Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2022regulatory community update▲ GoodMajor
Utah regulators approved the drilling permit for Jesse#1, with spud planned for 15 April 2022 or earlier. Resolves the pending permit thread, which was expected 60 to 90 days after the February application.
4 Apr 2022regulatory community update▲ Good
GGE confirmed drill locations on three further helium prospects (Earp, Oakley, Kit) plus four step-out locations at Jesse. A second well is targeted for early Q3 2022, depending on Jesse#1 results. Prospects remain undrilled and unproven.
25 Mar 2022drilling progress report● Neutral
Jesse#1 drill site construction began 22 March 2022, due to finish 27 March. The Aztec rig is expected to arrive on 15 April 2022.
16 Mar 2022material agreement▲ GoodMajor
Gas Sales & Processing Agreement signed with Paradox Resources for its Lisbon plant, 20 miles from Red Helium. GGE gets 80% of revenue, less standard tariffs, if Jesse#1 succeeds. Resolves the open offtake thread. OTCQB listing also planned in coming weeks.
14 Mar 2022half year report▼ Bad
Half-year to 31 December 2021 shows a loss of $9.77m, mostly a $9.45m non-cash impairment of the Valence interest. Shares were valued at 3.3c on issue but 1.2c when the deal was announced. Company says it does not reflect operational change.
9 Mar 2022drilling scheduled▲ Good
Drill contract signed with Aztec for Jesse#1, with a firm mid-April 2022 spud. Cost to drill, evaluate and flow test is estimated at US$1.6m. Permit approval is expected ahead of schedule. Follows the earlier preferred-contractor nomination and February permit application.
23 Feb 2022director officer appointment● NeutralMajor
Dane Lance, a reservoir engineer with 16 years' experience (Woodside, Ophir, Oil Search), became Managing Director on 23 February 2022. Keith Martens moves to Technical Director. Lance's package is $247,500 a year initially, plus performance rights and 10m options at 7c, subject to shareholder approval.
18 Feb 2022other● Neutral
GGE adopted the World Economic Forum's ESG reporting framework (21 core metrics) and engaged the Socialsuite platform. A first sustainability report is expected in Q1 2022. No financial or operational impact stated.
8 Feb 2022regulatory community update▲ Good
The drilling permit application for Jesse #1 was lodged with Utah regulators, who indicate approval in 60 to 90 days. Drilling could start in April 2022. Permit is not yet granted.
2 Feb 2022drilling scheduled▲ Good
GGE signed a surface land use agreement for the Jesse #1 well site and nominated Aztec Well Services as preferred drilling contractor. Preparations are said to be on budget and on schedule.
27 Jan 2022quarterly activities report● Neutral
December 2021 quarter: maiden helium resource, Valence stake raised to 55% and Jesse #1 permitting started. Oil output 4,997 bbl net (about 60 bbl/d). Cash is stated as A$3.0m at 30 September, which differs from the earlier A$1.8m; share price 2.7c.
17 Jan 2022drilling scheduled▲ Good
Doug Frederick, a drilling engineer with 20 years at the neighbouring Doe Canyon field, was appointed Drilling Superintendent. The first helium well, Jesse #1, has a site chosen and permitting started, expected within 3 months. GGE funds up to US$1.5m, earning 70% on completion.
6 Jan 2022other● Neutral
Notice that 337.5m shares leave voluntary escrow on 15 January 2022. These are the Kessel deal shares escrowed since the October completion. Potential selling supply for shareholders (inference).
22 Dec 2021asset acquisition disposition● Neutral
GGE completed the extra 30% Valence purchase, issuing 91.2m shares and paying A$400,000. Its stake is now 55%, with shares on issue at 1,283m. Completes the deal announced 15 December.
15 Dec 2021asset acquisition disposition▲ GoodMajor
GGE agreed to buy another 30% of Valence, lifting its stake to 55% with the right to earn up to 85% by drilling three US$1.5m wells. Price is 90.4m escrowed shares plus A$400,000. GGE's net P50 resource rises to 6.3 BCF.
8 Dec 2021resource reserve update▲ GoodMajor
Independent consultant Sproule gave the Red Helium Project a maiden P50 prospective resource of 10.9 BCF gross to Valence (7.4 BCF net); whole-project P50 is 20.8 BCF. Resolves the pending resource estimate; it is unrisked and undrilled. First well now targeted late Q1 2022.
1 Dec 2021admin correction● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2021 is accurate as at 1 December 2021 and on GGE's website. Administrative filing with no new information.
22 Nov 2021agm notice● Neutral
GGE's annual general meeting, earlier set for 10 December 2021, is delayed to 21 January 2022. Director nominations now close 10 December 2021. Administrative notice only.
18 Nov 2021regulatory community update▲ Good
Red Helium leased acreage rose 16% to 27,303 acres with 3,703 freehold acres added. Drill permitting is under way, with the first well's spud scheduled for early 2022. A maiden prospective resource estimate is expected in the near term.
29 Oct 2021quarterly activities report▲ Good
September 2021 quarter: Kessel acquisition and A$3.3m raise completed; cash A$1.8m, share price 4.7c versus 1c placement price. Keith Martens joined as CEO and Chris Bath resigned from 11 October. Oil output was 4,260 bbl net.
28 Oct 2021admin correction● Neutral
Appendix 4G for the year to 30 June 2021, stating the corporate governance statement is on GGE's website. Administrative filing with no new information.
25 Oct 2021agm notice● Neutral
GGE will hold its AGM on 10 December 2021. Director nominations close 28 October 2021. Administrative notice only.
22 Oct 2021other● Neutral
GGE issued 8.4m shares to marketing consultants S3 Consortium in place of cash payment, with the standard on-sale notice. Small dilution.
15 Oct 2021business combination▲ GoodMajor
GGE completed the Kessel acquisition after shareholder approval on 11 October, issuing 450m shares and 100m performance shares to vendors. It also placed 235m shares at 1 cent (A$2.35m). Total shares now 1,183.5m; Keith Martens leads as CEO.
30 Sept 2021annual report● Neutral
FY2021 annual report: no debt, 11th year without equity or debt funding, and gross revenue over A$1.1m after royalties. 2P reserves 182k bbl at 30 June 2021 table. Hensarling output recovered to about 52 bbl/d in August. Financials not shown.
23 Sept 2021material agreement● Neutral
GGE finished due diligence on Kessel with no material issues. Completion slips to 12 October, so GGE will lend US$650,000 paid to the Valence JV so Kessel keeps earning its 25% interest. The loan becomes repayable in 3 months at 10% if the deal fails.
13 Sept 2021capital raising announcement▲ Good
GGE completed the first tranche of its placement: 95m shares at 1 cent, raising A$950,000 before costs, within existing placement capacity. Part of the A$3.3m raise funding the Kessel helium acquisition.
2 Sept 2021business combination▲ GoodMajor
GGE signed a binding deal to buy 100% of Kessel Resources, which holds an interest in the Red Helium Project in Utah, with a A$3.3m raise to fund it. A major strategy shift from oil to helium; Keith Martens to become CEO.
2 Sept 2021investor presentation● Neutral
Presentation on the Kessel deal: 450m shares and 100m performance shares to vendors, with a A$3.3m raise at 1 cent and 60m options at 2.5c. Total shares would reach about 1,183m. Repeats the acquisition announcement.
2 Sept 2021other● Neutral
ASX lifted the suspension of GGE securities from the start of trading on 2 September 2021, after the acquisition and capital raising announcement was released.
