Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2011flow test result▲ GoodMajor
D&L #3 M sand was perforated and put on production, initially flowing 160 bopd and 1,150 mcfd while cleaning up. All output is sold through existing facilities. This follows the depletion of the Stray B sand and restores production for GGE's 39.4%.
18 Oct 2011joint venture update● Neutral
Golden Gate (15% partner) repeats the D&L #3 M sand flow test: 160 bopd and 1,150 mcfd initially. Duplicates GGE's announcement.
17 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 12,662 ft; the first primary objective at 15,800 ft is about 30 days away after running final casing at 14,200 ft. No result yet.
12 Oct 2011drilling progress report● Neutral
A workover rig is on location at D&L #3 to perforate the M sand (400,000 bbl, 1.2 BCF estimated), expected done in 7 days. Expected rates are 200-400 bbl/d oil and 600-1,000 mcfd gas. GGE holds 39.4%.
12 Oct 2011joint venture update● Neutral
Partner Golden Gate Petroleum (15%) repeats GGE's announcement that the D&L #3 workover rig is on location to perforate the M sand. No new information.
10 Oct 2011drilling progress report● Neutral
Lyons Point setting intermediate casing at about 12,000 ft; first objective still expected at 15,800 ft. No new result.
3 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 11,587 ft; intermediate casing due at 12,000 ft and the first primary objective expected at 15,800 ft. No result yet.
30 Sept 2011annual report● Neutral
Annual report for year to 30 June 2011. The chairman calls it a tumultuous year, citing the Dugas & Leblanc blowout, raising A$8.5m and converting A$3m of debt to equity, and the US$7.5m La Posada sale. Production at Abita is expected in December. Text is truncated, so financial figures are not seen.
27 Sept 2011well test result▲ GoodMajor
Upper 30 Stray sand flowed 2,159 Mcfd and 43 bbl/d condensate, completing testing of Abita's three lower intervals. GGE holds 20% (15% after payout). Production expected December quarter; a development well and a northern fault-block prospect are being considered.
26 Sept 2011well test result▲ GoodMajor
Abita flow tests: 29 Sand 2,248 Mcfd and 67 Bopd; 30 Sand 1,364 Mcfd and 29 Bopd. The Upper 30 Sand is still to be tested. Resources estimated at 7.9 BCFG and 350,000-700,000 bbl, with production in the December 2011 quarter.
26 Sept 2011drilling progress report● Neutral
Lyons Point drilling ahead at 9,769 ft toward 16,300 ft; no new result. Targets unchanged.
23 Sept 2011asset acquisition disposition▲ GoodMajor
GGE sold its 4.75% La Posada interest for US$7.5m cash, having spent about US$1.6m on the Thibodeaux #1 discovery well (per the annual report). The company calls it a significant funding milestone and a monetised untested development asset. It ends exposure to the Thibodeaux upside; Lyons Point was drilling at 8,200 ft.
19 Sept 2011drilling progress report● Neutral
Lyons Point well completing a casing run at 4,016 ft; no new result. Prospect details and 5% GGE interest unchanged.
14 Sept 2011drilling spud● NeutralMajor
Lyons Point's Pruitt et al #1 spudded on 13 September 2011 and was at 1,248 ft. GGE holds 5% after the Kilgore swap. Target 3 MMBC and 60 BCFG, 16,300 ft total depth, about 45 days, fixed-cost turnkey drilling.
9 Sept 2011joint venture update● Neutral
Golden Gate Petroleum, GGE's 15% partner in D&L #3, gives an operations update covering its Permian, Fausse Point and Bullseye plans. It says the D&L #3 primary oil sand will be tested this month. Mostly concerns Golden Gate's own projects, not GGE's.
8 Sept 2011drilling scheduled● Neutral
Kilgore says Lyons Point is due to spud early next week. Repeats the prospect details, including the 3 MMBC and 60 BCF target and 50-66% chance of success. GGE holds 5% after the swap; no new GGE information.
8 Sept 2011investor presentation● Neutral
September investor update restates known discoveries and plans: Lyons Point spud in September, West Klondike in October, and the Desiree #1 well at 52% WI. It targets ~250 bbl/d net production by Feb 2012 and cites the recent A$2.5m rights issue.
