1 Sept 2021other● Neutral
At GGE's request, ASX suspended trading from 1 September 2021 pending an announcement on an acquisition and a capital raising. It follows a trading halt granted on 30 August.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Aug 2021quarterly activities report● Neutral
June 2021 quarter: net operating proceeds A$121k, helped by a A$145,700 legal settlement; cash A$1.058m. Desiree fell to 37 bo/d gross, D&L #3 rose to 72 bo/d. DJ Basin sale and new project search continue.
17 June 2021other● Neutral
Replacement director's interest notice for Mark Freeman: his family trust bought 3,832,744 shares on market for $38,446, lifting holding to 5,000,000 shares. Small director purchase; no other new information.
3 May 2021quarterly activities report▼ Bad
March 2021 quarter: net operating proceeds negative A$1k, cash A$932k. Both wells lost days to repairs and a winter storm; net output was 3,960 bbl. GGE is looking at ways to unlock a DJ Basin sale and reviewing other projects to acquire.
15 Mar 2021half year report● Neutral
Half-year to 31 December 2020: Desiree 74 bopd, D&L #3 now 61.8% WI. Reserves table shows 2P 183 MBOE. Noble's DJ plan covers about 72 permits where GGE expects about 3.3% WI; management is still seeking to farm out or sell. Financials truncated.
1 Feb 2021quarterly activities report● Neutral
December 2020 quarter: net operating proceeds A$13k, cash A$927k. GGE bought another 5% of D&L #3 for US$1,000, lifting its interest to 61.8% from 4 January 2021. It sold drilling rights on DJ Basin wells (0.616% interest) for A$6,250.
30 Nov 2020other● Neutral
All three resolutions at the 30 November 2020 AGM passed on a poll: remuneration report, re-election of Chris Bath and a 10% placement capacity. Routine meeting outcome.
27 Oct 2020quarterly activities report▼ Bad
September 2020 quarter: net operating proceeds negative A$19k, cash A$985,639. Desiree back at 67 bopd, D&L #3 76 bopd. The East Texas Eagle Ford leases expired during the quarter, ending the farm-down effort there. DJ Basin interest has no update.
30 Sept 2020admin correction● Neutral
Appendix 4G for the year to 30 June 2020, stating the corporate governance statement is on GGE's website. Administrative filing with no new information.
29 Sept 2020agm notice● Neutral
GGE will hold its next AGM at 11am WST on 30 November 2020. Director nominations close 20 October 2020. Administrative notice only.
28 Sept 2020annual report● Neutral
FY2020 annual report: no debt, with gross revenue over A$1.6m after royalties, and the tenth straight year with no equity or debt funding needed. 2P reserves are 182k bbl (Desiree 116k, D&L 66k). Financial statements are not shown in the text.
17 Sept 2020price query● Neutral
Responding to ASX after the price rose from 0.5c to 1.2c, GGE said it knew of no unannounced information explaining the move. It added it had been in incomplete discussions on a possible fundraising, which have now ceased.
16 Sept 2020other● Neutral
ASX paused trading in GGE securities pending a further announcement. No reason is given in the notice; it follows a price query the same day.
3 Aug 2020quarterly activities report▼ Bad
June 2020 quarter: sales A$314k, net operating proceeds A$162k, cash A$1.04m. Desiree was shut in from 20 May with a suspected tubing hole, restarting 24 July; it made only 2,673 bbl. D&L #3 produced 7,375 bbl. Reserves table shows 2P of 182k boe.
30 Apr 2020quarterly activities report● Neutral
March 2020 quarter: sales A$493k, net operating proceeds A$175k, cash A$970,727. Desiree fell to 75 bopd and D&L #3 recovered to 85 bopd after a pump change. Colorado DJ Basin and Eagle Ford interests are still offered for farm-down or sale.
