Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 June 2022drilling progress report● Neutral
Jesse#1A has been acid-stimulated and is unloading fluids before the 4.5 inch tubing is run for flow testing. The company says flow rates and helium analysis will decide whether it is a commercial discovery. No results yet.
17 June 2022drilling progress report● Neutral
The workover rig re-entered Jesse#1A and is acidising the formation. The 4.5 inch tubing will be run next, followed by several days of flow testing. No flow or helium concentration results yet.
14 June 2022drilling progress report▲ Good
A workover rig began mobilising on 14 June 2022 to acidise and flow test Jesse#1A, which logs suggest has a 203 ft gas column. A permit application was lodged for a second well in Q3 2022. Flow test results are still pending.
30 May 2022drilling result▲ GoodMajor
Jesse#1A reached total depth, with logs indicating a 203 ft gross gas column in dolomitised Leadville reservoir, similar to nearby Doe Canyon producers. Flow testing is the real test of discovery and a workover rig is about two weeks away.
20 May 2022drilling progress report▲ Good
Jesse#1A drilled through 1,700 ft of salt seal; 7 inch casing set at 8,067 ft. Mud gas helium reached 37 times background (386 ppm), a qualitative indicator only. The well is drilling structurally higher than expected.
12 May 2022drilling progress report▲ Good
Jesse#1A, drilled to 5,875 ft, detected helium up to 17 times background (124 ppm) above the main Leadville target. The company calls it a sign of a working helium system. It is an early qualitative indicator, not a flow result.
6 May 2022drilling progress report● Neutral
Jesse#1A has drilled the top hole to 3,095 ft with 9 5/8 inch casing cemented. It will continue to about 8,077 ft before testing the main helium target near 8,300 ft. No helium result yet.
26 Apr 2022drilling spud▲ GoodMajor
Jesse#1A, the maiden helium well at Red Helium, spudded on 24 April 2022 using Aztec rig 980. It is drilling to a planned 8,500 ft in the Leadville Dolomite, about a month. Resolves the spud thread; the result is still unknown.
25 Mar 2022drilling progress report● Neutral
Jesse#1 drill site construction began 22 March 2022, due to finish 27 March. The Aztec rig is expected to arrive on 15 April 2022.
9 Mar 2022drilling scheduled▲ Good
Drill contract signed with Aztec for Jesse#1, with a firm mid-April 2022 spud. Cost to drill, evaluate and flow test is estimated at US$1.6m. Permit approval is expected ahead of schedule. Follows the earlier preferred-contractor nomination and February permit application.
2 Feb 2022drilling scheduled▲ Good
GGE signed a surface land use agreement for the Jesse #1 well site and nominated Aztec Well Services as preferred drilling contractor. Preparations are said to be on budget and on schedule.
17 Jan 2022drilling scheduled▲ Good
Doug Frederick, a drilling engineer with 20 years at the neighbouring Doe Canyon field, was appointed Drilling Superintendent. The first helium well, Jesse #1, has a site chosen and permitting started, expected within 3 months. GGE funds up to US$1.5m, earning 70% on completion.
8 Dec 2021resource reserve update▲ GoodMajor
Independent consultant Sproule gave the Red Helium Project a maiden P50 prospective resource of 10.9 BCF gross to Valence (7.4 BCF net); whole-project P50 is 20.8 BCF. Resolves the pending resource estimate; it is unrisked and undrilled. First well now targeted late Q1 2022.
10 Jan 2018drilling scheduled● Neutral
A rig has been secured for the Smak Dixon 31-6 recompletion at Pleasant Home, due on location next week and expected to take 9 days. Completing it would meet GGE's obligation to earn 50% of the field. This follows the October announcement of the program.
31 Oct 2017farm in farm out agreement▲ GoodMajor
GGE farmed in for a 20% interest in the Bayou La Rompe oil prospect in St Martins Parish, Louisiana, with P50 reserves of 540,000 bbl oil and 1.6 BCF. Its share of costs is US$440,000 to drill and US$400,000 to complete if successful. Spud is expected in Q4 2017.
30 Oct 2017drilling scheduled● Neutral
GGE will join a recompletion of the Smak Dixon 31-6 well at Pleasant Home, Alabama, to earn its full 50% of the field. Its share is estimated at US$125,000, starting within 30 days. This continues the open 31-6 thread, with a new infill well also being planned.
