Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Jan 2012drilling result▼ BadMajor
Grizzly logs found only 14 ft of possible pay on water in the Abbeville; the well is not commercial and will be plugged. A dry hole after targets of up to 100 BCF; turnkey contract capped GGE's cost at ~US$550,000.
13 Jan 2012drilling progress report● Neutral
Grizzly encountered gas shows in the Abbeville sand at ~12,748 ft and is drilling at 12,995 ft toward 13,530 ft. Logs to follow after total depth; no commercial result yet.
13 Jan 2012farm in farm out completion▲ GoodMajor
Partial farmout of Napoleonville deep prospects to a private US company, which earns 57-63% and must drill up to two wells by 31 March 2013. GGE keeps 17-19% and pays 11.5-13% of dry-hole costs. Desiree (spud April 2012) and D&L field excluded.
10 Jan 2012drilling progress report● Neutral
Vermilion River well is completing surface casing at 4,027 ft before drilling ahead. No result yet; targets and ~US$1.05m cost share unchanged.
10 Jan 2012drilling progress report● Neutral
Grizzly operator is setting an expandable liner at 12,430 ft before drilling toward the Abbeville sand at ~12,780 ft. Remaining target is 50 BCF and 1 MMBC. No new result.
4 Jan 2012drilling progress report▼ Bad
Electric logs indicate the Grizzly Alliance sand is shaled out and unlikely to be commercial, contradicting the previous day's gas-show news. Target cut to 50 BCF and 1 MMBC in the deeper Abbeville sand; drilling continues.
3 Jan 2012drilling progress report● Neutral
Grizzly well is drilling at 12,430 ft after gas shows in five intervals, including the Alliance sand at 11,382-11,531 ft. Total depth expected within a week. No logged result yet; the next day's update changed the picture.
3 Jan 2012drilling spud▲ GoodMajor
Vermilion River well (R. J. Perrin #1) spudded 29 December 2011, expected to reach 17,500 ft in about 100 days. Targets 110 BCF and 3.3 MMBC; GGE's 7.83% share is ~US$1.05m, partly turnkey to ~13,000 ft. GGE's largest prospect.
19 Dec 2011drilling scheduled● Neutral
Vermilion River well (7.83% WI, operator Walter Oil & Gas) has a rig contracted and spud expected first week of January 2012. Targets 110 BCF and 3.3 MMBC; GGE's share of cost is ~US$1.05m. Continues the November letter of intent.
16 Dec 2011drilling progress report● Neutral
Grizzly had a second gas kick and was sidetracked again at about 10,250 ft; 7 inch casing is being run at 10,850 ft. Turnkey contract means no extra cost to GGE. Alliance sand expected near 11,200 ft.
25 Nov 2011drilling progress report● Neutral
Grizzly is preparing to set casing at 9,550 ft, with a liner at 10,400 ft before the Alliance sand, expected near 11,200 ft. Drilled under a fixed-price turnkey contract. No result yet.
24 Nov 2011drilling result▼ BadMajor
Logs show the Lyons Point Pruitt #1 well is not commercial, and the partners will plug and abandon it. A dry hole for GGE's 5% after a 3 MMBC and 60 BCF target; the turnkey contract limited cost (earlier estimate US$430,000).
21 Nov 2011drilling progress report● Neutral
Lyons Point reached an extended total depth of 16,500 ft, 200 ft deeper than planned, while in what is expected to be the Marg Tex 3 sands. Electric logs are about to be run; no result yet.
15 Nov 2011drilling progress report● Neutral
Grizzly well was sidetracked from about 4,200 ft after stuck drill pipe and is drilling at 5,001 ft. The turnkey contract means GGE faces no extra cost. Operator says the prospect's full potential remains intact.
14 Nov 2011drilling progress report● Neutral
Lyons Point crossed the key trapping fault near 15,000 ft as expected and is drilling slowly through hard shale at 15,758 ft. No hydrocarbon result yet.
7 Nov 2011drilling progress report● Neutral
Lyons Point drilling ahead at 15,255 ft, only 3-4 days from the first reservoir target at 15,500 ft. No result yet.
31 Oct 2011drilling progress report● Neutral
Lyons Point (GGE 5%) has set casing at 14,200 ft and is about 12 days from the first reservoir target at 15,500 ft. No result yet; targets of 3 MMBC and 60 BCFG unchanged.
24 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 13,973 ft; about 24 days to the first reservoir target at 15,500 ft. No result yet.
17 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 12,662 ft; the first primary objective at 15,800 ft is about 30 days away after running final casing at 14,200 ft. No result yet.
12 Oct 2011drilling progress report● Neutral
A workover rig is on location at D&L #3 to perforate the M sand (400,000 bbl, 1.2 BCF estimated), expected done in 7 days. Expected rates are 200-400 bbl/d oil and 600-1,000 mcfd gas. GGE holds 39.4%.
10 Oct 2011drilling progress report● Neutral
Lyons Point setting intermediate casing at about 12,000 ft; first objective still expected at 15,800 ft. No new result.
3 Oct 2011drilling progress report● Neutral
Lyons Point drilling ahead at 11,587 ft; intermediate casing due at 12,000 ft and the first primary objective expected at 15,800 ft. No result yet.
26 Sept 2011drilling progress report● Neutral
Lyons Point drilling ahead at 9,769 ft toward 16,300 ft; no new result. Targets unchanged.
19 Sept 2011drilling progress report● Neutral
Lyons Point well completing a casing run at 4,016 ft; no new result. Prospect details and 5% GGE interest unchanged.
14 Sept 2011drilling spud● NeutralMajor
Lyons Point's Pruitt et al #1 spudded on 13 September 2011 and was at 1,248 ft. GGE holds 5% after the Kilgore swap. Target 3 MMBC and 60 BCFG, 16,300 ft total depth, about 45 days, fixed-cost turnkey drilling.
8 Sept 2011drilling scheduled● Neutral
Kilgore says Lyons Point is due to spud early next week. Repeats the prospect details, including the 3 MMBC and 60 BCF target and 50-66% chance of success. GGE holds 5% after the swap; no new GGE information.
29 Aug 2011farm in farm out agreement● Neutral
Kilgore's own release on the same swap: it gains 5% of West Klondike and gives 5% of Lyons Point to GGE, keeping 10%. Kilgore receives about A$424,000 from GGE, reimbursing prepaid Lyons Point drilling costs. Mirrors GGE's 29 August announcement.
29 Aug 2011farm in farm out agreement● NeutralMajor
GGE takes a 5% interest in the Lyons Point exploration well (Clayton Williams operated, spud second week of September, 16,300 ft), swapping a 5% West Klondike interest with Kilgore, leaving 10.5% there. GGE's well cost is US$462,000; targets 3 MMBC and 60 BCF.
23 Aug 2011drilling result● Neutral
Thibodeaux #1 was logged to 19,071 ft with no further pay below the 248 ft net; testing is expected in 30-60 days, with production early next year. Abita completion starts within two weeks. D&L #3 is making ~US$150,000 a month net to GGE.
5 Aug 2011drilling result▲ GoodMajor
Thibodeaux #1 net pay at La Posada is upgraded to 248 ft from 176 ft, a 40% increase, after porosity logs and sidewall cores. Drilling continues to 19,300 ft; production now expected early 2012 (previously Dec 2011 quarter), with a delineation well planned for Q1 2012. GGE holds 4.75%.
