Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum reports a dual approach on Dugas & Leblanc #1: a top-kill attempt and a relief well that could take up to 2 weeks. Efforts to ignite the well failed because it is now mostly water. A class action has been filed against the operator. Costs are unknown.
16 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 16 August update: a relief well will be drilled with the Sager #1 rig while work continues on the existing Dugas & Leblanc #1 bore. Duplicate of Grand Gulf's announcement.
16 Aug 2010drilling progress report▼ BadMajor
Control of Dugas & Leblanc #1 now follows two tracks: a relief well, using the rig meant for Sager #1, plus work to re-attach a blowout preventer. The relief well should intercept the original bore within about 6 days of starting. This delays the Sager #1 well.
13 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 13 August update on well control preparations, evacuation and insurance at Dugas & Leblanc #1. Duplicate of Grand Gulf's announcement.
13 Aug 2010drilling progress report▼ Bad
Well control crews are moving equipment to Dugas & Leblanc #1, with the site and surrounding area evacuated. Well control insurance is in place. The blowout is not yet controlled.
12 Aug 2010drilling progress report▼ BadMajor
Dugas & Leblanc #1, the July discovery, started flowing oil and gas to the atmosphere after an apparent blowout preventer failure let completion fluid drain. Control is expected within 24 hours and the company says producing capability should not be damaged. Grand Gulf holds 39.5%.
12 Aug 2010capital raising announcement● Neutral
Letter to Australian and NZ shareholders restating the one-for-two issue at 1.5c, up to A$7,055,356, closing 6 September 2010. Shares on issue would rise from 940.7m to 1.41bn. Administrative; repeats the prospectus.
12 Aug 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating that Dugas & Leblanc #1 began flowing oil and gas to the atmosphere after an apparent blowout preventer failure. Well control crews are expected to regain control within 24 hours. Duplicate of Grand Gulf's announcement.
12 Aug 2010capital raising announcement● Neutral
Letter telling overseas shareholders they are excluded from the entitlement issue. Argonaut Securities is appointed nominee to deal with their entitlements. Administrative notice only.
12 Aug 2010security holder rights change● Neutral
Notice to option holders of the entitlement issue: options must be exercised by 19 August 2010 to take part. Administrative notice with no new information on the company's position.
10 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the one-for-two entitlement issue of up to 470m shares at 1.5c, raising up to A$7,055,356, with A$4.5m underwritten. Offer closes 6 September 2010. It formalises the 4 August announcement; funds are for Napoleonville.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
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4 Aug 2010capital raising announcement▲ GoodMajor
Grand Gulf launches a one-for-two entitlement issue of up to 470m shares at 1.5c to raise about A$7.06m, with up to A$4.5m of the shortfall underwritten. Funds go to Napoleonville, where the program expands to six wells including Mound II and two Dugas & Leblanc development wells.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
2 Aug 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 2 August update: Dugas & Leblanc #1 deepened to 8,080 ft, over 160 ft of pay across four sands, and oil seen in the mud tank. It holds 15%. Duplicate of Grand Gulf's announcement.
2 Aug 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 was deepened to 8,080 ft and logged a further 28 ft of Operc pay, lifting total pay to over 160 ft across four sands. Oil came to surface in the mud tank during deepening. Testing of the three Big Hum sands starts next.
22 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 22 July update: Dugas & Leblanc #1 will be deepened to look for Operc sands, the three pay zones are Big Hum, and a gas sales deal is being finalised. Well 2 slips to late August.
22 July 2010drilling progress report● Neutral
Dugas & Leblanc #1 is completed to 7,802 ft; the three pay zones are confirmed as Big Hum sands, and the well will be deepened to look for Operc sands before testing. Pipeline access is secured and a gas sales deal is being finalised. Well 2 slips to late August.
9 July 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 9 July discovery: Dugas & Leblanc #1 logged over 120 ft of net pay across three sands, with completion in about two weeks then testing. It holds 15%. Duplicate of Grand Gulf's announcement.
9 July 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 reached 7,802 ft and logs indicate over 120 ft of net oil and gas pay across three sands, resolving the gas-show question positively. Completion takes about two weeks, then testing. Flow rates are not yet known.
5 July 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating the 5 July update on the stuck pipe and sidetrack at Dugas & Leblanc #1, for its 15% interest. It adds only Golden Gate's share of well 2 (US$207k) and well 3 (US$184k) dry-hole costs.
5 July 2010drilling progress report▼ Bad
Drill pipe stuck just below 7,700 ft at Dugas & Leblanc #1 and could not be freed, so a sidetrack from 6,240 ft began, with total depth expected within 3 days. Earlier gas shows are repeated; significance still awaits logging. Grand Gulf holds 39.5%.
1 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the gas shows at Dugas & Leblanc #1: 4,700 units in the Big Hum and 2,300 units in the Operc, with the well at 7,600 ft. A duplicate of Grand Gulf's announcement.
1 July 2010drilling progress report▲ Good
Dugas & Leblanc #1 at 7,640 ft recorded 4,700 unit gas shows in the Big Hum and 2,300 units in the Operc. The company calls them encouraging, but their significance awaits logging at the 7,900 ft target depth. Not yet a discovery.
29 June 2010drilling progress report● Neutral
Dugas & Leblanc #1 is drilling at 5,700 ft after surface casing was set at 2,450 ft. Total depth is expected within four days, then electric logging. No hydrocarbon results yet.
29 June 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the 29 June update: Dugas & Leblanc #1 drilling at 5,700 ft, total depth expected within four days. A duplicate with no new information.
23 June 2010drilling spud● Neutral
Golden Gate Petroleum's release of the 22 June spud of Dugas & Leblanc #1, in which it holds 15%. Repeats Grand Gulf's announcement and adds no new information.
23 June 2010drilling spud▲ GoodMajor
Dugas & Leblanc #1 spudded on 22 June 2010, the first of the three-well Napoleonville program, about seven weeks after the original early-May target. It targets 1.2 MMBO and 3 BCF and should take about two weeks to drill. Grand Gulf holds 39.5%.
11 June 2010drilling progress report▼ Bad
Conductor set and water well drilled at Dugas & Leblanc #1; drilling is expected within two weeks, further delayed from the early-May target. Well 2 spud is now mid to late July, and its dry-hole cost estimate rises to US$900,000 from US$700,000.
11 June 2010drilling progress report● Neutral
Golden Gate Petroleum's own release repeating Grand Gulf's 11 June update: Dugas & Leblanc #1 to start within two weeks, with Golden Gate's 15% share of costs set out. A duplicate with no new information.
21 May 2010drilling progress report▼ Bad
Dugas & Leblanc #1, the first Napoleonville well, has permits and a contracted rig, but the rig is only due to be released within two weeks. That slips the spud past the early-May target. Grand Gulf holds 39.5% of the well.
22 Apr 2010director officer appointment● Neutral
Mark Freeman, a chartered accountant with over 14 years in resources and corporate finance, is appointed Company Secretary, replacing Mark Pitts who resigned. His past roles include Golden Gate Petroleum, Grand Gulf's Napoleonville farm-in partner. Administrative change.
