Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2012production update● Neutral
Abita's final pipeline tap is being completed, with flowing expected that week, after slipping from end February. GGE holds 20% until payout, then 15%. Resources are estimated at 350,000-700,000 bbl oil and 8 BCF gas, with a possible north-east field extension.
14 Mar 2012half year report▲ Good
Half-year to 31 December 2011 shows a profit of A$4.26m, against a loss of A$5.61m a year earlier, with cash of A$5.95m. The La Posada sale (US$7.5m) funded this. Vermilion River now at 14,616 ft, about US$150,000 over budget.
29 Feb 2012asset acquisition disposition▲ GoodMajor
GGE acquires a 23.25% interest in Austin Bayou, an updip production well in Brazoria County, Texas. Net targets are 2.7-4 BCF and 40,000-60,000 bbl condensate. GGE's well cost is US$385,000 (plus US$265,000 if successful); spud is due early April 2012.
29 Feb 2012drilling progress report▼ Bad
Vermilion River well is setting casing at 13,485 ft and running about US$150,000 net to GGE over budget after drilling delays. Primary objectives are now expected within 35 days, versus 30-45 days on 1 February. No result yet.
2 Feb 2012production update● Neutral
Abita facilities are complete and pipeline approval received; first production is now expected before end of February 2012, after slipping from mid January. GGE holds 20% until payout, then 15%. Resources ~7.9 BCF and 350,000-700,000 bbl.
1 Feb 2012drilling progress report● Neutral
Vermilion River well is drilling at 12,800 ft, with the primary objectives expected to be drilled through in 30-45 days. GGE's net potential is 8.5-14.5 BCF and 260,000-430,000 bbl condensate. No result yet.
16 Jan 2012drilling result▼ BadMajor
Grizzly logs found only 14 ft of possible pay on water in the Abbeville; the well is not commercial and will be plugged. A dry hole after targets of up to 100 BCF; turnkey contract capped GGE's cost at ~US$550,000.
13 Jan 2012drilling progress report● Neutral
Grizzly encountered gas shows in the Abbeville sand at ~12,748 ft and is drilling at 12,995 ft toward 13,530 ft. Logs to follow after total depth; no commercial result yet.
13 Jan 2012farm in farm out completion▲ GoodMajor
Partial farmout of Napoleonville deep prospects to a private US company, which earns 57-63% and must drill up to two wells by 31 March 2013. GGE keeps 17-19% and pays 11.5-13% of dry-hole costs. Desiree (spud April 2012) and D&L field excluded.
10 Jan 2012drilling progress report● Neutral
Vermilion River well is completing surface casing at 4,027 ft before drilling ahead. No result yet; targets and ~US$1.05m cost share unchanged.
10 Jan 2012drilling progress report● Neutral
Grizzly operator is setting an expandable liner at 12,430 ft before drilling toward the Abbeville sand at ~12,780 ft. Remaining target is 50 BCF and 1 MMBC. No new result.
4 Jan 2012drilling progress report▼ Bad
Electric logs indicate the Grizzly Alliance sand is shaled out and unlikely to be commercial, contradicting the previous day's gas-show news. Target cut to 50 BCF and 1 MMBC in the deeper Abbeville sand; drilling continues.
3 Jan 2012drilling progress report● Neutral
Grizzly well is drilling at 12,430 ft after gas shows in five intervals, including the Alliance sand at 11,382-11,531 ft. Total depth expected within a week. No logged result yet; the next day's update changed the picture.
3 Jan 2012drilling spud▲ GoodMajor
Vermilion River well (R. J. Perrin #1) spudded 29 December 2011, expected to reach 17,500 ft in about 100 days. Targets 110 BCF and 3.3 MMBC; GGE's 7.83% share is ~US$1.05m, partly turnkey to ~13,000 ft. GGE's largest prospect.
