Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2013quarterly activities report● Neutral
December quarter: Desiree and West Klondike discoveries await testing (Desiree after unitisation, expected May 2013), Abita is back on production, and Port Hudson is drilling. Net production fell to 7,775 bbl oil from 10,960 bbl in the September quarter. S Welsh was plugged and abandoned before reaching total depth.
22 Jan 2013production update▲ GoodMajor
Abita (GGE 20%, reverting to 15%) is back on production from the 19 Sand, cleaning up at 1.3 mmcfd and 30 bbl of condensate per day. This follows the failed 29 Sand attempt and the switch to the 19 Sand.
17 Jan 2013drilling spud● Neutral
Port Hudson well (GGE 15%) has spud and is drilling at 2,023 ft toward 10,500 ft over about three weeks. GGE's dry-hole share is fixed at US$232k on a turnkey basis; potential net reserves are 40,000-75,000 bbl.
18 Dec 2012drilling result● Neutral
Hensarling #1 at Desiree (GGE 35.6%) reached 12,455 ft; the deeper Cris R IV and V had no commercial hydrocarbons. The 31 ft and 49 ft pay in Cris R II and III stands, and testing of those zones is next. The deeper secondary targets are a disappointment.
18 Dec 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 update: no commercial hydrocarbons in Cris R IV and V, testing of Cris R III and II to follow. Nothing new for GGE.
17 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 has casing run and is waiting on cement; flow testing is likely to start this week. It repeats the 4 ft, 6 ft and 35 ft net pay results. Nothing new on the discovery.
13 Dec 2012drilling result▲ GoodMajor
Electric logs at West Klondike's Wilberts Sons #1 (GGE 10.5%) confirm net pay of 4 ft in the Lario, 6 ft in the U Nod Blan and 35 ft in the L Nod Blan. Casing is being run for testing. This is a discovery after several dry holes in 2012.
11 Dec 2012drilling progress report▲ Good
West Klondike's Wilberts Sons #1 (GGE 10.5%) hit a third gas show, over 47 ft in the L Nod Blan, and is drilling at 10,845 ft toward 10,900 ft. Electric logs in 1-2 days will decide commerciality. Not yet a result.
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.
