9 May 2011drilling progress report▼ Bad
A final 8-hour attempt to free the stuck D&L #3 pipe is under way; if it fails the well will be sidetracked to reach the possible new S sand. GGE's share of cost overruns is estimated at A$315,000.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2011drilling progress report▼ Bad
Golden Gate Petroleum's release repeating that a final attempt to recover the stuck D&L #3 pipe is under way, with a sidetrack if it fails. It states Golden Gate's overrun share at A$120,000, its own figure for its 15% interest.
6 May 2011other● Neutral
Cleansing prospectus dated 6 May 2011 offering one option at 1.5c, expiring 30 June 2013, to let holders resell options from the A$510,000 April placement. Administrative; no new operational or financial news.
4 May 2011drilling progress report● Neutral
Golden Gate Petroleum's release repeating that the D&L #3 pipe cannot be freed and a sidetrack from 8,000 ft is planned, taking about 3 days. Duplicate of Grand Gulf's 4 May update, showing Golden Gate's 15% interest.
4 May 2011drilling progress report▼ Bad
The operator could not free the stuck pipe at D&L #3 and plans a final attempt, then a sidetrack from 8,000 ft to redrill the last 920 ft, taking about 3 days. A setback for GGE's 39.5% well; the gas shows are unchanged.
2 May 2011drilling result● Neutral
D&L #3 reached 8,000 ft TVD (8,920 ft TD) on 30 April with four gas shows on mud logs, including an unexpected possible new S sand. The drill pipe is stuck while pulling out, so no logs yet. GGE holds 39.5%.
2 May 2011drilling result● Neutral
Golden Gate Petroleum's release repeating that D&L #3 hit TD on 30 April with four gas shows, including a possible new S sand, but the pipe is stuck. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
28 Apr 2011drilling progress report● Neutral
Golden Gate Petroleum's release repeating that D&L #3 has gas shows in the M sand at 7,470 ft, with total depth expected in 2 days. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
28 Apr 2011drilling progress report▲ Good
D&L #3 is at 7,470 ft with gas shows through the M sand as expected, and total depth is expected within 2 days. GGE holds 39.5%. Shows are encouraging but not a flow test or result.
27 Apr 2011drilling progress report● Neutral
Thibodeaux #1 is at 12,857 ft, on time and budget, with total depth of 19,300 ft expected in about 110 days. GGE holds 4.75% (4.275% after payout). The 10.3 MMBBL and 302 BCF target is unchanged; no result yet.
27 Apr 2011drilling progress report● Neutral
Golden Gate Petroleum's release repeating that D&L #3 is drilling at 7,100 ft toward 8,000 ft and nears the M sand. Duplicate of Grand Gulf's 27 April update, showing Golden Gate's 15% interest.
27 Apr 2011drilling progress report● Neutral
D&L #3 is drilling ahead at 7,100 ft toward 8,000 ft and expects to reach the M sand shortly. No new result yet; the M sand is the key target at GGE's 39.5% interest.
20 Apr 2011capital raising announcement● Neutral
Commitments for 85m shares at 0.6c with 42.5m free options, about A$0.5m, completing the 450m-share approval given at the 2 March meeting. Funds go to Thibodeaux #1, D&L #3, Abita and Desiree #1. Small top-up following the 0.5c placement.
What it means for a shareholder
85.0m new shares at A$0.006 to raise about A$500,000. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0055% to 0.00535% of the company. To keep it you'd need 4,673 more shares - about A$28 at the issue price.
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18 Apr 2011drilling spud● Neutral
Golden Gate Petroleum's release repeating that D&L #3 spudded 16 April and is at 1,976 ft. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
18 Apr 2011drilling spud▲ GoodMajor
Dugas & Leblanc #3 spudded 16 April 2011 and is at 1,976 ft, heading to 8,000 ft. GGE holds 39.5%. The updip well targets gas in the M, N, Stray and O sands, with the company citing flow potential above 4,000 mcfd.
