Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2012drilling progress report▼ BadMajor
At 16,535 ft Vermilion River appears to have missed the Het 1A sand, a main target. GGE cuts its net estimate to 170,000 bbl condensate and 7 BCF gas, from 260-430k bbl and 8.5-14.5 BCF. Lower targets remain.
25 May 2012drilling progress report▲ Good
Vermilion River recorded a gas show at 16,095-16,136 ft in what is believed to be a secondary objective, while drilling at 16,144 ft. Logs are needed to confirm pay. The main Het 1A target is still to be reached.
21 May 2012drilling progress report● Neutral
Vermilion River is drilling ahead at 15,707 ft; the operator may drill through the Het 1A target without setting a liner. Primary targets are still ahead. No result yet.
16 May 2012farm in farm out agreement● NeutralMajor
GGE farms out 15% of Desiree after well costs rose, leaving 41% and a carry for 5% of drilling costs. A large US operator takes over, spud moves to July 2012, and GGE's dry-hole exposure is about US$1.4m. Leduc slips to June; Austin Bayou rig is delayed.
14 May 2012drilling progress report● Neutral
Vermilion River is drilling ahead at 15,000 ft after getting through a difficult zone. TD is expected within 25 days. The operator's insurance is expected to recoup part of the cost of the earlier flow back. No result yet.
30 Apr 2012quarterly activities report● Neutral
March quarter net production was 10,965 barrels of oil equivalent, up from 8,098 in December. D&L #3 is at 305 bopd (about US$250,000 monthly net). Abita is at 1,123 mcfd after a sand problem. Austin Bayou is due to spud first week of May.
23 Apr 2012drilling progress report▼ Bad
Vermilion River well is setting casing at 14,300 ft, with delays now about US$400,000 net to GGE over budget (up from US$275,000). TD is said to be within 35 days. Primary targets begin at 16,250 ft. No result yet.
3 Apr 2012investor presentation● Neutral
Updated April 2012 presentation is largely a re-issue of the previous one, with the share price now 0.5c and market cap A$18.5m. Desiree timing is now April/May 2012. Claims of a fully funded program and A$5.0m cash are repeated.
30 Mar 2012investor presentation● Neutral
April 2012 presentation restates six 2012 exploration wells, production of 110 BOE/day and current cash of A$5.0m. It says the program is fully funded with no need to raise funds. Market cap is A$15m at 0.4c. No new results.
27 Mar 2012asset acquisition disposition▲ GoodMajor
GGE signs a letter of intent for a 5% interest in the Pintail prospect, St Martin Parish, Louisiana. Target is 152 BCF and 2.3 MMBC (up to 350 BCF); GGE's dry-hole share is about US$1.2m. Spud is expected in Q4 2012.
23 Mar 2012drilling progress report▼ Bad
Vermilion River well suffered a flow back, now controlled by the operator, and is preparing to side track. Delay costs have risen to about US$275,000 net to GGE over budget, from US$150,000. Primary objectives are still said to be within 35 days.
21 Mar 2012director officer appointment● NeutralMajor
Mark Freeman, an executive director since October 2010, becomes Managing Director with no change to his salary package. Charles Morgan remains Executive Chairman.
20 Mar 2012production update▲ GoodMajor
Abita began producing on 18 March 2012 from the 30 sand at about 900 mcfd and 25 bcpd with no water. This is first production from the June 2011 discovery, in which GGE holds 20%. The operator will ramp rates up gradually.
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.
19 Jan 2012quarterly activities report● Neutral
December quarter: D&L #3 now at 285 bopd and 1 mmcfd (~US$220,000 monthly net). Abita production expected in the first quarter; Vermilion River drilling at 10,539 ft. Grizzly and Lyons Point both dry. Share price 0.3c, market cap $11.3m.
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.
