7 Feb 2011capital raising announcement● Neutral
Closing date of the 0.5c rights issue extended to 2 March 2011 from mid-February. The issue remains underwritten up to A$4.3m, so the capital raise is delayed rather than changed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2011admin correction● Neutral
Supplementary prospectus to the rights issue corrects the debt-conversion shares to 506.0m (from 553.7m) and total shares after the offer to about 2.667bn. Updates underwriter voting power; Seaspin could reach 32.1% on a full shortfall.
17 Jan 2011production update● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 14 January update: D&L #2 stabilised at about 150 boe/d, and insurers have paid US$5m of blowout costs with US$6m more approved. Duplicate, with Golden Gate's 15% interest.
14 Jan 2011production update▼ BadMajor
D&L #2 has settled at about 150 boe/d (90 bbl/d oil, 1.5 mmcfd gas), well below the 320 bbl/d seen in December; the N sand has only 9 ft net pay. Insurers have paid US$5m of blowout costs, with a further US$6m approved; about US$2m of GGE's share is expected to be covered by its umbrella policy.
14 Jan 2011capital raising announcement● Neutral
Shareholder letter setting out the 1-for-1 entitlement issue at 0.5c: up to 1.08bn shares to raise about A$5.4m, with offer period running from 25 January. Funds go to La Posada, Napoleonville work and repaying loans. 553.7m debt-conversion shares need a February shareholder vote.
4 Jan 2011other● Neutral
Company's securities trading policy for directors and employees, covering insider trading rules. Administrative governance document with no operational or financial news.
23 Dec 2010capital raising announcement● NeutralMajor
Raises A$840,000 by placing 140m shares at 0.6c with free options (options need shareholder approval). The rights issue grows to up to A$5.4m (1.08bn shares at 0.5c), underwritten up to A$4.3m, up from A$4.7m and A$3.9m.
What it means for a shareholder
140m new shares at A$0.006 to raise about A$840,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0177% to 0.0154% of the company. To keep it you'd need 24,804 more shares - about A$149 at the issue price.
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22 Dec 2010production update● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 22 December update: D&L #2 flowing 320 bbl/d oil and 450 mcf/d gas on a 9/64 inch choke, oil now the majority of flow. Duplicate; Golden Gate holds 15%.
22 Dec 2010production update▲ Good
D&L #2 is flowing at 320 barrels of oil a day and 450 mcf of gas a day on a 9/64 inch choke. Management says oil now makes up most of the flow, as expected. Early rates, to be watched over coming weeks.
21 Dec 2010production update▲ Good
Golden Gate Petroleum's release repeating Grand Gulf's 21 December announcement that D&L #2 began commercial production on 20 December. Duplicate; Golden Gate holds 15%.
21 Dec 2010production update▲ GoodMajor
D&L #2 began commercial production on 20 December 2010, the first production from the Napoleonville programme. It is being brought on slowly, with earlier test rates about 200 bbl/d and 1.9 mmcfd. Grand Gulf holds 39.5%.
14 Dec 2010capital raising announcement● NeutralMajor
Replaces the October rights issue with a 1-for-1 issue at 0.5c to raise about A$4.7m, underwritten up to A$3.9m. Financiers convert 50% of debt to shares at 0.6c. Also buys 4.75% of La Posada (10.3 MMBL, 302 BCF most likely), first well due Feb-Mar 2011.
1 Dec 2010investor presentation● Neutral
Investor presentation restating the Napoleonville story: 500 BCF and 3.8 MMBO potential, 39.5-44% interest, recent discovery. Notes share price 0.6c, market cap A$5.6m, debt A$6m. No new results visible in the extract.
15 Nov 2010well test result▲ Good
Golden Gate Petroleum's release repeating Grand Gulf's 15 November result: D&L #2 flowed about 200 bbl/d of oil and 1.9 mmcfd gas from the N sand. Duplicate.
15 Nov 2010well test result▲ GoodMajor
D&L #2 flow test from the N sand reached about 200 barrels of oil and 1.9 mmcfd of gas a day, in line with the earlier 200+ bopd and 1,000 mcfd expectations. The well is shut in for about 5 weeks while pipeline and facilities are built.
11 Nov 2010drilling progress report● Neutral
D&L #2 gravel pack was set after two days of technical delays, pushing flow testing back to 12 November. Production still needs about 5 weeks of pipeline and facilities work.
11 Nov 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 11 November D&L #2 update: gravel pack set, flow testing delayed to 12 November. Duplicate.
8 Nov 2010well test result● Neutral
Golden Gate Petroleum (15% partner) repeats Grand Gulf's 8 November D&L #2 update: oil recovered from the N sand, about 5 weeks to build infrastructure. Duplicate, with Golden Gate's own cost share of US$114,607.
8 Nov 2010well test result▲ Good
D&L #2 N sand perforated; about 25 barrels of oil recovered while killing the well ahead of fuller flow testing. A pipeline and facilities need about 5 weeks before production. GGE share of completion costs estimated at US$263,465.
25 Oct 2010director officer appointment▼ BadMajor
Managing Director James Trimble retires as CEO and becomes a non-executive director; Company Secretary Mark Freeman joins the board in an executive role. A significant overhead cost cut is planned. The 7 October rights issue and other raisings are delayed until after D&L #2 testing, which is expected within 14 days; financiers will keep supporting the company. Mound II and D&L #3 funding depends on further equity raisings.
20 Oct 2010drilling result▼ BadMajor
Clifton Lands #1 logs show a small, uneconomic zone and the gas-show zone appears depleted. The well will be temporarily plugged and abandoned, with a possible later test of a deeper Marg Vag interval. Second dry hole in a row after Sager #1; Grand Gulf bears about 60.76% of dry hole costs.
20 Oct 2010drilling result▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 20 October result: Clifton Lands #1 uneconomic and to be temporarily plugged and abandoned. Duplicate.
19 Oct 2010drilling progress report● Neutral
Clifton Lands #1 reached 5,150 ft total depth and significant gas shows were seen. Their meaning awaits full logging and, if warranted, production testing.
19 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 19 October update: Clifton Lands #1 at 5,150 ft with significant gas shows. Duplicate.
18 Oct 2010drilling progress report● Neutral
Clifton Lands #1 is drilling the new sidetrack below 4,100 ft, expected to finish within a day. Logging follows at total depth.
18 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 18 October update: Clifton Lands #1 sidetrack drilling below 4,100 ft. Duplicate.
14 Oct 2010drilling progress report▼ Bad
Clifton Lands #1 hit excess gas and gouge at 4,950 ft. Dating suggests the well is too close to the salt dome and the main target has pinched out. A sidetrack about 200 ft down dip is planned, taking about four days, with no major cost overrun expected.
14 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 14 October update: Clifton Lands #1 sidetrack planned after the target pinched out at 4,950 ft. Duplicate.
13 Oct 2010drilling progress report● Neutral
Clifton Lands #1 is drilling at 4,515 ft, ahead of time and budget, with total depth expected within a day. The D&L #1 blowout well has approval to be plugged and abandoned, likely by 17 October, and cleanup of the damaged cane field is under way.
13 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's re-issue of its 13 October release with an amended header only. Content is the same as before. Duplicate.