Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2010drilling progress report▲ Good
Dugas & Leblanc #1 at 7,640 ft recorded 4,700 unit gas shows in the Big Hum and 2,300 units in the Operc. The company calls them encouraging, but their significance awaits logging at the 7,900 ft target depth. Not yet a discovery.
29 June 2010drilling progress report● Neutral
Dugas & Leblanc #1 is drilling at 5,700 ft after surface casing was set at 2,450 ft. Total depth is expected within four days, then electric logging. No hydrocarbon results yet.
29 June 2010drilling progress report● Neutral
Golden Gate Petroleum's release repeating the 29 June update: Dugas & Leblanc #1 drilling at 5,700 ft, total depth expected within four days. A duplicate with no new information.
23 June 2010drilling spud● Neutral
Golden Gate Petroleum's release of the 22 June spud of Dugas & Leblanc #1, in which it holds 15%. Repeats Grand Gulf's announcement and adds no new information.
23 June 2010drilling spud▲ GoodMajor
Dugas & Leblanc #1 spudded on 22 June 2010, the first of the three-well Napoleonville program, about seven weeks after the original early-May target. It targets 1.2 MMBO and 3 BCF and should take about two weeks to drill. Grand Gulf holds 39.5%.
11 June 2010drilling progress report▼ Bad
Conductor set and water well drilled at Dugas & Leblanc #1; drilling is expected within two weeks, further delayed from the early-May target. Well 2 spud is now mid to late July, and its dry-hole cost estimate rises to US$900,000 from US$700,000.
11 June 2010drilling progress report● Neutral
Golden Gate Petroleum's own release repeating Grand Gulf's 11 June update: Dugas & Leblanc #1 to start within two weeks, with Golden Gate's 15% share of costs set out. A duplicate with no new information.
21 May 2010drilling progress report▼ Bad
Dugas & Leblanc #1, the first Napoleonville well, has permits and a contracted rig, but the rig is only due to be released within two weeks. That slips the spud past the early-May target. Grand Gulf holds 39.5% of the well.
14 Apr 2010farm in farm out completion▲ Good
Golden Gate Petroleum confirms it has signed a Participation Agreement with Grand Gulf for 15% of Napoleonville, with the US$300,000 entry fee paid. It says a rig is contracted, permitting is complete, and the first well is due in early May. Completes the March letter of intent.
5 Mar 2010farm in farm out agreement● Neutral
Golden Gate Petroleum's own release of the same letter of intent: it would pay 23% of costs to earn 15% of Napoleonville, with a US$300,000 entry fee. It repeats the prospect targets and a May 2010 first-well spud. A duplicate of Grand Gulf's own announcement.
5 Mar 2010farm in farm out agreement▲ GoodMajor
Grand Gulf signs a letter of intent to farm out 15% of Napoleonville to Golden Gate Petroleum, which pays 23% of costs and a US$300,000 entry fee. Grand Gulf stays operator and expects about 35% per well, so it can drill more wells with its funds. First well targeted May 2010.
13 Mar 2009drilling progress report● Neutral
After the Dugas & LeBlanc failure, the JV is recalibrating seismic models and reviewing Napoleonville drilling targets. Kimball #1-19 on line at 3,200 Mcf/d; ConocoPhillips #4 back on at 1.2 MMcf/d; Jeanne Reed #1-15 needs clean-out for sand.
3 Mar 2009drilling result▼ BadMajor
Dugas & LeBlanc #1 reached 9,500 ft and was water wet with no hydrocarbons, a dry hole. Landry #1 on hold. Company fears it will breach Macquarie reserves ratios on its fully drawn US$2.5m facility and cannot repay; shares remain suspended.
12 Feb 2009drilling progress report● Neutral
Dugas & LeBlanc #1 drilling ahead at 2,831 ft. Landry #1 AFE cut by about US$200,000 and it will use the same rig. Kimball #1-19 has flowed up to 3.2 MMcf/d; ConocoPhillips #4 was shut in most of January for condensate.
