Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2008quarterly activities report▲ Good
December quarter: net production rose to 39.7 mmcf (442 mcf/d average) from 17.2 mmcf, with 588 mcf/d in December. Napoleonville interpretation found 22 leads, and the company plans 5 wells there in 2008 at 25%. Bourque #1's objective sand was wet.
8 Jan 2008production update● Neutral
December monthly report: Bourque #1 is testing, Claiborne #2-17 and Patman #1 are completing. Prospect list is largely unchanged, with Ashby #12-29 to #14-29 and Patman #2 and #3 scheduled for 2008. No new results.
7 Jan 2008drilling result▼ BadMajor
Bourque #1 (10%) found its Krumbar target sand present but non-productive, a miss for the 12 Bcf prospect; an up-hole zone is being tested. Carrin Patman #1 tested 50 bbl/d. Pate #6-18 is on sales. Company says 14 wells drilled in 2007, success over 85%.
11 Dec 2007production update● Neutral
November monthly report: Claiborne #2-17 and Patman #1 are completing and Bourque #1 is logging at 10,790 ft. New prospects listed include Pate #7-18, Patman #2 and #3. No new results beyond known updates.
11 Dec 2007drilling progress report▲ Good
FHM #1-5 (1%) was turned to sales at 8,000 mcf/d from the Wapanucka Sand. Bourque #1 (10%) reached 10,790 ft and will be logged; Carrin Patman #1 awaits a completion rig. Claiborne #2-17 is being completed.
6 Dec 2007capital raising announcement▲ Good
Managing Director James Trimble exercised 5,000,000 options at 6c, so 5m new shares are issued, raising $300,000 (the quarterly report later confirms the amount). Small insider-funded share issue.
What it means for a shareholder
5.0m new shares at about A$0.060 to raise about A$300,000. That's 1.7% dilution: every existing holder's slice gets 1.7% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00589% to 0.00579% of the company. To keep it you'd need 294 more shares - about A$18 at the issue price.
Create a free account to see this worked out for your own holding.
4 Dec 2007drilling progress report▲ Good
Nixon #1-8 is producing 1,100 mcf/d and Ashby #11-29 started at 1,800 mcf/d and 30 BOPD. Carrin Patman #1 reached 8,800 ft with two oil pay sands; Bourque #1 spudded. ConocoPhillips #4 flows 3,100 mcf/d and 90 BOPD. Company claims 2007 success ratio above 90% (14 wells).
30 Nov 2007capital raising announcement● Neutral
Top 20 option holders after the entitlement issue. James Trimble holds 11.49% and Macquarie Bank 11.08% of the 74.46m options, with 489 holders. Administrative holder list only.
21 Nov 2007capital raising announcement● Neutral
The options entitlement issue closed on 16 November. Being fully underwritten, it results in 74,464,156 listed options; shares on issue stay at 297,856,005. Funds raised are about $744,000 before costs, per the earlier prospectus.
19 Nov 2007production update▲ GoodMajor
Gas production passed 500 mcf/d, lifted by ConocoPhillips #4 (7.5%) at 2.9 mmcf/d, Nixon #1-8 at 1 mmcf/d and Ashby #10-29. Resolves the long ConocoPhillips #4 sales delay. Carrin Patman #1, the first oil well, reached TD and will be tested; Bourque #1 spuds by end-November.
8 Nov 2007drilling progress report▲ Good
Ashby #10-29 started production at 1.8 mmcf/d and 30 BOPD; Ashby #11-29 logged 80 ft of net pay. Claiborne #2-17 spudded, and Nixon #1-8 is due to be fracced. Bourque #1 and ConocoPhillips #5 locations are being prepared.
8 Nov 2007production update● Neutral
October monthly report lists wells drilling and completing, plus new prospects: Claiborne #3-17, FHM #6-23-9, Ashby #12-29 to #14-29, and Patman #2 in Texas. No new results; table text is partly garbled.
2 Nov 2007drilling progress report▲ Good
Nixon #1-8 reached 9,092 ft with 20 ft of net pay, to be fracced; Pate #6-18 reached 13,000 ft and will be completed in the Panola and Spiro sands. Ashby #10-29 was fracced and is flowing back. Carrin Patman #1 is at 3,775 ft.
31 Oct 2007quarterly activities report● Neutral
September quarter: net production rose to 17.2 mmcf (192 mcf/d average) from 6.3 mmcf, with 300 mcf/d in September. Confirms Gary A. Frederick #1 was dry and plugged; ConocoPhillips #4 sales were still delayed by landowner and water issues; ConocoPhillips #5 expected to spud in November.