19 Dec 2011drilling scheduled● Neutral
Vermilion River well (7.83% WI, operator Walter Oil & Gas) has a rig contracted and spud expected first week of January 2012. Targets 110 BCF and 3.3 MMBC; GGE's share of cost is ~US$1.05m. Continues the November letter of intent.
16 Dec 2011drilling progress report● Neutral
Grizzly had a second gas kick and was sidetracked again at about 10,250 ft; 7 inch casing is being run at 10,850 ft. Turnkey contract means no extra cost to GGE. Alliance sand expected near 11,200 ft.
1 Dec 2011investor presentation● Neutral
AGM presentation repeating the drilling program; Abita first production now slipped to mid January from December. Lists cash A$6.5m, D&L #3 at 235 bopd, Leduc Reef interest at 14%, and omits Lyons Point after its dry hole.
25 Nov 2011drilling progress report● Neutral
Grizzly is preparing to set casing at 9,550 ft, with a liner at 10,400 ft before the Alliance sand, expected near 11,200 ft. Drilled under a fixed-price turnkey contract. No result yet.
24 Nov 2011drilling result▼ BadMajor
Logs show the Lyons Point Pruitt #1 well is not commercial, and the partners will plug and abandon it. A dry hole for GGE's 5% after a 3 MMBC and 60 BCF target; the turnkey contract limited cost (earlier estimate US$430,000).
21 Nov 2011drilling progress report● Neutral
Lyons Point reached an extended total depth of 16,500 ft, 200 ft deeper than planned, while in what is expected to be the Marg Tex 3 sands. Electric logs are about to be run; no result yet.
15 Nov 2011drilling progress report● Neutral
Grizzly well was sidetracked from about 4,200 ft after stuck drill pipe and is drilling at 5,001 ft. The turnkey contract means GGE faces no extra cost. Operator says the prospect's full potential remains intact.
14 Nov 2011drilling progress report● Neutral
Lyons Point crossed the key trapping fault near 15,000 ft as expected and is drilling slowly through hard shale at 15,758 ft. No hydrocarbon result yet.
9 Nov 2011investor presentation● Neutral
Notice that Mark Freeman presented to Sydney investors on 7 November; the presentation is on the website. No new information.
7 Nov 2011investor presentation● Neutral
November investor presentation restating the high-impact drilling program and the new Grizzly, Vermillion and Leduc interests. Quotes cash of A$6.8m and D&L #3 at 217 bopd. Largely repeats known facts.
7 Nov 2011asset acquisition disposition▲ GoodMajor
Agreed to acquire 5.25% of the Grizzly prospect in Cameron Parish, Louisiana, a well already drilling at 9,700 ft toward 13,530 ft. Targets up to 100 BCF and 2 MMBC. GGE's share of cost is capped at ~US$550,000 under a turnkey contract.
7 Nov 2011drilling progress report● Neutral
Lyons Point drilling ahead at 15,255 ft, only 3-4 days from the first reservoir target at 15,500 ft. No result yet.
7 Nov 2011asset acquisition disposition▲ GoodMajor
Letter of intent to acquire 7.83% of the Vermillion River gas-condensate prospect in Louisiana, operated by Walter Oil & Gas, a partner in the La Posada discovery. Targets 110 BCF and 3.3 MMBC; GGE's dry-hole share is ~US$1.05m. Spud expected in 1-2 months.
3 Nov 2011asset acquisition disposition▲ GoodMajor
Signed a letter of intent for a 10.5% interest in the Leduc Reef oil prospect in Arkansas, paying 14% of the first well. Target is 1.2 million barrels, up to 12 million; GGE's share of well cost ~US$180,000. Spud late December or early January.
31 Oct 2011drilling progress report● Neutral
Lyons Point (GGE 5%) has set casing at 14,200 ft and is about 12 days from the first reservoir target at 15,500 ft. No result yet; targets of 3 MMBC and 60 BCFG unchanged.
24 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 13,973 ft; about 24 days to the first reservoir target at 15,500 ft. No result yet.
