows in Cris R II (60-70 ft gross), drilling at 11,933 ft. Nothing new for GGE.
19 Nov 2012drilling progress report▲ Good
Hensarling #1 at Desiree hit the first target, Cris R II, with mud-log oil shows over 60-70 ft gross, drilling at 11,933 ft. Electric logs will decide whether the shows are pay. An encouraging sign after three dry holes in 2012, but not yet a result.
19 Nov 2012drilling spud● Neutral
S Welsh's Calloway #1 spud over the weekend and is drilling at 2,463 ft toward 7,500 ft, expected within two weeks. GGE holds 10.5% and its US$145,000 share is already paid. Targets 450,000 bbl gross, about 45,000 bbl net; a small, low-cost well.
14 Nov 2012investor presentation● Neutral
November investor presentation restates strategy and the Desiree, West Klondike, S Welsh, Port Hudson and Louise program. It says cash is A$1.5m, the program is fully funded, and production is 70 boe/day. Abita is expected back in about 30 days. Largely known facts.
12 Nov 2012drilling progress report▲ Good
Hensarling #1 at Desiree is drilling at 9,987 ft, about four days ahead of schedule. The first target, Cris R II, is expected within two weeks. GGE's dry-hole share remains about US$1.1m. No result yet.
12 Nov 2012drilling progress report● Neutral
Golden Gate repeats the Hensarling #1 update: drilling at 9,987 ft, about four days ahead of schedule, Cris R II due within two weeks. Nothing new for GGE.
5 Nov 2012drilling progress report● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 update: casing set at 3,000 ft, drilling at 3,850 ft, 38 days to total depth. Adds nothing new for GGE.
5 Nov 2012drilling progress report● Neutral
Desiree's Hensarling #1 (GGE 35.6%) has set casing at 3,000 ft and is drilling at 3,865 ft, on budget and on target to reach total depth in 38 days. The first main target, Cris R II, is expected around month-end. No result yet.
1 Nov 2012annual report● Neutral
Full FY2012 annual report, following the 28 Sep summary. Chairman's letter repeats production of 29,635 bbl oil and 191,609 mcf gas, revenue over A$11m including La Posada's US$7.5m, and Abita still awaiting hurricane repairs. D&L #3 is now cited at about 290 bopd. Text is truncated.
30 Oct 2012drilling spud● NeutralMajor
The Desiree well, Hensarling #1, spud and was drilling ahead at 850 ft toward 12,550 ft. GGE held 35.6% with a dry-hole share of about US$1.1m, targeting up to 1 million bbl of oil and 30 BCF of gas updip of a field producer that yielded 2.3 MMBO.
30 Oct 2012drilling spud● Neutral
Partner Golden Gate Petroleum (3.99% WI) announces the Hensarling #1 well at Desiree has spud and is at 850 ft. It repeats GGE's prospect data and adds nothing new for GGE.
28 Sept 2012annual report● Neutral
FY2012 annual report: production of 29,635 bbl oil and 191,609 mcf gas, and revenue over A$11m including the US$7.5m La Posada sale. Lyons Point, Grizzly and Vermilion were dry. Abita is awaiting repair of hurricane damage. Over 900,000 bbl net potential is planned for the December quarter.
21 Sept 2012drilling result▼ BadMajor
Dickens #1 at Leduc Reef reached 8,500 ft on 20 September; logs showed commercial recovery unlikely and the operator proposes plugging and abandoning. A dry hole, GGE's third in 2012 after Vermilion and Austin Bayou. Management says Desiree and West Klondike cash calls are received.
