Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Oct 2010quarterly activities report● Neutral
Appendix 5B for September quarter: operating outflow A$3.3m, financing inflow A$3.79m (mostly borrowings), cash A$1.37m at quarter end. Loan facilities of A$6.9m available, A$5.9m used. Forecast outflow next quarter A$950k.
29 Oct 2010quarterly activities report▼ Bad
September quarter: net operating cash outflow A$3.3m, cash A$1.37m at quarter end, A$950k outflow forecast next quarter. D&L #2 (39.5%) testing due; Sagers #1 and Clifton Lands #1 dry. D&L #1 now plugged. Share price 0.5c.
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.
13 Oct 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 13 October update: Clifton Lands #1 at 4,515 ft, and approval to plug D&L #1. Duplicate.
8 Oct 2010drilling spud● NeutralMajor
Clifton Lands #1 (Grand Gulf 46.83%) has spudded, to be drilled to 5,102 ft in about 10 days. It targets 5 BCF and 100,000 barrels, with dry hole cost estimated at US$1.1m.
8 Oct 2010drilling spud● Neutral
Golden Gate Petroleum's release repeating the Clifton Lands #1 spud, giving its own 15% operator interest and 23% dry hole cost share. Duplicate of Grand Gulf's announcement.
7 Oct 2010capital raising announcement● NeutralMajor
The entitlement issue is replaced: 4 shares for every 5 held at 1 cent, up to 752.6m shares to raise about A$7.5m, underwritten up to A$4m. Seaspin lends a further A$500,000 at 8%. Delays were due to uncertainty over blowout costs, which the Board believes will largely be insured.
6 Oct 2010drilling scheduled● Neutral
Clifton Lands #1 (Grand Gulf 46.83%) is due to spud this week, targeting 5 BCF and 100,000 barrels with a US$1.1m dry hole cost. D&L #2 will be tested when the rig arrives. D&L #3 and Mound II are planned for late 2010 or early 2011.
6 Oct 2010drilling scheduled● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 6 October program update: Clifton Lands #1 to spud within 1-2 days, D&L #2 testing pending the rig, and D&L #3 and Mound II planned for late 2010 or early 2011. Duplicate.
1 Oct 2010drilling result▼ Bad
Golden Gate Petroleum's release repeating Grand Gulf's 1 October result: Sager #1 logs look wet, the gas zone appears depleted, and the well will be temporarily plugged and abandoned. Duplicate.
1 Oct 2010drilling result▼ BadMajor
Sager #1 is a dry hole: logs show the zones of interest wet, and the gas-show zone appears depleted. The well will be temporarily plugged and abandoned. Grand Gulf bears about 57.15% of the plugging costs. It is the first setback in the post-blowout drilling program.
1 Oct 2010annual report● Neutral
Annual report for the year to 30 June 2010. The Chairman calls it a positive year of rebuilding, marred by the D&L #1 blowout, with most costs expected to be insured. He says neither Grand Gulf nor its Texas subsidiary has been named in a lawsuit, and investors have kept lending while the entitlement issue is delayed.
