Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Nov 2016agm notice● Neutral
All resolutions carried at the 30 November 2016 AGM, including Charles Morgan's re-election, the 10% placement capacity and option issues to the four directors and consultants. Administrative result only.
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.
27 Oct 2016quarterly activities report● Neutral
September quarter: sales A$741k, net operating proceeds A$212k, cash A$3.0m. Desiree is at ~210 bopd and D&L #3 at ~70 bopd. Abita was recompleted in the 15 sand and back on production 28 September. West Klondike is being recompleted. Pleasant Home entry is reported.
27 Oct 2016quarterly activities report● Neutral
Amended re-lodgement of the September 2016 quarterly report; the visible content matches the original (sales A$741k, cash A$3.0m). The text does not show what was changed.
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● Neutral
Appendix 5B for June 2016 quarter: receipts A$639k, cash up slightly to A$3.223m from A$3.148m. Year-to-date includes A$1.05m insurance receipt. Next quarter's outflows estimated at A$550k. No financing; 748m shares on issue.
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.
29 Apr 2016quarterly activities report● Neutral
March quarter: sales A$1.74m, cash A$3.1m. GGE bought new put options at US$40 a barrel for 3,600 bbl a month (US$141,696 premium). It expects the ATO demerger ruling within three weeks; Desiree arbitration ruling now mid-May.
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.
1 Feb 2016quarterly activities report● Neutral
December quarter: sales A$1.24m, cash A$2.5m. Shareholders approved the demerger on 11 January 2016, but completion depends on a positive ATO ruling. Hensarling #1 fell to ~335 bopd gross for the quarter; arbitration was held in January, result due February.
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.
30 Nov 2015agm notice● Neutral
All AGM resolutions carried, including the remuneration report, Allan Boss's re-election and a 10% placement capacity. Administrative result only.
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.
3 Aug 2015quarterly activities report● Neutral
Appendix 5B cash flow for June quarter: receipts A$1.45m, net operating outflow A$20k, cash down from A$1.75m to A$962k. Next quarter's estimated outflows are A$1.03m. No financing; 748m shares on issue.
3 Aug 2015quarterly activities report● Neutral
June quarter: net operating proceeds A$0.53m on sales of A$1.45m; cash A$1.15m plus receivables A$1.8m, including a A$995,000 insurance payout due September. Management targets farming out Yellowfin (up to 2 TCF potential) and buying producing assets. No debt or equity raisings for five years.
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.
