Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2010farm in farm out completion▲ Good
Golden Gate Petroleum confirms it has signed a Participation Agreement with Grand Gulf for 15% of Napoleonville, with the US$300,000 entry fee paid. It says a rig is contracted, permitting is complete, and the first well is due in early May. Completes the March letter of intent.
6 Apr 2010capital raising announcement▲ GoodMajor
Placement of 200m shares at 0.5c (A$1m) completed, bringing total raised to about A$2.7m before costs. Golden Gate farm-down also completed, leaving Grand Gulf with 34.5% of Napoleonville. First of three wells now expected to spud in the first week of May 2010.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 37% dilution: every existing holder's slice gets 37% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0366% of the company. To keep it you'd need 115,259 more shares - about A$576 at the issue price.
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25 Mar 2010capital raising announcement▲ GoodMajor
The entitlement issue is now fully subscribed after the shortfall was placed. 347,044,598 shares at 0.5c were issued, raising A$1.74m before costs, taking shares on issue to 739,089,196. The A$1m placement is still being finalised.
What it means for a shareholder
347m new shares at A$0.005 to raise about A$1.7m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0288% of the company. To keep it you'd need 200,000 more shares - about A$1,000 at the issue price.
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19 Mar 2010capital raising announcement● Neutral
Entitlement issue closed with shareholders taking up 226.4m shares (A$1.13m), a 64% take-up. About 120.6m shortfall shares (A$603k) and the 200m placement remain to be allocated. Nothing is issued until the A$1.65m minimum is reached.
18 Mar 2010capital raising announcement● Neutral
Issues 45m shares at 0.5c converting the A$225,000 Skye loan from debt to equity, plus 25m options at 0.9c expiring March 2014. Completes the loan conversion planned in the January recapitalisation. Total shares quoted reach 392,044,598.
16 Mar 2010half year report● Neutral
Half-year to 31 Dec 2009: loss A$599,247 (against A$2.98m a year earlier). Cash fell to A$46,866 from A$257,656 at 30 June. Deferred exploration assets were A$7.17m. Refinancing of the Macquarie facility is covered in the notes, which are not visible here.
5 Mar 2010farm in farm out agreement● Neutral
Golden Gate Petroleum's own release of the same letter of intent: it would pay 23% of costs to earn 15% of Napoleonville, with a US$300,000 entry fee. It repeats the prospect targets and a May 2010 first-well spud. A duplicate of Grand Gulf's own announcement.
5 Mar 2010admin correction● Neutral
Supplementary prospectus to the entitlement offer, adding the Golden Gate letter of intent to farm out 15% of Napoleonville and updating the offer's important notices, including New Zealand investor wording. Administrative; no new financial terms visible.
5 Mar 2010farm in farm out agreement▲ GoodMajor
Grand Gulf signs a letter of intent to farm out 15% of Napoleonville to Golden Gate Petroleum, which pays 23% of costs and a US$300,000 entry fee. Grand Gulf stays operator and expects about 35% per well, so it can drill more wells with its funds. First well targeted May 2010.
26 Feb 2010capital raising announcement● Neutral
Confirms the prospectus and entitlement forms were despatched to shareholders on 26 Feb 2010. Offer closes 16 March 2010. Administrative notice with no new information.
18 Feb 2010capital raising announcement● Neutral
Notice letters to shareholders and optionholders restating the 1-for-1 entitlement issue at 0.5c (about 347m shares, A$1.74m) and up to 200m placement shares (A$1m). Funds go to Napoleonville. Offers are not underwritten. Administrative notice with no new terms.
16 Feb 2010capital raising announcement● NeutralMajor
Prospectus for a one-for-one non-renounceable entitlement issue at 0.5c to raise about A$1.74m, plus a placement of up to 200m shares at 0.5c (A$1m), conditional on a 18 Feb 2010 meeting. Formalises the January recapitalisation; the text flags a conditional Macquarie waiver as a key risk.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 37% dilution: every existing holder's slice gets 37% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0366% of the company. To keep it you'd need 115,259 more shares - about A$576 at the issue price.
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12 Jan 2010capital raising announcement▲ GoodMajor
Recapitalisation: Grand Gulf to become Napoleonville operator and lift its interest from 26.4% to 47.9% by carrying Waterloo for US$4m. Macquarie adds US$1.5m. Raises about A$2.9m via a one-for-one entitlement issue and placements of 245m shares at 0.5c, to fund three wells in 2010.
What it means for a shareholder
245m new shares at A$0.005 to raise about A$1.5m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0338% of the company. To keep it you'd need 141,192 more shares - about A$706 at the issue price.
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26 Nov 2009debt financing● Neutral
Macquarie advanced a further US$50,000 for November under the existing facility, receiving 1,000,000 unlisted options exercisable at 0.5c to 24 November 2013. Small stopgap funding.
