9 Aug 2007drilling scheduled● Neutral
The Catapult-1 prospect is renamed Gary A. Frederick #1 (30 Bcf potential), with the rig due around 15 August. Nixon #1-8 rig is due end of August, and Spiro #6-23 should be ready by mid October.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2007director officer appointment● Neutral
Non-executive director Tony Grist resigned for other business commitments and remains a shareholder. The board is now Morgan, Trimble, Keenihan and Boss.
31 July 2007quarterly activities report▲ Good
June quarter report: net production rose from 300 to 3,000 mcf/month, the fee minerals deal completed, and the Appalachia sales netted $225,000. Entitlement issue raised $2.3m and placement $3.3m, both at 5c; shares on issue now 297.8m.
17 July 2007other● Neutral
Audio link to Director Stephen Keenihan presenting the July 2007 presentation. No new information.
17 July 2007investor presentation● Neutral
July investor presentation restating the US strategy, the fee minerals purchase and recent Oklahoma wells. It shows Napoleonville mid-case exposure of 13 Bcf and 8.4 million barrels, with drilling expected early 2008. Largely repeats known facts.
16 July 2007other● Neutral
Audio interview link with Chairman Charles Morgan on the June Monthly Operations Report. No new information.
13 July 2007other● Neutral
The company will now issue a Monthly Operations Report listing prospects, wells drilling and production. The first (June) table shows Nixon #1-8 (8%) due late July and Catapult #1 (3.7%) due August, with ConocoPhillips #5 in September.
9 July 2007asset acquisition disposition▲ GoodMajor
Grand Gulf agreed to buy about 4,000 net fee mineral acres in Oklahoma's Arkoma Basin for US$2.23m, completing 12 July. Over half is in LeFlore County, near its existing wells. It gives permanent mineral ownership, royalties and 100% revenue interest in wells it joins.
9 July 2007other● Neutral
Audio interview link with Chairman Charles Morgan discussing the fee minerals acquisition. No new information beyond the acquisition announcement.
2 July 2007well test result▲ GoodMajor
Pate #5-18 (25% interest) was turned to sales at 1.3 mmcf/d from the Spiro sand, adding to Reed #4-8. Two more Oklahoma wells are due to spud within 30 days. Catapult #1 (3.75%) is expected to spud within six weeks.
2 July 2007admin correction● Neutral
Corrects the code change date in the 28 June release: it should read 29 June 2007, not 29 July. The GGE code is already in effect.
28 June 2007other● Neutral
The company will trade as Grand Gulf Energy Limited (ASX: GGE), with a new website. Contact details are unchanged. The date given as 29 July was later corrected.
27 June 2007asset acquisition disposition● NeutralMajor
The Rich Mountain sale completes the exit from Appalachia, following the Little Sandy sale announced by Norwest on 19 June. Both sales netted about US$240,000 for the drilling programs.
26 June 2007security holder rights change● Neutral
Shareholders approved the name change to Grand Gulf Energy Limited, ratified the 25m placement shares and approved up to 41m more. They also approved 268,000 shares and 6.5m options for Macquarie, and an employee option plan.
26 June 2007other● Neutral
Top 20 shareholder list after the entitlement issue: James Trimble holds 30m shares (11.69%) and Macquarie 16.75m (6.53%). Informational only.
18 June 2007well test result▲ GoodMajor
ConocoPhillips #4 flowed 3.2 mmcf/d on test; gas contracts and pipeline are still being arranged. Reed #4-8 is producing about 750 mcf/d while cleaning up, and Pate #5-18 is to be fracced 22 June. Napoleonville seismic data is due by about September.
13 June 2007capital raising announcement● Neutral
The fully underwritten one-for-four entitlement issue closed 8 June. After it, 256,588,627 shares will be on issue, up from about 185m in April.
25 May 2007capital raising announcement● NeutralMajor
The prospectus for a non-renounceable one-for-four entitlement issue was dispatched on 25 May, closing 8 June, with shares issued 14 June. Price and size are not given in this text.
22 May 2007capital raising announcement● NeutralMajor
A $3.3m placement's first tranche is complete: 25m shares issued raising $1.25m. The remaining 41m shares need shareholder approval at a 26 June meeting. This adds to the earlier 5c raising and Macquarie facility.
21 May 2007production update▲ GoodMajor
Reed #4-8 is now flowing to sales at about 1 mmcf/d and still cleaning up, the company's first new-focus production. Pate #5-18 reached 11,802 ft with a 4 ft Spiro zone above 10% porosity. Management calls the first three wells successful.
11 May 2007drilling progress report● Neutral
Reed #4-8 has been perforated and the pipeline laid to the site, with fracture treatment scheduled 12 May. Pate #5-18 is drilling ahead at 10,428 ft.
4 May 2007drilling result▲ GoodMajor
ConocoPhillips #4 reached 11,962 ft, with pay confirmed at 11,650 ft in the Miocene K sand. The well will be completed, with the completion rig expected in about three weeks. Alto's interest is 7.5%. No flow rate yet.
2 May 2007admin correction● Neutral
Registered office moves to Suite 8, 7 The Esplanade, Mt Pleasant, Perth. The US operations office remains in Houston. Administrative only.
2 May 2007drilling progress report▲ Good
ConocoPhillips #4 shows strong gas in a sand at 11,459-11,475 ft at the predicted depth. A gas contract is signed for Reed #4-8, with pipeline laying next week. Pate #5-18 is at 8,840 ft.
27 Apr 2007quarterly activities report● Neutral
March quarter: April spuds of ConocoPhillips #4, Reed #4-8 and Pate #5-18; Reed logged 50 ft of net pay. Home Run sale done, Rich Mountain expected May. Alto's net cost for the two Oklahoma wells is A$685,000. Cash figures are not in the text provided.
17 Apr 2007investor presentation● Neutral
Company overview presentation: plan to drill 12 wells in nine months, sell remaining Appalachian assets, with cash of $2.3m, no debt, and 185.3m shares. Mostly restates known projects and strategy.
12 Apr 2007drilling result▲ GoodMajor
Reed #4-8 reached 9,724 ft, with about 150 ft of sand, 50 ft of net pay and a gas flare while drilling. Alto holds 8%. It will now be completed; flow rates are not yet known.
11 Apr 2007drilling progress report● Neutral
Reed #4-8 is nearing its 9,700 ft total depth. Gas flow figures will likely come only after pipeline connection, and completion could take weeks. Pate #5-18 is at 309 ft and ConocoPhillips #4 at 3,023 ft.
10 Apr 2007asset acquisition disposition● NeutralMajor
The Home Run (Kentucky) sale has settled and Rich Mountain (Tennessee) is expected to settle shortly. Little Sandy is the only Appalachian interest left, continuing the exit from Appalachia begun in October 2006.
10 Apr 2007drilling spud● Neutral
Pate #5-18 spudded 9 April; the Louisiana well, corrected to ConocoPhillips #4, spudded 5 April. Reed #4-8 is at 8,435 ft. All three wells of the new program are now drilling.