12 Aug 2010security holder rights change● Neutral
Notice to option holders of the entitlement issue: options must be exercised by 19 August 2010 to take part. Administrative notice with no new information on the company's position.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the one-for-two entitlement issue of up to 470m shares at 1.5c, raising up to A$7,055,356, with A$4.5m underwritten. Offer closes 6 September 2010. It formalises the 4 August announcement; funds are for Napoleonville.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
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4 Aug 2010capital raising announcement▲ GoodMajor
Grand Gulf launches a one-for-two entitlement issue of up to 470m shares at 1.5c to raise about A$7.06m, with up to A$4.5m of the shortfall underwritten. Funds go to Napoleonville, where the program expands to six wells including Mound II and two Dugas & Leblanc development wells.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
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2 Aug 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 2 August update: Dugas & Leblanc #1 deepened to 8,080 ft, over 160 ft of pay across four sands, and oil seen in the mud tank. It holds 15%. Duplicate of Grand Gulf's announcement.
2 Aug 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 was deepened to 8,080 ft and logged a further 28 ft of Operc pay, lifting total pay to over 160 ft across four sands. Oil came to surface in the mud tank during deepening. Testing of the three Big Hum sands starts next.
30 July 2010quarterly activities report▲ Good
June quarter report: Dugas & Leblanc #1 logged over 120 ft of pay and is being deepened, with testing to follow. Wells 2 and 3 are expected in late August and September 2010. 13 leads were converted to prospects. Shares on issue 941m, share price 1.9c.
22 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating Grand Gulf's 22 July update: Dugas & Leblanc #1 will be deepened to look for Operc sands, the three pay zones are Big Hum, and a gas sales deal is being finalised. Well 2 slips to late August.
22 July 2010drilling progress report● Neutral
Dugas & Leblanc #1 is completed to 7,802 ft; the three pay zones are confirmed as Big Hum sands, and the well will be deepened to look for Operc sands before testing. Pipeline access is secured and a gas sales deal is being finalised. Well 2 slips to late August.
9 July 2010drilling result▲ Good
Golden Gate Petroleum's release repeating the 9 July discovery: Dugas & Leblanc #1 logged over 120 ft of net pay across three sands, with completion in about two weeks then testing. It holds 15%. Duplicate of Grand Gulf's announcement.
9 July 2010drilling result▲ GoodMajor
Dugas & Leblanc #1 reached 7,802 ft and logs indicate over 120 ft of net oil and gas pay across three sands, resolving the gas-show question positively. Completion takes about two weeks, then testing. Flow rates are not yet known.
5 July 2010drilling progress report▼ Bad
Golden Gate Petroleum's release repeating the 5 July update on the stuck pipe and sidetrack at Dugas & Leblanc #1, for its 15% interest. It adds only Golden Gate's share of well 2 (US$207k) and well 3 (US$184k) dry-hole costs.
5 July 2010drilling progress report▼ Bad
Drill pipe stuck just below 7,700 ft at Dugas & Leblanc #1 and could not be freed, so a sidetrack from 6,240 ft began, with total depth expected within 3 days. Earlier gas shows are repeated; significance still awaits logging. Grand Gulf holds 39.5%.
1 July 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the gas shows at Dugas & Leblanc #1: 4,700 units in the Big Hum and 2,300 units in the Operc, with the well at 7,600 ft. A duplicate of Grand Gulf's announcement.
1 July 2010drilling progress report▲ Good
Dugas & Leblanc #1 at 7,640 ft recorded 4,700 unit gas shows in the Big Hum and 2,300 units in the Operc. The company calls them encouraging, but their significance awaits logging at the 7,900 ft target depth. Not yet a discovery.
29 June 2010drilling progress report● Neutral
Dugas & Leblanc #1 is drilling at 5,700 ft after surface casing was set at 2,450 ft. Total depth is expected within four days, then electric logging. No hydrocarbon results yet.
29 June 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the 29 June update: Dugas & Leblanc #1 drilling at 5,700 ft, total depth expected within four days. A duplicate with no new information.
23 June 2010drilling spud● Neutral
Golden Gate Petroleum's release of the 22 June spud of Dugas & Leblanc #1, in which it holds 15%. Repeats Grand Gulf's announcement and adds no new information.
23 June 2010drilling spud▲ GoodMajor
Dugas & Leblanc #1 spudded on 22 June 2010, the first of the three-well Napoleonville program, about seven weeks after the original early-May target. It targets 1.2 MMBO and 3 BCF and should take about two weeks to drill. Grand Gulf holds 39.5%.
11 June 2010drilling progress report▼ Bad
Conductor set and water well drilled at Dugas & Leblanc #1; drilling is expected within two weeks, further delayed from the early-May target. Well 2 spud is now mid to late July, and its dry-hole cost estimate rises to US$900,000 from US$700,000.
11 June 2010drilling progress report● Neutral
Golden Gate Petroleum's own release repeating Grand Gulf's 11 June update: Dugas & Leblanc #1 to start within two weeks, with Golden Gate's 15% share of costs set out. A duplicate with no new information.
21 May 2010drilling progress report▼ Bad
Dugas & Leblanc #1, the first Napoleonville well, has permits and a contracted rig, but the rig is only due to be released within two weeks. That slips the spud past the early-May target. Grand Gulf holds 39.5% of the well.
30 Apr 2010quarterly activities report● Neutral
March quarter report: A$2.7m equity raising completed (939m shares on issue), Macquarie conditions met giving access to a further US$1.5m debt, and Golden Gate farm-out finalised 31 March. Three Napoleonville wells planned for May, June and July 2010. Well 1 targets 1.2 MMBO and 3 BCF.
22 Apr 2010director officer appointment● Neutral
Mark Freeman, a chartered accountant with over 14 years in resources and corporate finance, is appointed Company Secretary, replacing Mark Pitts who resigned. His past roles include Golden Gate Petroleum, Grand Gulf's Napoleonville farm-in partner. Administrative change.
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.