13 Mar 2020half year report● Neutral
Half-year to 31 December 2019: Desiree averaged 120 bopd and D&L #3 80 bopd. The reserves table shows 2P liquids of 145k bbl at Desiree and 26k at D&L. Noble's DJ plan covers about 72 relevant permits, where GGE expects about 3.3% WI, and management is seeking to farm out or sell.
29 Jan 2020quarterly activities report● Neutral
December quarter: sales A$560k, net operating proceeds A$253k, cash A$686k. Desiree 102 bopd, D&L #3 80 bopd. GGE is now working to farm out the DJ Basin interests and is pursuing farm-down or sale of Eagle Ford. Cost savings of over about A$200,000 this year are expected.
6 Jan 2020other● Neutral
GGE released its Board-approved Whistleblower Policy. Governance document with no operational or financial news.
10 Dec 2019security holder rights change● Neutral
The 2-for-1 consolidation is complete. GGE now has 383,749,478 shares and 32.5m unlisted options. Resolves the November consolidation notice.
27 Nov 2019security holder rights change● Neutral
GGE will consolidate its shares 2 into 1, taking about 767.5m shares to about 383.7m, effective 2 December 2019. The 65m unlisted options become 32.5m at 1.25c. Follows the AGM approval.
27 Nov 2019other● Neutral
All six resolutions at the 27 November 2019 AGM were carried, including the remuneration report, re-election of Burton and Bath, a share consolidation, a 10% placement capacity and a constitution amendment. Approves the consolidation announced separately.
22 Oct 2019quarterly activities report● Neutral
September quarter: sales A$692k, net operating proceeds A$347k, cash A$457k. Desiree 119 bopd, D&L #3 84 bopd. Noble filed a drilling plan over much of the DJ acreage with no well proposals yet; vendor back-in rights could cut GGE's interest to 52.2%. Eagle Ford farm-down still sought.
27 Sept 2019admin correction● Neutral
Appendix 4G confirming the corporate governance statement for the year to 30 June 2019 is on GGE's website. Administrative filing with no new information.
25 Sept 2019annual report● Neutral
FY2019 annual report: Desiree produced over 71,000 bbl and D&L #3 over 25,600 bbl; net production cash flow A$1.7m. Company reports no debt and 2P reserves of 212,000 bbl (Desiree 142,000, D&L 70,000). Noble filed a drilling plan covering much of the DJ acreage; no well proposals yet.
31 July 2019quarterly activities report▼ Bad
June quarter: sales A$567k, net operating proceeds A$348k, cash down to A$162k after the WBE funding. Desiree 138 bopd, D&L #3 80 bopd. Colorado's new law limits who can operate DJ Basin wells, so GGE needs a larger partner. Eagle Ford interest diluted to 40% in the Burns area. The A$300k loan facility was closed undrawn.
28 May 2019capital raising announcement▲ GoodMajor
GGE dispatched the Whitebark distribution: 383,749,392 WBE shares, worth 0.25c per GGE share at the 0.5c subscription price. 8.86m go to be sold for ineligible foreign holders; GGE keeps 6.25m. Options at 0.8c now exercise at 0.55c. Completes the return of value begun in March.
15 May 2019listing compliance notice● Neutral
ASX lifted the suspension of GGE securities from the start of trading on 15 May 2019, after GGE released its WBE subscription and timetable announcement. Administrative notice only.
15 May 2019capital raising announcement● NeutralMajor
GGE completed its A$1.95m subscription for 390m Whitebark shares at 0.5c. Distribution to GGE holders (1 per 2 GGE shares, about 383.75m shares) slipped from 22 to 28 May 2019 because of fund transfer delays; record date unchanged. Resolves the suspension.
14 May 2019listing compliance notice● Neutral
ASX paused trading in GGE securities pending a further announcement. No reason is given in this notice.
14 May 2019listing compliance notice▼ BadMajor
GGE's securities were suspended at its own request pending an announcement on the WBE share subscription and a revised timetable for the in-specie distribution, which shareholders approved on 10 May 2019. Suspension runs until the announcement or 16 May. Suggests the timetable has changed (inference).