Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2013investor presentation● Neutral
November investor presentation: monthly net operating revenue ~US$450k, A$1.2m cash, share price 1.3c, market cap ~A$10m. Louise well (15.5% WI, targeting 600-800k bbl gross) now expected Q1 2014, slipping from Q3 2013. West Klondike production due Q1 2014, also later than first expected.
1 Nov 2013quarterly activities report▲ Good
September quarter: net production 13,295 bbl oil and 16,078 mcf, about double the June quarter's oil. Desiree on jet pump at ~385 bopd, D&L #3 netting ~US$130k a month. Louise (15.3% WI) drilling to start before year end; West Klondike facilities due by year end.
1 Nov 2013quarterly activities report▲ Good
September quarter cash flow: receipts A$1.108m, net operating cash inflow A$195k, cash A$1.18m at quarter end, no borrowings. Planned spending next quarter is A$1.07m.
1 Nov 2013admin correction● Neutral
Replacement cash flow report corrects the share and option figures to post-consolidation: 747,998,870 shares and unlisted options of 200k, 8m, 15m and 18m. Cash flow figures are unchanged (cash A$1.18m).
3 Oct 2013other● Neutral
Notice of a BRR Media webcast with Managing Director Mark Freeman on 3 October 2013. The text carries no content beyond the headline 'GGE multiplies on back of announcement'.
26 Sept 2013annual report● Neutral
FY2013 annual report: net production 31,324 bbl oil and 97,734 mcf gas, revenue A$3,487,033. Chairman says Desiree at 350 bopd should net about A$3m a year, and D&L #1 liability is unlikely to exceed A$1m. Production was lower than hoped.
26 Sept 2013production update▲ Good
Partner Golden Gate (3.99% WI) repeats GGE's announcement that Hensarling #1 is producing 390 bopd on a jet pump, with 350-400 bopd expected. Nothing new.
26 Sept 2013production update▲ GoodMajor
Desiree Hensarling #1 (GGE 35.6%) on a jet pump now produces 390 bopd, with 350-400 expected. Management estimates US$250-285k per month for GGE; with D&L #3 and Abita, total production income is expected over US$400k per month.
13 Aug 2013production update● Neutral
Abita (GGE 20%, 15% after payout) is back on production from the 18 Sands, stabilised at 1 mmcfd and 10 bbl condensate per day. That is below the 19 Sand's 2.1 mmcfd and 40 bcpd peak. The operator will review whether to open the choke.
1 Aug 2013quarterly activities report● Neutral
June quarter: net production 6,335 bbl oil and 23,990 mcf. Desiree started 3 July but settled near 260 bopd pending a jet pump. West Klondike facilities slip to end of 2013. Abita workover is under way. Consolidation completed.
19 July 2013material agreement▲ GoodMajor
Settlements were reached with landowners affected by the D&L #1 blowout and with the rig's workover operator, at similar values and with negligible net impact on GGE. Personal injury cases remain; GGE expects insurance to cover them, with exposure no more than US$1m.
4 July 2013production update● NeutralMajor
The 5-for-1 consolidation is complete, leaving 747,998,870 shares, with market cap about $5.2m at 0.7c. Net working capital is about $1.3m and cash about $1m. Desiree is on production, D&L #3 nets about $150k per month, and West Klondike facilities are expected in 5 months.
4 July 2013production update▲ Good
Partner Golden Gate (3.9% WI) repeats that Hensarling #1 began production on 3 July, with 240 bbl in the first 17 hours. It expects about $27,000 per month extra net revenue for itself. Nothing new for GGE.
4 July 2013production update▲ GoodMajor
Desiree Hensarling #1 (GGE 35.6%) began production 3 July, making 240 bbl in its first 17 hours, with 330-370 bopd expected. Management estimates an extra US$250-275k per month net revenue. This is the first production from the December 2012 discovery.
13 June 2013production update● Neutral
Abita operator will perforate and recomplete the 18 and Lower 18 Sands within 30-60 days, with sales soon after. Remaining gross reserves are 150,000-300,000 bbl oil and 4.5 BCF gas. GGE says it is disappointed with earlier completions.
