Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2015production update● Neutral
West Klondike recompletion done, flowing 1,022 mcfd. Hensarling #1 has started making water, now ~350 bopd after ~323,000 bbl water-free (42% of expected recovery). The Desiree 5.3% interest arbitration, due November, is postponed to January 2016.
28 Oct 2015quarterly activities report▼ BadMajor
September quarter: sales A$1.65m, cash A$1.3m, receivables A$1.6m including a A$1,017,168 insurance payout. GGE now says a Yellowfin farm-out is unlikely near term because of low oil prices and has stopped spending on it, reversing the earlier farm-out push.
30 Sept 2015annual report● Neutral
FY2015 annual report: production revenue over A$6.7m, earnings before interest, tax and amortisation A$2.13m, still no debt. Chairman says Yellowfin farm-out is being pursued, and that US production sales and other corporate options are being assessed given the oil price fall.
25 June 2015asset acquisition disposition● Neutral
Seller Mustang Resources (formerly OGI) confirms the sale of Birdwood Louisiana to GGE has completed for US$575,000, receiving net US$374,500 cash. Duplicates GGE's own settlement announcement from the seller's side.
25 June 2015farm in farm out completion▲ GoodMajor
GGE settled the purchase of the Napoleonville interests (3.99% of Desiree, 15.3% of D&L #3) for US$575,000, net cash US$374,500 after revenue since 1 November 2014. This completes the deal announced 2 December, lifting Desiree to 39.6%.
21 May 2015production update▲ Good
Abita (20% WI) has been recompleted in the 17 Sand and is cleaning up at 1,000 mcfd and 5 bopd, up from about 300 mcfd before. The sand is estimated to hold 485,415 mcf. A further 15 Sand (1.5 BCF) remains for later.
10 Mar 2015half year report● Neutral
Half-year to December 2014: gross revenue A$3.75m, gross profit before amortisation A$2.25m. The OGI interests purchase (US$575,000) is still awaiting the vendor's relisting. An insurance payout of US$718,723 is expected, and remaining D&L #1 remediation is estimated at no more than US$250,000.
2 Mar 2015drilling scheduled▲ GoodMajor
GGE presented its new Yellowfin prospect (Napoleonville, 100% WI, 8,000 acres) at the NAPE conference, with most likely potential of 1.4 TCF, next to Freeport McMoRan's Highlander discovery. It is being marketed to industry, and the test well would go to 27,900 ft. This is an unproven prospect.
29 Dec 2014regulatory community update▲ GoodMajor
GGE reached a full and final settlement with the D&L #1 blowout personal-injury plaintiffs, expected to be covered by insurance. Any remediation exposure beyond insurance was put at no more than US$250,000, and D&L #3 began disposing of water into D&L #2, saving about US$25,000 a month.
2 Dec 2014asset acquisition disposition▲ GoodMajor
GGE signs a heads of agreement to buy OGI's Napoleonville interests for US$575,000, lifting Desiree to 39.6% and D&L #3 to 55.3%, plus OGI's 18% of Fausse Point with ~US$100,000 of plugging obligations. Needs OGI shareholder approval, expected January 2015. Reserves table shows 371 MBBL net proved.
2 Dec 2014asset acquisition disposition▲ GoodMajor
OGI (seller) says it will sell subsidiary Birdwood Louisiana, holding 3.99% of Hensarling #1 and 15.3% of the D&L wells, to GGE for US$575,000, subject to conditions and OGI shareholder approval. Mark Freeman, a GGE director, is also an OGI director and took no part in OGI's evaluation.
12 Sept 2014annual report▲ Good
FY2014 annual report: production revenue over A$7.5m (A$3.5m prior year), EBITDA A$3.8m, cash A$1.8m, working capital A$3m, debt cut from A$629k to A$174k. West Klondike now producing; D&L #1 liability unlikely to exceed A$1m. Report text does not mention the Louise outcome.
9 Sept 2014drilling result▼ BadMajor
Louise (Templet #1) will be suspended and used as a water disposal well for Hensarling #1, as the JV could not justify a sidetrack. The prospect did not deliver, though the well gave useful geological data.
