Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2019quarterly activities report● Neutral
March quarter: sales A$872k, net operating proceeds A$327k, cash A$1.75m. Meetings on 10 May will vote on the WBE subscription and distribution. GGE took a A$300,000, 8% loan from Skye Equity, a Burton-related entity, to fund it. Desiree 135 bopd, D&L #3 73 bopd.
10 Apr 2019security holder rights change● Neutral
Short form prospectus for offering up to 390m Whitebark shares to GGE shareholders through the in-specie capital reduction, tied to the 8 April 2019 notice of meeting. Described by directors as speculative. Procedural document for the previously announced distribution.
22 Mar 2019capital raising announcement▲ GoodMajor
GGE will subscribe A$1.95m for 390m Whitebark Energy shares at 0.5c, then give 383.75m to its shareholders in-specie, one WBE share per two GGE shares (0.25c per GGE share). Needs shareholder approvals. Signals a return of value while seeking a bigger project.
22 Mar 2019material agreement● Neutral
Whitebark's own release on the same deal: the A$1.95m placement at 0.5c from GGE funds its Wizard Lake drilling. Rex-1 is expected back on production in April 2019, with Rex-2 and Rex-3 targeted from mid-2019. Counterparty view of the WBE subscription already announced.
13 Mar 2019half year report● Neutral
Half-year to 31 December 2018 report. The DJ Basin deal settled, with GGE's minimum commitment of two wells put at about US$240,000; first wells expected within 6 months of DSU approval. Text is truncated, so financial results are not stated here.
5 Mar 2019director officer appointment● NeutralMajor
Craig Burton (chairman) and Chris Bath join the board. Chairman Charles Morgan, Stephen Keenihan and Allan Boss step down. Burton's entities hold about 186m GGE shares, per the director interest notice. A major board change; Mark Freeman stays as managing director.
1 Feb 2019quarterly activities report● Neutral
December quarter: sales A$717k, net operating proceeds A$268k, cash A$1.5m. The DJ Basin purchase settled for A$911,000; GGE's final interest is expected around 4% pro rata. Desiree is at 135 bopd and D&L #3 at 75 bopd; the company is now 100% oil.
30 Jan 2019investor presentation▲ Good
Update on the Eagle Ford acreage, now 1,232 gross acres (1,117 net, per the text). Nearby Wildhorse wells flowed up to 840 bopd. About US$660,000 spent on leasing; GGE still seeks a third party to fund and operate drilling and would reduce its interest. Repeats known strategy, no new deal.
31 Oct 2018quarterly activities report● Neutral
September quarter: sales A$1.134m, net operating proceeds A$586k, cash up to A$2.3m. Desiree fell to 155 bopd after 20 days of repairs. Abita sold effective 1 August 2018 for US$100,000 and West Klondike disposed of for US$10,000; DJ Basin acreage and Eagle Ford marketing continue.
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 July 2018quarterly activities report● Neutral
June quarter: sales A$885k, net operating proceeds A$330k, cash A$1.69m (about A$2m currently), no debt. GGE is marketing its Eagle Ford acreage at the August NAPE conference. Net oil output fell to 8,719 bbl for the quarter.
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.
1 Feb 2018quarterly activities report● Neutral
December quarter: sales A$721k, net operating proceeds A$331k, cash A$1.78m. Eagle Ford acreage was added, Desiree averaged 205 bopd and Pleasant Home 31-11 12 bopd. Bayou La Rompe spud has slipped to the first half of 2018.
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.
29 Nov 2017agm notice● Neutral
All four resolutions at the 29 November 2017 AGM were carried, including the remuneration report, Keenihan's re-election and a 10% placement capacity. Administrative result with no new business information. The remuneration report drew 167.6m abstentions.
31 Oct 2017quarterly activities report● Neutral
September quarter: sales A$839k, net operating proceeds A$426k, cash A$1.96m, no debt. Pleasant Home 31-11 is down to ~12 bopd, Desiree is steady at 215 bopd, and Bayou La Rompe is expected to spud in Q4 2017.
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.
27 July 2017quarterly activities report● Neutral
June quarter: sales A$798k, cash A$1.9m. Pleasant Home 31-11 has slipped to ~18 bopd after paraffin build-up. Desiree is steady at 210 bopd. Shares on issue are 767m, up from 748m; the report expects a Napoleonville seismic JV next quarter.
1 May 2017quarterly activities report▼ Bad
March quarter: sales A$691k, cash A$1.8m, no debt. Pleasant Home 31-11 fell to ~30 bopd after a split casing forced the 9,850 sand to be shut in, a setback to the field's main target. West Klondike is back at 20 bopd; Desiree holds at 210 bopd.
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.
1 Feb 2017quarterly activities report● Neutral
December quarter: sales A$686k, cash A$2.0m. Pleasant Home 31-11 tested up to 140-160 bopd and went on production 31 January 2017; West Klondike was recompleted. Boleslaw #1 was confirmed dry and abandoned. GGE has met its US$350k Pleasant Home commitment.
1 Feb 2017quarterly activities report▼ Bad
December quarter cash flow: receipts A$686k, operating outflow A$1.18m, and cash fell from A$3.0m to A$2.0m. The fall is largely exploration spend, including the Kolo interest. No debt or financing; next quarter's outflows are estimated at A$650k.
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.