15 Apr 2011asset acquisition disposition▲ GoodMajor
GGE signed to buy 20% (15% after payout) of the Abita prospect in Plaquemines Parish, operated by Clayton Williams Energy. Targets 1-2.3 MMBL and 4.5-9.4 BCF; its share of initial well cost is about US$550k. Spud expected late May or June.
7 Apr 2011admin correction● Neutral
Replaces the 4 April update at ASX's request, removing references to "reserves" and "potential economic values". Thibodeaux #1 is now drilling at 8,454 ft, on time and budget. No change to the well's plan.
7 Apr 2011other● Neutral
Re-lodged cleansing prospectus, dated 6 April, for the same option offer (1.5c, expiring 30 June 2013) tied to the A$1.8m placement. Administrative duplicate of the 5 April document with no new information.
6 Apr 2011drilling scheduled● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 6 April news that a rig is secured for D&L #3, spud expected within 10 days. Duplicate, showing Golden Gate's 15% interest.
6 Apr 2011drilling scheduled● Neutral
Rig secured for Dugas & Leblanc #3, expected to spud within 10 days. GGE holds 39.5%. The well is an updip gas target; D&L #2 now makes 115 boe/d with about 395 bbl/d of water, down from 150 boe/d in January.
5 Apr 2011other● Neutral
Cleansing prospectus offering one option at 1.5c, expiring 30 June 2013, to allow resale of the options issued with the A$1.8m placement. Administrative; no new operational or financial news.
4 Apr 2011drilling progress report● Neutral
Thibodeaux #1 is drilling ahead at 7,450 ft, which the company says is on time and on budget, with total depth now expected in about 130 days. No new well result. Later replaced at ASX request.
1 Apr 2011capital raising announcement● Neutral
Placement completed: 364.05m shares issued at 0.5c for about A$1.8m, with 182.0m free options to follow once a cleansing prospectus is done. Issued shares now total 3.03bn. Confirms the 28 March placement.
What it means for a shareholder
364m new shares at A$0.005 to raise about A$1.8m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0106% to 0.00889% of the company. To keep it you'd need 38,593 more shares - about A$193 at the issue price.
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28 Mar 2011capital raising announcement▲ GoodMajor
Placement of 360m shares at 0.5c raises A$1.8m from sophisticated investors, with one free 1.5c option (expiry 30 June 2013) per two shares. Funds go to Thibodeaux #1, D&L #3, Desiree #1 and Napoleonville work, following the rights issue and A$6.5m debt elimination.
24 Mar 2011drilling spud▲ GoodMajor
Thibodeaux #1 at La Posada spudded 21 March 2011 and was at 2,438 ft, heading to 19,300 ft. GGE holds 4.75% (4.275% after payout) and pays about US$1.175m of initial costs. Targets are 10.3 MMBL and 302 BCF, the company's most likely estimate.
18 Mar 2011capital raising announcement▲ GoodMajor
Rights issue completed with all shortfall shares and options allotted, finishing the 1.08bn share offer. Working capital debt is settled, with A$3m converted to equity and the rest repaid or offset against underwriting. Thibodeaux #1 expected to spud late March.
18 Mar 2011drilling scheduled▲ Good
The Thibodeaux #1 rig at La Posada is being moved in and is expected to spud within a week, targeting 10.3 MMBL and 302 BCF to 19,300 ft. GGE holds 4.75% (4.275% after payout), with about US$1.175m initial well cost; drilling is expected to take about 150 days.
17 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: loss A$2.94m, cash A$616k (from A$955k at June), deferred exploration assets A$9.0m. Shareholders approved debt-to-equity conversion on 2 March. D&L #3 is expected to spud within 45 days; blowout payables about A$5.7m.
8 Mar 2011capital raising announcement● NeutralMajor
Shareholders took up only 279.9m shares (A$1.4m) of the rights issue, leaving a shortfall of 800.8m shares to the underwriters. The take-up was about a quarter of the offer, so the underwriters carry most of the raising.
24 Feb 2011investor presentation● Neutral
February investor presentation restating the Napoleonville and La Posada story: share price 0.6c, market cap A$7m, La Posada to spud March 2011. Shows A$6.3m debt to be converted or repaid on 2 March. No new results visible.