11 Jan 2017drilling result▼ BadMajor
Boleslaw #1 reached 1,550m on 10 January 2017 and found no commercial recoverable hydrocarbons; it will be plugged and abandoned. This ends the Poland gas thread, with GGE's 20.4% share costing about A$2.8m gross. Partners will review Kolo, including an oil target.
6 Jan 2017drilling progress report▲ Good
Logging at Pleasant Home 31-11 found untapped oil at 9,849-9,863ft, with up to 100,000 bbl net potential. Cement and weather issues delayed work; testing is due next week. GGE owes the US$50,000 entry fee, and the 31-6 recompletion follows success.
4 Jan 2017drilling progress report● Neutral
Boleslaw #1 in Poland, spud 11 December, was casing at 952m with the first target expected at 1,050-1,100m. Planned depth is 1,500m and cost A$2.8m, on budget. GGE holds 20.4% of the Kolo Licence. No new result yet.
13 Dec 2016farm in farm out agreement▲ GoodMajor
GGE acquired a 20.4% interest in the Kolo Licence in Poland and the Boleslaw #1 gas well, which spud 11 December targeting 87 BCF of unrisked prospective resource. It pays A$600,000; the well is expected to cost A$2.8m. Chairman Morgan and director Keenihan have interests in a seller, Hutton Energy.
29 Nov 2016drilling spud▲ Good
Workover began 28 November on the Smak Dixon 31-11 well at Pleasant Home, expected to take about 20 days and test three intervals targeting up to 100,000 bbl. Terms now state 19.5m shares go to the operator after 60 days of production, replacing the earlier US$75,000 share figure.
24 Nov 2016resource reserve update● NeutralMajor
Reserves update at 30 June 2016: net 2P reserves of 231,000 bbl oil and 459 mmcf gas. Desiree oil fell because of water production. It also corrects an error in the annual report's West Klondike contingent resources, which were overstated.
25 June 2015farm in farm out completion▲ GoodMajor
GGE settled the purchase of the Napoleonville interests (3.99% of Desiree, 15.3% of D&L #3) for US$575,000, net cash US$374,500 after revenue since 1 November 2014. This completes the deal announced 2 December, lifting Desiree to 39.6%.
2 Mar 2015drilling scheduled▲ GoodMajor
GGE presented its new Yellowfin prospect (Napoleonville, 100% WI, 8,000 acres) at the NAPE conference, with most likely potential of 1.4 TCF, next to Freeport McMoRan's Highlander discovery. It is being marketed to industry, and the test well would go to 27,900 ft. This is an unproven prospect.
9 Sept 2014drilling result▼ BadMajor
Louise (Templet #1) will be suspended and used as a water disposal well for Hensarling #1, as the JV could not justify a sidetrack. The prospect did not deliver, though the well gave useful geological data.
4 Sept 2014drilling result▼ BadMajor
Louise logs show Cris R II, III and IV all wet; Cris R IV looks already swept despite being 244 ft updip of Simineaux #1. A sidetrack is under review. This is a setback for the prospect's 600-800k bbl target; the well is ~US$1m under budget.
27 Aug 2014drilling progress report▲ Good
Templet #1 at 11,470 ft hit a weak show in Cris R II and a stronger oil show in Cris R III (50% fluorescence, notable gas). The primary Cris R IV target is still about 300 ft deeper; the well is running 40-50 ft high.
25 Aug 2014drilling progress report● Neutral
Templet #1 drilling at 10,800 ft MD; primary target Cris R IV at 11,660 ft TVD, planned total depth 13,000 ft, reached in about 6 days. No result yet.
19 Aug 2014drilling progress report● Neutral
Templet #1 drilling ahead at 7,812 ft, with about 35 more days to reach target depth. No new result.
12 Aug 2014drilling spud▲ GoodMajor
Louise (Templet #1) spudded 10 August 2014, expected to take 45 days to reach target depth. GGE holds 22.57% WI and pays 19.26% of dry hole costs. Ends the long delay since the originally planned Q3 2013 start. Target 600,000-800,000 bbl.