4 Sept 2014production update▲ GoodMajor
West Klondike's Wilbert Sons #1 began production on 2 September at ~1.4 mmcfd from the Lower Nod Blan, after discovery in December 2012 and repeated delays. GGE holds 11.7% WI. Rates should rise as the well stabilises.
4 Sept 2014production update● Neutral
Partner Tamaska (11.4% WI) repeats that West Klondike began producing on 2 September at ~1.4 MMcf/d. Nothing new beyond GGE's own announcement.
4 Sept 2014drilling result▼ BadMajor
Louise logs show Cris R II, III and IV all wet; Cris R IV looks already swept despite being 244 ft updip of Simineaux #1. A sidetrack is under review. This is a setback for the prospect's 600-800k bbl target; the well is ~US$1m under budget.
27 Aug 2014drilling progress report▲ Good
Templet #1 at 11,470 ft hit a weak show in Cris R II and a stronger oil show in Cris R III (50% fluorescence, notable gas). The primary Cris R IV target is still about 300 ft deeper; the well is running 40-50 ft high.
25 Aug 2014drilling progress report● Neutral
Templet #1 drilling at 10,800 ft MD; primary target Cris R IV at 11,660 ft TVD, planned total depth 13,000 ft, reached in about 6 days. No result yet.
20 Aug 2014other● Neutral
Notice that a Proactive Investors research note is on the company website. No substance in the announcement itself.
19 Aug 2014drilling progress report● Neutral
Templet #1 drilling ahead at 7,812 ft, with about 35 more days to reach target depth. No new result.
12 Aug 2014drilling spud▲ GoodMajor
Louise (Templet #1) spudded 10 August 2014, expected to take 45 days to reach target depth. GGE holds 22.57% WI and pays 19.26% of dry hole costs. Ends the long delay since the originally planned Q3 2013 start. Target 600,000-800,000 bbl.
11 July 2014joint venture update▼ BadMajor
GGE finalised Louise at 22.57% WI, paying 19.26% of dry hole costs; the rig is delayed to late July. West Klondike start slips to end July, and Abita's upper 18 recompletion is done. A former Desiree partner is suing for a 5.3% WI; GGE will defend.
26 June 2014investor presentation● Neutral
June investor presentation: 192 boe/d (97% oil), A$3m working capital, no debt, 2014 revenue up to ~A$7m versus A$3.5m in 2013. Louise now to spud in July; West Klondike production expected 11 July. Mostly repeats known facts with company forecasts.
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.
25 Feb 2014half year report▲ GoodMajor
Half-year to December 2013: profit A$957,918 against a A$1.07m loss a year earlier, on production revenue up 94% to A$3.83m. Cash A$1.26m, no equity raising needed. West Klondike facilities now expected within 3 months, with interest stated as 11.713%.
3 Feb 2014admin correction● Neutral
Re-release of the December quarterly report, with the text appearing identical to the original; the headline calls it a cash flow correction. No new figures are visible in the text provided.
23 Dec 2013security holder rights change● Neutral
GGE sets up a sale facility for holders of parcels under A$500 (55,555 shares or fewer at 0.9c). About 910 of 1,701 holders are affected and will be sold out unless they return a retention form by 10 February 2014.
28 Nov 2013investor presentation● Neutral
November investor presentation: monthly net operating revenue ~US$450k, A$1.2m cash, share price 1.3c, market cap ~A$10m. Louise well (15.5% WI, targeting 600-800k bbl gross) now expected Q1 2014, slipping from Q3 2013. West Klondike production due Q1 2014, also later than first expected.
1 Nov 2013admin correction● Neutral
Replacement cash flow report corrects the share and option figures to post-consolidation: 747,998,870 shares and unlisted options of 200k, 8m, 15m and 18m. Cash flow figures are unchanged (cash A$1.18m).
3 Oct 2013other● Neutral
Notice of a BRR Media webcast with Managing Director Mark Freeman on 3 October 2013. The text carries no content beyond the headline 'GGE multiplies on back of announcement'.
