Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
December quarter: D&L #2 began production in late December but has fallen to about 50 bbl/d oil and 1,550 mcf/d gas with 100 bbl/d of water. Insurers have paid US$11m of blowout costs. La Posada well is due in Q1 2011, with funding contingent on the raising.
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.
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.
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.
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.
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.
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%.
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.
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%.
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%.
