25 Nov 2024security holder rights change● Neutral
New constitution adopted by special resolution on 25 November 2024, presumably at the AGM (inference). The extract shows only the contents page, so the specific changes are not visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2024quarterly activities report● Neutral
September 2024 quarterly recaps the Jesse-3 permit and Lisbon offtake. Hensarling #1 produced 1,389 barrels net to Grand Gulf, steady with the prior quarter. No new drilling results; cash figures are not shown in the extract.
22 Oct 2024director officer appointment▼ BadMajor
Managing Director Dane Lance, who has led the company since February 2022, resigned and serves three months' notice. Chairman Martens and director Kiley take acting executive duties while a search runs. Yann Cherruau joins as non-executive director from 31 October 2024.
21 Oct 2024agm notice● Neutral
Annual general meeting set for 25 November 2024, with director nominations closing 28 October 2024. Administrative notice only.
27 Sept 2024other● Neutral
Appendix 4G checklist accompanying the annual report, pointing to the governance statement on the company website. Administrative filing with no substance.
27 Sept 2024other● Neutral
Corporate governance statement approved 24 September 2024, accompanying the annual report. It notes no employees and an all-male board of three. Compliance document only, no new business information.
27 Sept 2024annual report● Neutral
Annual report for the year to 30 June 2024 shows a loss of A$1.82m, down from A$2.28m the year before. Directors call the group sound; the extract recaps the Lisbon offtake, Jesse-3 permit and 83% interest, with no cash figure shown.
19 Sept 2024capital raising announcement▼ BadMajor
Rights issue closed 17 September 2024 with applications for 80.5m shares (A$321,881) plus 24.7m shortfall shares (A$98,679), about A$0.42m of up to A$1.05m. Remaining shortfall of 156.8m shares may be placed within three months.
29 Aug 2024capital raising announcement● Neutral
Prospectus dispatched and the 1-for-8 rights issue at 0.4c opens, raising up to A$1,047,624, closing 17 September 2024. Non-renounceable, so shareholders who do not take up are diluted. Funds mainly go to the Red Helium project and working capital.
21 Aug 2024capital raising announcement▼ BadMajor
Grand Gulf raised A$1.0m via a placement of 250m shares at 0.4c with one free option per four shares. It also launched a 1-for-8 rights issue at 0.4c to raise up to about A$1.05m, for the Red Helium project and working capital. The price is half the August 2023 raise of 0.8c.
What it means for a shareholder
250m new shares at A$0.004 to raise about A$1.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.012% to 0.0108% of the company. To keep it you'd need 30,117 more shares - about A$120 at the issue price.
Create a free account to see this worked out for your own holding.
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.
31 July 2024quarterly activities report● Neutral
June 2024 quarterly recaps the Lisbon offtake and the rise to 83% of the Red Helium project. Hensarling #1 produced 1,398 barrels net to Grand Gulf. The extract shows no cash figures and no new drilling results.
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.
29 Apr 2024quarterly activities report● Neutral
March 2024 quarterly recaps the deeper targets, acid-stimulation testing, finished sidetrack design with permits and long-lead items in place, and board changes. Hensarling #1 produced 1,730 barrels net to Grand Gulf. Cash figures are not shown in the extract.
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.
31 Jan 2024quarterly activities report● Neutral
December 2023 quarterly report recaps the Jesse-1A flow of 1 mmcfd, the planned sidetrack in early 2024, and Halliburton and Walsh's roles. Desiree's Hensarling #1 returned to pre-workover levels, 1,762 barrels net to Grand Gulf for the quarter. Cash figures are not shown in the extract.
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.