Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2018asset acquisition disposition▲ GoodMajor
GGE signed a binding agreement with PetroStone to buy a 36.5% interest in 355 gross acres in the Wattenberg Field, DJ Basin, Colorado, for about US$760,000. It must fund two wells, estimated at US$685k-2.75m. This adds a second US shale position after Eagle Ford.
21 Sept 2018other● Neutral
Appendix 4G and corporate governance statement for FY2018, lodged with the annual report. It still gives 31 October 2016 as the statement's currency date. Administrative compliance filing with no new business information.
21 Sept 2018annual report● Neutral
FY2018: sales A$3.4m, net loss A$543k, cash A$1.69m, no debt. The chairman says GGE sold its Abita interests and withdrew from Pleasant Home. It is marketing the Napoleonville seismic and Eagle Ford acreage, and seeks further projects in 2019.
30 Apr 2018quarterly activities report▼ BadMajor
March quarter: sales A$948k, cash A$1.4m. GGE elected to withdraw from Pleasant Home effective 23 April 2018, ending the earn-in begun in October 2016. Bayou La Rompe's spud has been delayed pending resolution among participants; Eagle Ford marketing for a drilling operator has begun.
14 Mar 2018half year report● Neutral
Half-year to 31 December 2017 report, covering the Eagle Ford leasing (~US$600,000 spent) and Bayou La Rompe, now expected to spud in the first half of 2018. Desiree averaged 210 bopd. The text is truncated, so financial results are not stated here.
23 Jan 2018asset acquisition disposition▲ GoodMajor
GGE secured 881 net acres of 1,075 gross acres (440 net to GGE) in Burleson County, Texas Eagle Ford, in a 50/50 JV with a private Texas company. About US$550,000 spent on leases; wells cost US$4.5m each, and GGE plans to farm down. A move into unconventional onshore Texas.
10 Jan 2018drilling scheduled● Neutral
A rig has been secured for the Smak Dixon 31-6 recompletion at Pleasant Home, due on location next week and expected to take 9 days. Completing it would meet GGE's obligation to earn 50% of the field. This follows the October announcement of the program.
31 Oct 2017farm in farm out agreement▲ GoodMajor
GGE farmed in for a 20% interest in the Bayou La Rompe oil prospect in St Martins Parish, Louisiana, with P50 reserves of 540,000 bbl oil and 1.6 BCF. Its share of costs is US$440,000 to drill and US$400,000 to complete if successful. Spud is expected in Q4 2017.
30 Oct 2017drilling scheduled● Neutral
GGE will join a recompletion of the Smak Dixon 31-6 well at Pleasant Home, Alabama, to earn its full 50% of the field. Its share is estimated at US$125,000, starting within 30 days. This continues the open 31-6 thread, with a new infill well also being planned.
29 Sept 2017other● Neutral
Appendix 4G and corporate governance statement for FY2017, lodged with the annual report. It repeats the 31 October 2016 date as the statement's currency. Administrative compliance filing with no new business information.
26 Sept 2017annual report● Neutral
FY2017 annual report: sales A$3.1m, net operating profit A$802k, cash A$1.9m and no debt. About A$1.2m was invested in Boleslaw and Pleasant Home. The company says it has needed no equity or debt raising for seven years.
14 Mar 2017half year report▼ Bad
Half-year to 31 December 2016: revenue A$1.44m (down from A$2.48m) and a loss of A$1.85m versus a prior profit of A$107k, with Boleslaw called a dry hole. Pleasant Home 31-11 was producing ~40-50 bopd. Review of a 31-6 recompletion or new well continues.
11 Jan 2017drilling result▼ BadMajor
Boleslaw #1 reached 1,550m on 10 January 2017 and found no commercial recoverable hydrocarbons; it will be plugged and abandoned. This ends the Poland gas thread, with GGE's 20.4% share costing about A$2.8m gross. Partners will review Kolo, including an oil target.
6 Jan 2017drilling progress report▲ Good
Logging at Pleasant Home 31-11 found untapped oil at 9,849-9,863ft, with up to 100,000 bbl net potential. Cement and weather issues delayed work; testing is due next week. GGE owes the US$50,000 entry fee, and the 31-6 recompletion follows success.
4 Jan 2017drilling progress report● Neutral
Boleslaw #1 in Poland, spud 11 December, was casing at 952m with the first target expected at 1,050-1,100m. Planned depth is 1,500m and cost A$2.8m, on budget. GGE holds 20.4% of the Kolo Licence. No new result yet.
