Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 June 2014drilling scheduled● Neutral
Rig secured for Louise (Templet #1), spud expected before end of June 2014, after earlier slippage. GGE's interest is 23.4-23.9%, with a possible extra 7.4% WI acquisition. West Klondike production now expected end of June; Abita upper 18 recompletion agreed.
23 May 2013drilling progress report● Neutral
A workover rig reaches the Desiree Hensarling #1 well (GGE 35.6%) on 23 May to complete it and test the Cris R III for about 48 hours. Production facilities would take 3-4 months if successful. GGE also discloses litigation over alleged seismic misappropriation at Napoleonville.
24 Apr 2013drilling progress report● Neutral
A rig arrives 24 April at West Klondike (GGE 10.5%) to complete and production-test Wilberts Sons #1, starting with the L Nod Blan. If flow rates are commercial, dedicated facilities and an export pipeline will take about 4-6 months to install.
4 Feb 2013drilling result▼ BadMajor
Port Hudson reached 10,500 ft and logs found pay, but GGE decided it is not commercial enough to join completion. This is another dry-hole outcome for GGE; the fixed cost share was US$232k.
17 Jan 2013drilling spud● Neutral
Port Hudson well (GGE 15%) has spud and is drilling at 2,023 ft toward 10,500 ft over about three weeks. GGE's dry-hole share is fixed at US$232k on a turnkey basis; potential net reserves are 40,000-75,000 bbl.
18 Dec 2012drilling result● Neutral
Hensarling #1 at Desiree (GGE 35.6%) reached 12,455 ft; the deeper Cris R IV and V had no commercial hydrocarbons. The 31 ft and 49 ft pay in Cris R II and III stands, and testing of those zones is next. The deeper secondary targets are a disappointment.
18 Dec 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 update: no commercial hydrocarbons in Cris R IV and V, testing of Cris R III and II to follow. Nothing new for GGE.
17 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 has casing run and is waiting on cement; flow testing is likely to start this week. It repeats the 4 ft, 6 ft and 35 ft net pay results. Nothing new on the discovery.
13 Dec 2012drilling result▲ GoodMajor
Electric logs at West Klondike's Wilberts Sons #1 (GGE 10.5%) confirm net pay of 4 ft in the Lario, 6 ft in the U Nod Blan and 35 ft in the L Nod Blan. Casing is being run for testing. This is a discovery after several dry holes in 2012.
11 Dec 2012drilling progress report▲ Good
West Klondike's Wilberts Sons #1 (GGE 10.5%) hit a third gas show, over 47 ft in the L Nod Blan, and is drilling at 10,845 ft toward 10,900 ft. Electric logs in 1-2 days will decide commerciality. Not yet a result.
10 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 (GGE 10.5%) is drilling at 10,638 ft; mud logs show oil over 35 ft in the Lario and gas over 15 ft in the U Nod Blan. Electric logs at total depth will decide whether the shows are commercial. Not yet a result.
10 Dec 2012drilling progress report● Neutral
Hensarling #1 at Desiree is drilling at 12,120 ft toward the Cris R IV and V (potential 200,000 bbl oil and 15-30 BCF gas) after setting casing over the Cris R II and III pay. It repeats the 31 ft and 49 ft pay results. Total depth is 12,550 ft.
10 Dec 2012drilling progress report● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 update: drilling at 12,120 ft toward Cris R IV and V after casing the pay. Nothing new for GGE.
6 Dec 2012drilling result▼ BadMajor
Calloway #1 at S Welsh hit a significant gas influx from a zone above the target; the operator says the well is under control but recommends plugging it. The well had not reached the Marg Tex target, and a re-drill proposal is being prepared. GGE's cost share is now about US$165,000.
3 Dec 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats that Hensarling #1 logs confirm 49 ft of net pay in Cris R III and 31 ft in Cris R II. Nothing new for GGE.
3 Dec 2012drilling progress report● Neutral
West Klondike's Wilberts Sons #1 (GGE 10.5%) is drilling at 8,644 ft, with the first main target, U Marg Tex, expected near 9,980 ft. Planned time to the 10,900 ft total depth is now 14 days. No result yet.