29 Oct 2007capital raising announcement● Neutral
The options entitlement issue prospectus was despatched to shareholders on 29 October. It closes 16 November, and any under-subscription is to be notified to ASX on 21 November. Administrative timetable only; nothing new.
23 Oct 2007farm in farm out agreement▲ GoodMajor
Grand Gulf takes a 12.5% interest in the Carrin Patman #1 well, North Francitas field, Jackson County, Texas, by paying 15% of the first well. Its first Texas interest; the well spudded 21 October, targeting 72,000 bbl of proved undeveloped reserves in a field abandoned in 1973.
17 Oct 2007capital raising announcement● Neutral
Prospectus lodged for the one-for-four non-renounceable issue of up to 74,464,156 options at 1c to raise a maximum of about $744,000. Argonaut underwrites it; closes 16 November, with documents despatched 29 October. Continues the 2 October announcement.
16 Oct 2007drilling result▼ BadMajor
Gary A. Fredrick #1 in Vermilion Parish is to be plugged and abandoned because the sands were tight and water wet, ending the 30 Bcf prospect (3.75% interest) as a dry hole. Pate #6-18 (10.4%) is drilling at 8,530 ft; Ashby #10-29 awaits completion.
10 Oct 2007drilling result● NeutralMajor
Gary A. Fredrick #1 reached its 14,200 ft target depth and is preparing to run logs. Ashby #10-29 logs show about 60 ft of sand. The company committed to a 10% interest in the Bourque #1 prospect (12 Bcf target, US$1.2m cost), and ConocoPhillips #4 sales slipped to 15 October.
2 Oct 2007drilling progress report▲ Good
Ashby #8-29 is flowing to sales at 1.34 mmcf/d and 130 barrels of oil a day, the second Custer well online. Gary A. Fredrick #1 reports oil and gas shows at secondary objectives. ConocoPhillips #4 sales are still planned for 10 October.
2 Oct 2007capital raising announcement● NeutralMajor
Grand Gulf plans an underwritten one-for-four entitlement issue of 74.5m options at 1c to raise about $740,000, exercisable at 6c by 28 February 2009. Argonaut underwrites it; funds go to Oklahoma, Louisiana and working capital.
26 Sept 2007annual report● Neutral
Cover note releasing the audited financial statements for the year to 30 June 2007. The provided text carries no financial figures, so nothing can be said about results.
25 Sept 2007drilling progress report▲ Good
Ashby #9-29 was connected to sales at 1.5 mmcf/d, the first Custer County well since the farm-in. ConocoPhillips #4 sales slipped to 10 October after landowner delays. FHM #1-5 spudded; seven wells are active.
17 Sept 2007drilling progress report● Neutral
Ashby #8-29 reached target depth of 11,730 ft and awaits a completion rig. Gary A. Frederick #1 is drilling ahead at 9,856 ft toward 14,200 ft. No new results.
12 Sept 2007drilling progress report● Neutral
August report: production fell because Pate #5-18 was shut for the Panola frac, and it now flows about 1.1 mmcf/d. Napoleonville 3D data should be processed within weeks. Ashby #8-29 is at 11,380 ft; more Ashby wells follow.
6 Sept 2007drilling progress report● Neutral
Pate #5-18's Panola sands were fracced and the well is being reconnected to sales, commingled with the Spiro. Ashby #9-29 reached target depth and awaits completion; Ashby #8-29 is drilling at 8,987 ft; Gary A. Fredrick #1 is at 5,260 ft.
4 Sept 2007farm in farm out agreement▲ GoodMajor
Grand Gulf is farming into Noble Energy's Section 29 in Custer County, Oklahoma, for a 3.825% interest in four old producing wells, two new wells and at least three more planned in 2007. It pays 3.825% of costs; income starts at 269 mcf/month.
28 Aug 2007drilling spud▲ GoodMajor
Gary A. Frederick #1 (formerly Catapult-1, 3.75% interest, 30 Bcf potential) spudded on 26 August, targeting a sand at 13,400 ft. A workover rig moved onto Pate #5-18 to complete the Panola sands, while Nixon #1-8 awaits a rig.
13 Aug 2007other● Neutral
Audio interview link with Chairman Charles Morgan on the July Monthly Operations Report. No new information.
13 Aug 2007other● Neutral
July Monthly Operations Report. It adds a new Fee Minerals #4-24 prospect (2%) and lists Red Oak #2-17, Spiro #6-23 and Nixon #1-8 as drilling targets for October, October and August respectively. No wells have results.
