Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2024capital raising announcement● Neutral
Target market determination for the free attaching options in the rights issue launched 21 August 2024 (1 option per 4 shares, 3-year term). Regulatory paperwork only; it says the options are highly speculative and adds no new figures or news.
19 Aug 2024price query● Neutral
ASX paused trading in Grand Gulf pending a further announcement. No reason is given in the notice; the capital raising announced two days later suggests it was related (inference).
6 Aug 2024regulatory community update▲ GoodMajor
Utah regulators approved the Jesse-3 drill permit, which was pending since 2023; the well will case and perforate the full section to test deeper zones. The company is in farm-out talks to fund drilling, with no guarantee of a deal.
8 July 2024material agreement▲ GoodMajor
Grand Gulf signed a gas sales and processing agreement with Green Natural Gas, new owner of the Lisbon helium plant 20 miles north. It gives a route to sell any successful well's gas, replacing the earlier Paradox offtake. Terms include a revenue split favouring the producer; no wells have yet produced.
27 May 2024joint venture update▲ GoodMajor
Grand Gulf's working interest in the Red Helium project rises 5.5% to 83%, earned through exploration and appraisal work under the operating agreement with Four Corners Helium. It can earn a further 7.5% by funding the first US$1.5m of a third well.
1 May 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice, with ASIC consent. Same firm group, so effectively administrative; shareholders confirm it at the next AGM.
24 Apr 2024director officer appointment● NeutralMajor
Fergus Kiley, a former Wyloo business development lead and now at Nico Resources, joins as non-executive director. Technical Director Keith Martens becomes Chairman, replacing Craig Burton, who resigned citing other work commitments.
15 Apr 2024resource reserve update▲ Good
Company identifies three deeper potential helium targets below the Leadville, bringing zones to be tested to five. No resource figure is added; the 12.7 bcf gross P50 prospective estimate is unchanged. No sub-Leadville gas sample has been analysed, so this is upside, not a result.
1 Mar 2024half year report● Neutral
Half-year to 31 December 2023 shows a loss of A$1.35m, against A$1.02m a year earlier. It recaps the Jesse-1A 1 mmcfd flow and sidetrack plans; the extract shows no cash figures. Directors call the company's financial position sound.
28 Feb 2024admin correction● Neutral
Share registry changes from Advanced Share Registry to Automic from 4 March 2024. Administrative notice only; no impact on holdings.
26 Feb 2024well test result▲ Good
Halliburton lab tests found 73-80% of Jesse-1A Leadville rock samples dissolved in acid within an hour, which the company says makes the zone a good candidate for stimulation. Sidetrack is now on schedule for Q2 2024, a shift from 'early 2024'. Flow upside is the company's view.
7 Feb 2024drilling scheduled● Neutral
Walsh finished the Jesse-1A sidetrack design: a cased and perforated well about 700 feet deeper than the original, allowing focused acid stimulation and testing of deeper zones including the McCracken sandstone. Approvals and long-lead items are due before end Q1 2024. This replaces the earlier plan of re-completing the existing wellbore.
21 Dec 2023admin correction● Neutral
Jesse-1A's upper Leadville flowed helium gas at a raw rate of 1 mmcfd (peak 0.95 mmcfd) with 0.78% helium, along with heavy water influx. The well is to be sidetracked in early 2024, which would also allow testing of deeper targets such as the McCracken.
20 Dec 2023flow test result● NeutralMajor
Jesse-1A flowed about 1 million cubic feet of raw gas a day (peak 0.95 mmcfd), but with heavy water of 1,200-2,000 barrels a day, which the company links to partial isolation. A sidetrack is planned. This release said 'early 2023'; corrected the next day.
11 Dec 2023flow test result▲ GoodMajor
Preliminary swabbing at Jesse-1A unexpectedly flowed gas to surface, latest sample 0.78% helium versus 1% in the 2022 downhole sample. Isolation and full flow-test follow. Management says production could start within six months if the test succeeds; that is its view, not a result.
4 Dec 2023drilling progress report● Neutral
The Drake rig is on site at Jesse-1A and operations to check wellbore integrity, isolate the lower Leadville and flow-test the upper Leadville have started. No results yet.
30 Nov 2023drilling progress report● Neutral
The Drake rig began moving to the Jesse-1A site for the low-cost isolation and flow-test operation. No results yet.
29 Nov 2023contract award● Neutral
Drake Well Services work-over rig #34 was contracted for the Jesse-1A re-entry and flow-test, still on schedule for December 2023. Drake is based in Farmington, New Mexico and is Walsh project manager Kyle Mason's preferred contractor.
23 Nov 2023regulatory community update▲ Good
Utah's oil, gas and mining regulator approved the Jesse-1A re-entry programme on 22 November 2023. The plan is unchanged: isolate the lower Leadville and flow-test the upper Leadville, funded from existing cash.
22 Nov 2023drilling scheduled● Neutral
Walsh's review of Jesse-1A recommends a December 2023 re-entry to isolate the lower Leadville, which is now interpreted as potentially water-bearing, and flow-test the upper Leadville. Cost is called modest and met from existing funds. This continues the earlier water-ingress problem.
30 Oct 2023contract award▲ Good
Halliburton was engaged to design the completion and acid stimulation programme for the Jesse-1A re-completion and Jesse-3. Jesse-1A cuttings are being tested. Follows Walsh's appointment; no new well result.
20 Oct 2023admin correction● Neutral
Grand Gulf corrected its 25 August statement: the 225m new options (exercisable at 2.5c, expiring October 2026) are to be ASX-quoted, not unlisted. Quotation applied for on 19 October. Broker options are 120m, and 5m go to S3 Consortium.
10 Oct 2023capital raising announcement● Neutral
Target market determination for the options offered under a 10 October 2023 prospectus, tied to the August placement. Offers cover 100m placement options, 120m lead manager options and 5m to S3 Consortium. Administrative document with no new financing.
10 Oct 2023contract award▲ Good
Walsh Engineering was engaged for drilling, completion and stimulation support on the Jesse programme, and has reviewed the Jesse-1A completion and Jesse-3 plans. Multiple rig bids have been received. Jesse-3 permit is still pending.
21 Sept 2023annual report● Neutral
Annual report for the year to 30 June 2023 shows a loss of A$2.28m (prior year A$18.7m). It recaps the pivot to helium, Jesse-2, the 77.5% interest and Jesse-3 planned for Q4. Directors say the group is in a sound financial position.
21 Sept 2023other● Neutral
Appendix 4G, a checklist pointing to where the governance disclosures sit; the statement is on the company website. Administrative filing with no new substance.
21 Sept 2023other● Neutral
Corporate governance statement accompanying the annual report. It notes the company has no employees and a three-man board with no women. Administrative disclosure with no new operational or financial news.
25 Aug 2023capital raising announcement● NeutralMajor
Grand Gulf raised A$3.2m via a placement of 400m shares at 0.8c, with one free option per four shares (2.5c, 3 years), to fund Jesse-3 and Jesse-1A work. Far below the 2.2c March placement. Tranche 2 (208m shares) needs shareholder approval.
What it means for a shareholder
400m new shares at A$0.008 to raise about A$3.2m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00746% to 0.00602% of the company. To keep it you'd need 29,846 more shares - about A$239 at the issue price.
Create a free account to see this worked out for your own holding.
25 Aug 2023other● Neutral
ASX notice that the trading suspension will lift once Grand Gulf releases its capital raising announcement. Administrative only, no new information.
24 Aug 2023other● Neutral
At Grand Gulf's request, ASX suspended its shares pending an announcement about a capital raising. The halt was due to last no later than the start of trading on 25 August 2023.