30 Sept 2009annual report▼ Bad
Annual report to 30 June 2009. Chairman calls it a very difficult year, citing low US gas prices, breached Macquarie loan covenants, asset sales to repay the facility and the Dugas & LeBlanc failure. One Napoleonville well is hoped for in late 2009. Auditor's opinion not shown in the text.
24 June 2009asset acquisition disposition● NeutralMajor
Accepted an offer for its LeFlore County, Oklahoma interests, effective 1 May 2009, closing about 7 July; proceeds reduce the Macquarie facility (US$2.65m). Proved reserves fall about 5 Bcf and production about 200 Mcf/d. Macquarie to provide a further US$300k on conditions.
18 May 2009debt default or forbearance▼ BadMajor
Macquarie's waiver expired 16 May 2009 with no response on extension, so default is a threat and going-concern doubt is flagged. Cash lasts into June. Grand Gulf's own review claims over 500 Bcf unrisked gross potential at Napoleonville, five priority prospects, and it is seeking a partner or buyer.
20 Apr 2009debt default or forbearance● Neutral
Repeats that the company is exploring an Oklahoma sale, a Napoleonville farmout or part sale, and mergers. Macquarie's waiver still runs to 16 May 2009. No new developments.
17 Apr 2009other● Neutral
March monthly operations report lists planned 2010 Oklahoma wells (FHM, Pate, Branscum, Ashby) and says Napoleonville prospects are under review. Claiborne #2-17 is still completing. No new results.
9 Apr 2009debt default or forbearance● Neutral
Grand Gulf remains in breach of its Macquarie facility, with the waiver running to 16 May 2009. It is trying to sell Oklahoma assets, seek farmouts and merger talks, and says Oklahoma sale progress is being made. Shares stay suspended.
17 Mar 2009debt default or forbearance▼ BadMajor
Proved reserves of 6.9 Bcf and 22.8 kbbl put Grand Gulf in breach of its Macquarie facility; Macquarie waived defaults until 16 May 2009. The 1c placement is abandoned and no Oklahoma bid has emerged. Going-concern doubt flagged if funding fails; trading stays suspended.
17 Mar 2009half year report▼ Bad
Half-year to 31 December 2008: loss A$2.98m, including A$2.38m of exploration costs written off (likely the dry hole or related; inference). Cash fell to A$1.26m from A$2.41m; interest-bearing debt A$2.59m versus A$670k.
13 Mar 2009drilling progress report● Neutral
After the Dugas & LeBlanc failure, the JV is recalibrating seismic models and reviewing Napoleonville drilling targets. Kimball #1-19 on line at 3,200 Mcf/d; ConocoPhillips #4 back on at 1.2 MMcf/d; Jeanne Reed #1-15 needs clean-out for sand.
3 Mar 2009drilling result▼ BadMajor
Dugas & LeBlanc #1 reached 9,500 ft and was water wet with no hydrocarbons, a dry hole. Landry #1 on hold. Company fears it will breach Macquarie reserves ratios on its fully drawn US$2.5m facility and cannot repay; shares remain suspended.
12 Feb 2009drilling progress report● Neutral
Dugas & LeBlanc #1 drilling ahead at 2,831 ft. Landry #1 AFE cut by about US$200,000 and it will use the same rig. Kimball #1-19 has flowed up to 3.2 MMcf/d; ConocoPhillips #4 was shut in most of January for condensate.
9 Feb 2009drilling spud▲ GoodMajor
Dugas & LeBlanc #1 (26.4%) spudded 7 February, the first Napoleonville well, after months of slippage from the September plan. At 2,025 ft with casing being set; target about 9,500 ft, 5-25 Bcf. Kimball #1-19 tested 1.2 MMcf/d.
2 Feb 2009admin correction● Neutral
Corrects the quarterly report: directors would take shares in lieu of fees at 1c, not 0.1c as printed. Administrative fix only.
30 Jan 2009capital raising announcement● NeutralMajor
Plans a placement of up to 100m shares at 1c, subject to shareholder approval, to fund Napoleonville drilling and working capital. Also hunting a buyer for Oklahoma assets. Dugas & LeBlanc rig moves in next week. Net production 44.5 mmcfe.
13 Jan 2009drilling progress report▼ Bad
First Napoleonville well delayed again by permitting; company apologises. New AFE saves about US$350,000, with dry-hole cost about US$1m; rig likely around end January. Kimball #1-19 drilled to 9,800 ft, to be completed in Atoka sands.
16 Dec 2008drilling progress report▼ Bad
Dugas & LeBlanc #1 spud still awaits a rig date. Reed #4-9 went to sales at 1,300 Mcf/d. Because US gas fell below $6/mcf, Grand Gulf and operator Foothills will not join further near-term Oklahoma wells after Kimball and FHM, postponing Branscum #3-17.
