Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2015farm in farm out completion▲ GoodMajor
GGE settled the purchase of the Napoleonville interests (3.99% of Desiree, 15.3% of D&L #3) for US$575,000, net cash US$374,500 after revenue since 1 November 2014. This completes the deal announced 2 December, lifting Desiree to 39.6%.
21 May 2015production update▲ Good
Abita (20% WI) has been recompleted in the 17 Sand and is cleaning up at 1,000 mcfd and 5 bopd, up from about 300 mcfd before. The sand is estimated to hold 485,415 mcf. A further 15 Sand (1.5 BCF) remains for later.
30 Apr 2015quarterly activities report● Neutral
March quarter net production 17,421 bbl oil, gross revenue A$1.4m, cash A$1.75m. GGE bought oil put options as price protection, for a US$150,336 premium. Yellowfin is now 96% WI, and strategy is to buy distressed production and sell down Yellowfin.
10 Mar 2015half year report● Neutral
Half-year to December 2014: gross revenue A$3.75m, gross profit before amortisation A$2.25m. The OGI interests purchase (US$575,000) is still awaiting the vendor's relisting. An insurance payout of US$718,723 is expected, and remaining D&L #1 remediation is estimated at no more than US$250,000.
2 Mar 2015drilling scheduled▲ GoodMajor
GGE presented its new Yellowfin prospect (Napoleonville, 100% WI, 8,000 acres) at the NAPE conference, with most likely potential of 1.4 TCF, next to Freeport McMoRan's Highlander discovery. It is being marketed to industry, and the test well would go to 27,900 ft. This is an unproven prospect.
2 Feb 2015quarterly activities report● Neutral
December quarter net production 18,075 bbl oil, gross revenue A$1.94m, with cash A$2m. Net revenue now about US$245,000 a month after the oil price fall. The Desiree former-partner dispute moves to arbitration set for 9 March 2015; the company says it wants to buy production assets.
29 Dec 2014regulatory community update▲ GoodMajor
GGE reached a full and final settlement with the D&L #1 blowout personal-injury plaintiffs, expected to be covered by insurance. Any remediation exposure beyond insurance was put at no more than US$250,000, and D&L #3 began disposing of water into D&L #2, saving about US$25,000 a month.
2 Dec 2014asset acquisition disposition▲ GoodMajor
GGE signs a heads of agreement to buy OGI's Napoleonville interests for US$575,000, lifting Desiree to 39.6% and D&L #3 to 55.3%, plus OGI's 18% of Fausse Point with ~US$100,000 of plugging obligations. Needs OGI shareholder approval, expected January 2015. Reserves table shows 371 MBBL net proved.
2 Dec 2014asset acquisition disposition▲ GoodMajor
OGI (seller) says it will sell subsidiary Birdwood Louisiana, holding 3.99% of Hensarling #1 and 15.3% of the D&L wells, to GGE for US$575,000, subject to conditions and OGI shareholder approval. Mark Freeman, a GGE director, is also an OGI director and took no part in OGI's evaluation.
20 Nov 2014agm notice● Neutral
AGM results: all seven resolutions carried, including the remuneration report, Keenihan's re-election, securities for three directors, options to consultants and a 10% placement capacity. Administrative.
3 Nov 2014quarterly activities report● Neutral
September quarter: net production 16,667 bbl oil and 21,432 mcf, gross revenue A$1.93m. Louise confirmed uneconomic and suspended as a water disposal well. West Klondike (~US$14k a month) and Abita (~US$27k) add little; lower oil prices cut Desiree to ~US$240k a month.
12 Sept 2014annual report▲ Good
FY2014 annual report: production revenue over A$7.5m (A$3.5m prior year), EBITDA A$3.8m, cash A$1.8m, working capital A$3m, debt cut from A$629k to A$174k. West Klondike now producing; D&L #1 liability unlikely to exceed A$1m. Report text does not mention the Louise outcome.
9 Sept 2014drilling result▼ BadMajor
Louise (Templet #1) will be suspended and used as a water disposal well for Hensarling #1, as the JV could not justify a sidetrack. The prospect did not deliver, though the well gave useful geological data.
4 Sept 2014production update▲ GoodMajor
West Klondike's Wilbert Sons #1 began production on 2 September at ~1.4 mmcfd from the Lower Nod Blan, after discovery in December 2012 and repeated delays. GGE holds 11.7% WI. Rates should rise as the well stabilises.