8 Sept 2011production update● NeutralMajor
D&L #3's Stray B sand has depleted after ~162 million cubic feet of gas and 1,050 bbl of condensate. The M oil sand (400,000 bbl, 1.2 BCF) will now be completed in 2-4 weeks. Expected rates trimmed to 200-400 bbl/d; 10-12 BCF updip potential flagged.
7 Sept 2011capital raising announcement▲ GoodMajor
Shortfall allotted, completing the entitlement offer: ~A$2.5m raised before costs via 623.3m shares at 0.4c with free options. Shares on issue now 3,739.8m. Funds go to La Posada and Abita completion, Lyons Point and West Klondike drilling, and repaying working capital loans.
What it means for a shareholder
623m new shares at A$0.004 to raise about A$2.5m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.00668% to 0.00573% of the company. To keep it you'd need 41,667 more shares - about A$167 at the issue price.
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31 Aug 2011capital raising announcement● Neutral
The entitlement offer closed with shareholders taking up 352.8m shares (A$1.41m). The shortfall of 270.6m shares goes to the underwriters, who include directors' associates, under the underwriting agreements. That is about 57% of the offer taken up by holders.
29 Aug 2011farm in farm out agreement● Neutral
Kilgore's own release on the same swap: it gains 5% of West Klondike and gives 5% of Lyons Point to GGE, keeping 10%. Kilgore receives about A$424,000 from GGE, reimbursing prepaid Lyons Point drilling costs. Mirrors GGE's 29 August announcement.
29 Aug 2011farm in farm out agreement● NeutralMajor
GGE takes a 5% interest in the Lyons Point exploration well (Clayton Williams operated, spud second week of September, 16,300 ft), swapping a 5% West Klondike interest with Kilgore, leaving 10.5% there. GGE's well cost is US$462,000; targets 3 MMBC and 60 BCF.
23 Aug 2011drilling result● Neutral
Thibodeaux #1 was logged to 19,071 ft with no further pay below the 248 ft net; testing is expected in 30-60 days, with production early next year. Abita completion starts within two weeks. D&L #3 is making ~US$150,000 a month net to GGE.
11 Aug 2011other● Neutral
Notice that a commissioned independent research report by Strahan Corporate on GGE and its Louisiana assets is on the company website. No new operational or financial information in the announcement itself.
5 Aug 2011drilling result▲ GoodMajor
Thibodeaux #1 net pay at La Posada is upgraded to 248 ft from 176 ft, a 40% increase, after porosity logs and sidewall cores. Drilling continues to 19,300 ft; production now expected early 2012 (previously Dec 2011 quarter), with a delineation well planned for Q1 2012. GGE holds 4.75%.
28 July 2011capital raising announcement● Neutral
Shareholder letter on the 1-for-5 entitlement issue at 0.4c: up to 623.3m shares plus 311.65m free options (1.5c, exp 30 June 2013), ~A$2.49m. Restates the 27 July offer and use of funds; shares go ex-entitlement 29 July. Nothing new.
28 July 2011admin correction● Neutral
Entitlement issue timetable amended: record date moves to 9 August, closing date to 29 August, and shares to be entered into holdings 6 September. Underwriters are listed with a 5% fee. Raising terms are unchanged.
27 July 2011capital raising announcement● Neutral
Offer document for the 1-for-5 entitlement issue at 0.4c, up to ~623.3m shares, with one free option per two shares, raising ~A$2.49m, fully underwritten. It opens 8 August and closes 22 August 2011. This is the formal document for the raising announced 22 July.
What it means for a shareholder
623m new shares at about A$0.004 to raise about A$2.5m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (250,321 at the issue price), your slice goes from 0.00803% to 0.00669% of the company. To keep it you'd need 50,050 more shares - about A$200 at the issue price.
Create a free account to see this worked out for your own holding.
27 July 2011security holder rights change● Neutral
Notice to option holders on the entitlement issue: to take part, options must be exercised before the 5 August record date. The new options are exercisable at 1.5c, expiring 30 June 2013. Proceeds will also repay working capital loans.
26 July 2011production update▲ GoodMajor
D&L #3 production was raised to over 4,000 mcfd on a 16/64 inch choke, from 1,500 mcfd when it started on 19 July. The well was also making 30-35 bbl/d of oil with no water, drawing down the Stray B sand to move to the M oil sand.
