Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2011agm notice● Neutral
Notice of AGM for 30 November 2011. The proposed director and staff options now have a strike price of 0.6c, down from the 1c previously proposed. Director Jim Trimble will not seek re-election.
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.
27 Oct 2011quarterly activities report● Neutral
September quarter report: La Posada sold for US$7.5m, D&L #3 M sand producing 205 bopd and 1.78 mmcfd, Abita production due December quarter, and Lyons Point setting casing at 14,200 ft. Mostly restates known events; market cap quoted at A$18.6m.
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.
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.