4 Sept 2014production update● Neutral
Partner Tamaska (11.4% WI) repeats that West Klondike began producing on 2 September at ~1.4 MMcf/d. Nothing new beyond GGE's own announcement.
4 Sept 2014drilling result▼ BadMajor
Louise logs show Cris R II, III and IV all wet; Cris R IV looks already swept despite being 244 ft updip of Simineaux #1. A sidetrack is under review. This is a setback for the prospect's 600-800k bbl target; the well is ~US$1m under budget.
27 Aug 2014drilling progress report▲ Good
Templet #1 at 11,470 ft hit a weak show in Cris R II and a stronger oil show in Cris R III (50% fluorescence, notable gas). The primary Cris R IV target is still about 300 ft deeper; the well is running 40-50 ft high.
25 Aug 2014drilling progress report● Neutral
Templet #1 drilling at 10,800 ft MD; primary target Cris R IV at 11,660 ft TVD, planned total depth 13,000 ft, reached in about 6 days. No result yet.
20 Aug 2014other● Neutral
Notice that a Proactive Investors research note is on the company website. No substance in the announcement itself.
19 Aug 2014drilling progress report● Neutral
Templet #1 drilling ahead at 7,812 ft, with about 35 more days to reach target depth. No new result.
12 Aug 2014drilling spud▲ GoodMajor
Louise (Templet #1) spudded 10 August 2014, expected to take 45 days to reach target depth. GGE holds 22.57% WI and pays 19.26% of dry hole costs. Ends the long delay since the originally planned Q3 2013 start. Target 600,000-800,000 bbl.
22 July 2014quarterly activities report● Neutral
June quarter: net production 15,392 bbl oil and 27,574 mcf gas, gross revenue A$1.99m, with over A$1.1m generated after costs. Louise rig now delayed to early August; West Klondike production due end July. Abita recompleted at 970 mcfd.
11 July 2014joint venture update▼ BadMajor
GGE finalised Louise at 22.57% WI, paying 19.26% of dry hole costs; the rig is delayed to late July. West Klondike start slips to end July, and Abita's upper 18 recompletion is done. A former Desiree partner is suing for a 5.3% WI; GGE will defend.
26 June 2014investor presentation● Neutral
June investor presentation: 192 boe/d (97% oil), A$3m working capital, no debt, 2014 revenue up to ~A$7m versus A$3.5m in 2013. Louise now to spud in July; West Klondike production expected 11 July. Mostly repeats known facts with company forecasts.
11 June 2014drilling scheduled● Neutral
Rig secured for Louise (Templet #1), spud expected before end of June 2014, after earlier slippage. GGE's interest is 23.4-23.9%, with a possible extra 7.4% WI acquisition. West Klondike production now expected end of June; Abita upper 18 recompletion agreed.
1 May 2014quarterly activities report● Neutral
March quarter: net production 16,000 bbl oil and 29,271 mcf gas, gross revenue A$2.04m. Desiree averaged 399 bopd. Louise drilling deadline extended to 1 June 2014; West Klondike pipeline work started. Abita now producing water, so its lower 18 sands are marginal.
25 Feb 2014half year report▲ GoodMajor
Half-year to December 2013: profit A$957,918 against a A$1.07m loss a year earlier, on production revenue up 94% to A$3.83m. Cash A$1.26m, no equity raising needed. West Klondike facilities now expected within 3 months, with interest stated as 11.713%.
3 Feb 2014quarterly activities report▲ Good
December quarter: net production 17,689 bbl oil and 35,366 mcf, up 25% and 54%; revenue A$1.8m versus A$1.1m. Desiree averaged 390 bopd; D&L #3 put on jet pump. Louise spud and West Klondike facilities construction both now expected this quarter.
3 Feb 2014admin correction● Neutral
Re-release of the December quarterly report, with the text appearing identical to the original; the headline calls it a cash flow correction. No new figures are visible in the text provided.
23 Dec 2013security holder rights change● Neutral
GGE sets up a sale facility for holders of parcels under A$500 (55,555 shares or fewer at 0.9c). About 910 of 1,701 holders are affected and will be sold out unless they return a retention form by 10 February 2014.