7 June 2013flow test result▲ GoodMajor
Desiree's Hensarling #1 (GGE 35.6%) flowed 370 bbl oil per day unassisted from the Cris R III. It will be shut in while production facilities are installed over 3-6 months, after which the Cris R II will be perforated.
7 June 2013flow test result▲ Good
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 result: 370 bbl oil per day from the Cris R III, with the well shut in pending facilities. Nothing new beyond GGE's own announcement.
23 May 2013drilling progress report● Neutral
A workover rig reaches the Desiree Hensarling #1 well (GGE 35.6%) on 23 May to complete it and test the Cris R III for about 48 hours. Production facilities would take 3-4 months if successful. GGE also discloses litigation over alleged seismic misappropriation at Napoleonville.
23 May 2013security holder rights change● Neutral
GGEO options (1.5c exercise) stop trading 21 June and expire 30 June 2013 unless exercised; no individual expiry notices will be posted under an ASX waiver. They last traded at 0.1c on 23 January 2013.
22 May 2013security holder rights change● Neutral
Following the 5-for-1 consolidation notice, the listed GGEO options expire 30 June 2013 and stop trading on ASX 21 June, so no consolidation will be applied to them. This changes the earlier plan to convert them to 7.5c options.
14 May 2013production update▼ BadMajor
Abita operator recommends abandoning the 19 Sand due to rising water and recompleting in the 18 Sand; the well is shut in. GGE (20%) won't join a partner's sole-risk rework. Remaining gross reserves cut to 150,000-300,000 bbl oil and 4.5 BCF gas (from 350-700k bbl and 6 BCF).
13 May 2013flow test result▲ GoodMajor
West Klondike Wilbert Sons #1 (GGE 10.5%) flowed over 2 mmcf gas per day from the lower Nod Blan. It is suspended awaiting facilities and export pipeline, expected to take 4-6 months. This confirms the December 2012 discovery as flowing.
6 May 2013well test result▲ Good
At West Klondike (GGE 10.5%), perforating the Lario sand brought oil to surface, confirming the 4 ft of log-derived oil pay. The well is now being prepared to test the L Nod Blan; facilities would take 4-6 months if flow is commercial.
1 May 2013quarterly activities report● Neutral
March quarter: net production 6,254 bbl oil and 34,836 mcf gas (Dec quarter 7,775 bbl). Desiree (35.6%) and West Klondike (10.5%) discoveries await testing; Abita water ingress is under investigation; 5-for-1 consolidation proposed.
24 Apr 2013drilling progress report● Neutral
A rig arrives 24 April at West Klondike (GGE 10.5%) to complete and production-test Wilberts Sons #1, starting with the L Nod Blan. If flow rates are commercial, dedicated facilities and an export pipeline will take about 4-6 months to install.
24 Apr 2013security holder rights change● NeutralMajor
The board will consolidate shares 5 for 1, cutting shares on issue from 3.74b to about 748 million. The stated reason is that tiny price increments cause 25-50% moves per trade and hurt liquidity. Listed options go to 7.5c exercise price; shareholder meeting notice to follow.
23 Apr 2013investor presentation● Neutral
April 2013 presentation restates known facts: Desiree and West Klondike flow tests due June quarter, cash $1.3m at 31 March, market cap $11m. It reports Desiree unitisation held 16 April and recent water ingress at Abita. It targets net revenue of about $450,000 per month if tests succeed.
15 Mar 2013half year report▼ Bad
Half-year to 31 Dec 2012 shows a loss of $1,069,620, against a profit of $4,256,668 a year earlier. Cash fell to $1,265,061 from $3,816,412 at 30 June 2012. Desiree and West Klondike await testing.
7 Mar 2013production update▲ Good
Abita 19 Sand flow rose to 40 bbl condensate and 2.1 mmcfd after the choke was enlarged, a 25% increase, adding about US$25-30k per month net to GGE. D&L #3 contributes US$140-150k per month.
4 Feb 2013drilling result▼ BadMajor
Port Hudson reached 10,500 ft and logs found pay, but GGE decided it is not commercial enough to join completion. This is another dry-hole outcome for GGE; the fixed cost share was US$232k.