30 Dec 2016security holder rights change● Neutral
GGE issued 65 million unlisted incentive options, exercisable at 0.8c by 30 June 2020, for nil consideration. They follow the option approvals at the 30 November 2016 AGM and were issued 7 December 2016. Ordinary shares remain 748m.
13 Dec 2016farm in farm out agreement▲ GoodMajor
GGE acquired a 20.4% interest in the Kolo Licence in Poland and the Boleslaw #1 gas well, which spud 11 December targeting 87 BCF of unrisked prospective resource. It pays A$600,000; the well is expected to cost A$2.8m. Chairman Morgan and director Keenihan have interests in a seller, Hutton Energy.
29 Nov 2016drilling spud▲ Good
Workover began 28 November on the Smak Dixon 31-11 well at Pleasant Home, expected to take about 20 days and test three intervals targeting up to 100,000 bbl. Terms now state 19.5m shares go to the operator after 60 days of production, replacing the earlier US$75,000 share figure.
24 Nov 2016resource reserve update● NeutralMajor
Reserves update at 30 June 2016: net 2P reserves of 231,000 bbl oil and 459 mmcf gas. Desiree oil fell because of water production. It also corrects an error in the annual report's West Klondike contingent resources, which were overstated.
31 Oct 2016other● Neutral
Appendix 4G and corporate governance statement for FY2016, confirming the statement is current at 31 October 2016 and approved by the board. Administrative compliance filing with no new business information.
24 Oct 2016asset acquisition disposition▲ GoodMajor
GGE agreed to earn a 50% interest in the Pleasant Home Field, Alabama, by recompleting two wells with potential net recovery of up to 100,000 bbl each. Entry costs are US$50,000 plus A$100,000 of shares at A$0.005, and GGE funds the first US$350,000 of recompletion costs.
24 Oct 2016price query● Neutral
Replying to an ASX price query, GGE said the trading was explained by an acquisition it was about to sign, and it had requested a trading halt. The deal was announced 24 October (Pleasant Home); the company confirmed Listing Rule compliance.
28 Sept 2016annual report● Neutral
FY2016 annual report: production revenue over A$3.6m, EBITDA before impairments A$539,360 and a A$648,684 gain on selling put options. Chairman says the demerger is on hold after the ATO's negative response; D&L #1 insurance finalised with an A$970,000 settlement.
1 Aug 2016quarterly activities report▼ BadMajor
June quarter: GGE confirms it will no longer pursue the demerger after adverse ATO advice, ending that thread. It is again marketing Napoleonville seismic to new partners and looking at buying producing assets. Cash A$3.2m; Desiree proved reserves 189,000 bbl net.
14 June 2016other▼ BadMajor
GGE withdrew its ATO ruling applications for the shareholder-approved demerger and is assessing options. This effectively stalls the plan announced in December 2015; the preferred approach will be confirmed later.
16 May 2016regulatory community update▲ GoodMajor
Arbitrator rejected the former partner's claim to a 5.3% interest in Desiree, confirming GGE's full 39.6%. This resolves the dispute running since 2014 and removes a significant ownership uncertainty over its main producing field.
15 Mar 2016half year report● Neutral
Half-year to December 2015: profit A$844,887, helped by A$756,229 from put option revaluation. Net revenue after royalties and costs now estimated at US$110,000 a month without price protection. Reserves cut because of Hensarling water; demerger still awaits ATO.
11 Mar 2016other● Neutral
GGE sold its oil put options in February for A$860,000, lifting cash to A$3.45m (net cash A$3.3m versus market cap A$3.7m). Demerger still awaits the ATO; Desiree arbitration ruling now expected end April.
4 Dec 2015other● Neutral
Updated demerger timetable: shareholder meeting 11 January 2016, completion and distribution of Louisiana Oil shares 25 January 2016, assuming an ATO draft ruling arrives first. Timetable is indicative only.
2 Dec 2015business combination● NeutralMajor
Board proposes demerging most US assets, all except Abita, into new Louisiana Oil Ltd, distributed to shareholders 1 share per 10 held (~74.8m shares, book value A$19.08m). Louisiana Oil would cut costs and pay out income; GGE would pursue new opportunities. Needs shareholder and ATO approval.