3 Dec 2012drilling result▲ GoodMajor
Logs confirm 49 ft of net pay in Cris R III plus 31 ft in Cris R II at Hensarling #1 (GGE 35.6%), slightly above pre-drill expectations. This confirms the discovery; casing is being run before drilling on to Cris R IV and V. GGE's dry-hole share estimate rose to about US$1.35m from US$1.1m.
3 Dec 2012drilling progress report● Neutral
Calloway #1 at S Welsh is drilling at 7,206 ft toward 7,500 ft, having crossed the fault and now drilling through the objective interval as planned. GGE holds 10.5%. No result yet.
26 Nov 2012drilling result▲ GoodMajor
Electric logs at Desiree's Hensarling #1 (GGE 35.6%) indicate 31 ft of net pay in Cris R II, in line with expectations. The tool could not log the deeper Cris R III, so the well is being conditioned for re-logging. Early sign of a discovery after three dry holes in 2012.
26 Nov 2012drilling progress report● Neutral
Partner Tamaska reports West Klondike's Wilberts Sons #1 (GGE 10.5%) is setting casing at 3,000 ft, with about 30 days planned to reach 10,900 ft. GGE's share is about US$460,000. No result yet.
26 Nov 2012drilling progress report● Neutral
S Welsh's Calloway #1 (GGE 10.5%) has set casing at 2,500 ft and is drilling at 6,000 ft toward 7,500 ft. GGE's share of cost remains US$145,000. No result yet.
26 Nov 2012drilling result● Neutral
Partner Golden Gate (3.99% WI) repeats the Hensarling #1 news: 31 ft of net pay in Cris R II, Cris R III not fully logged, re-logging under way. Nothing new for GGE.
22 Nov 2012drilling spud● NeutralMajor
West Klondike's Wilberts Sons LLC #1 spud overnight and was drilling at 925 ft, expected to take 30 days to reach 10,900 ft. GGE held 10.5% (paying about 14%, roughly US$460,000 to TD) in a 2-4.8 million bbl oil target.
22 Nov 2012drilling progress report● Neutral
Golden Gate repeats the Hensarling #1 update: Cris R III oil shows over 40-50 ft, drilling at 12,340 ft, logs to follow. Nothing new for GGE.
22 Nov 2012drilling progress report▲ Good
Hensarling #1 hit the second target, Cris R III, with oil shows over 40-50 ft, drilling at 12,340 ft. Logs will now test whether Cris R II and III hold pay. Shows are encouraging but commerciality is unproven.
21 Nov 2012drilling scheduled● Neutral
Partner Tamaska says West Klondike's Wilberts Sons #1 (GGE 10.5%) has a rig on location and will spud within days. It is a 30-day, 10,900 ft turnkey well; GGE's share is about US$460,000, plus US$65,000 completion if successful. Targets 2-4.8 million bbl.
19 Nov 2012drilling progress report● Neutral
Golden Gate repeats the Hensarling #1 oil shows in Cris R II (60-70 ft gross), drilling at 11,933 ft. Nothing new for GGE.
19 Nov 2012drilling progress report▲ Good
Hensarling #1 at Desiree hit the first target, Cris R II, with mud-log oil shows over 60-70 ft gross, drilling at 11,933 ft. Electric logs will decide whether the shows are pay. An encouraging sign after three dry holes in 2012, but not yet a result.
19 Nov 2012drilling spud● Neutral
S Welsh's Calloway #1 spud over the weekend and is drilling at 2,463 ft toward 7,500 ft, expected within two weeks. GGE holds 10.5% and its US$145,000 share is already paid. Targets 450,000 bbl gross, about 45,000 bbl net; a small, low-cost well.
12 Nov 2012drilling progress report▲ Good
Hensarling #1 at Desiree is drilling at 9,987 ft, about four days ahead of schedule. The first target, Cris R II, is expected within two weeks. GGE's dry-hole share remains about US$1.1m. No result yet.
