Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2011resource reserve update● Neutral
Golden Gate's copy of the 9 June D&L #3 update: Stray B re-test 2,108 mcfd, sales expected within 2 weeks, M sand 400,000 bbl and 1.2 BCF, D&L #2 to be salt water disposal only. It mislabels GGE's 39.4% as Golden Gate's interest; corrected in ref 3.
7 June 2011drilling result▲ GoodMajor
Abita #1 reached its 10,700 ft TD with a sixth oil and gas show, in the 32 sand. Primary objectives are 40-50 ft high to the best Coquillo Bay well. Electric logs are due within 24 hours, so pay is unconfirmed.
6 June 2011drilling progress report▲ Good
Abita #1 is at 10,100 ft with oil and gas shows in five intervals, including the primary objectives, which are 40-50 ft high to the best Coquillo Bay well. TD is expected within 24 hours; shows are not a flow test.
3 June 2011drilling progress report▲ Good
Abita #1 is at 8,936 ft with gas shows in the likely 15 sand, which appears 35 ft high to the water line. The company calls this encouraging. Most likely resource is lowered to 800,000 bbl and 4.25 BCF.
30 May 2011well test result▲ Good
Golden Gate Petroleum's release repeating that D&L #3 flowed 1,000 mcfd from the Stray B sand, with sales expected in 2-3 weeks. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
30 May 2011drilling progress report● Neutral
Abita #1 is drilling ahead at 6,500 ft toward 10,700 ft, with first objectives expected near 8,100 ft. No results yet. GGE holds 20% (15% after payout), with Clayton Williams Energy operating.
30 May 2011well test result▲ GoodMajor
D&L #3 tested 1,000 mcfd from a 10 ft Stray B sand, with sales expected in 2-3 weeks. Logs show the well crossed a fault in the M sand, and reserves in the new Stray B sand are unknown. GGE's interest is now stated as 39.4%.
23 May 2011drilling result● Neutral
Golden Gate Petroleum's release repeating that D&L #3 logs show 31 ft of gas and 33 ft of oil pay, and that the S sand mud-log indication was incorrect. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
23 May 2011drilling progress report● Neutral
Thibodeaux #1 is drilling at 14,629 ft toward a 19,300 ft target, with the next casing point near 15,400 ft. TD is now expected in about 85 days. GGE holds 4.75%; target resource is unchanged at 10.3 MMBL and 302 BCF.
23 May 2011drilling progress report● NeutralMajor
Abita #1, the 20% GGE prospect, is reported as spudded on 20 April and setting casing at 2,500 ft. The company had said spud was expected around 15 May. Target depth is 10,700 ft and resource 1-2.3 MMBL and 4.5-9.4 BCF.
23 May 2011drilling result● NeutralMajor
Logs on D&L #3 show 31 ft of gas and 33 ft of oil net pay in the M, Stray and N sands. The earlier mud-log sign of a new S sand was wrong. The O sand is still to be logged, and resource estimates will be revised.
16 May 2011drilling progress report▲ Good
Golden Gate Petroleum's release repeating that D&L #3 was cased to 8,503 ft, with logs next and testing within a week. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
16 May 2011drilling progress report▲ Good
Casing was run and cemented in D&L #3 to 8,503 ft, with logs due within 24 hours and a test starting within a week. The company says the well can reach production quickly given its proximity to D&L #2. Not yet a test result.
13 May 2011drilling progress report▼ Bad
Logging at D&L #3 failed because of wellbore obstructions, and the pipe stuck again before being freed. The operator is making a final attempt to reach bottom, then will try to run casing. A setback after the 9 May fix; GGE holds 39.5%.
10 May 2011drilling progress report▲ Good
The stuck drill pipe at D&L #3 was freed on 9 May, so cleaning and logging can proceed within 24 hours. This resolves the setback and removes the need for a sidetrack. GGE holds 39.5%; the field potential is still stated as 7 BCF and 305,000 bbl.
10 May 2011drilling progress report● Neutral
Thibodeaux #1 has run casing to 13,150 ft and is doing a cement squeeze after minor delays checking the cement job. Total depth of 19,300 ft is expected in about 100 days; the next casing point is near 15,400 ft. GGE holds 4.75%.
10 May 2011drilling progress report▲ Good
Golden Gate Petroleum's release repeating that the stuck D&L #3 pipe was freed on 9 May and logging is next. Duplicate of Grand Gulf's announcement, showing Golden Gate's 15% interest.
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.
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.
2 May 2011quarterly activities report▲ Good
March quarter report: the A$5.4m rights issue and A$2.3m of other fundraising are completed and A$6.5m of working capital debt eliminated. D&L #3 reached TD with 4 gas shows including a possible new S sand. Thibodeaux #1 is setting casing at 13,150 ft; Abita spud is now set for 15 May.
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.