9 Feb 2009drilling spud▲ GoodMajor
Dugas & LeBlanc #1 (26.4%) spudded 7 February, the first Napoleonville well, after months of slippage from the September plan. At 2,025 ft with casing being set; target about 9,500 ft, 5-25 Bcf. Kimball #1-19 tested 1.2 MMcf/d.
13 Jan 2009drilling progress report▼ Bad
First Napoleonville well delayed again by permitting; company apologises. New AFE saves about US$350,000, with dry-hole cost about US$1m; rig likely around end January. Kimball #1-19 drilled to 9,800 ft, to be completed in Atoka sands.
16 Dec 2008drilling progress report▼ Bad
Dugas & LeBlanc #1 spud still awaits a rig date. Reed #4-9 went to sales at 1,300 Mcf/d. Because US gas fell below $6/mcf, Grand Gulf and operator Foothills will not join further near-term Oklahoma wells after Kimball and FHM, postponing Branscum #3-17.
11 Nov 2008drilling progress report● Neutral
Dugas & LeBlanc #1 (26.4%, paying 29.3%) still expected to spud late November, with location construction begun. Reed #4-9 (10%) logged 75 ft Red Oak and 70 ft Brazil sand, frac due 10 November. Claiborne #2-17 to be completed in shallower Upper Atoka sand.
15 Oct 2008drilling scheduled● NeutralMajor
AFE signed for the first Napoleonville well, Dugas & LeBlanc #1 (26.4%, paying 29.3%), targeting 5-25 Bcf; spud slipped to late November 2008. Caldwell #1-12 produces over 1 MMcf/d. Reed #4-9 reached 9,108 ft. Patman wells pump a gross 20 BOPD.
26 Aug 2008resource reserve update▲ GoodMajor
Reserves at 30 June 2008 include Napoleonville for the first time: 3P net 10.5 Bcf gas and 178,500 bbl oil; proved 4.3 Bcf and 35.3 kbbl. Management says proved plus probable NPV10 exceeds US$16m, and US$28m with possible, at $110 oil and $8 gas.
28 May 2008drilling result● NeutralMajor
Fee Minerals sale completed for net US$2.3m, as flagged in April. Bourque #1 (10%) is to be plugged and abandoned after unsuccessful tests on all sands, ending that thread. Ashby #14-29 flows 77 BOPD and 1,325 Mcf/d; Wadsworth #1's lowest sand was water wet.
12 May 2008drilling result▲ Good
Carrin Patman B#1 tested 600 Mcf/d and 12 BOPD from the Rodgers Sand. Ashby #13-29 is on production at 1,500 Mcf/d. Wadsworth #1 is at about 9,500 ft awaiting testing. Both Patman wells await a water reinjection well.
11 Apr 2008drilling progress report▼ Bad
Carrin Patman B#1 reached 8,987 ft and Wadsworth #1 (15%) spudded in Matagorda County targeting 2 Bcf. Ashby #13-29 fracced. Claiborne #2-17 is suspended after the frac apparently split the casing. Four new LeFlore prospects added, including a first horizontal well.
19 Mar 2008drilling progress report● Neutral
Ashby #13-29 reached 11,450 ft with 50 ft of log-derived pay. Carrin Patman B#1 is at 5,810 ft. Claiborne #2-17's re-frac also had problems, and Bourque #1's 9,800 ft test is waiting on a rig.
7 Mar 2008drilling spud● Neutral
Carrin Patman B#1 (12.5%) spudded 3 March in Texas, and Ashby #13-29 (3.825%) spudded in Oklahoma and is drilling at 5,300 ft. Claiborne #2-17 re-frac set for 8 March; Bourque #1 to test a 9,800 ft sand on 10 March.
20 Feb 2008resource reserve update▲ GoodMajor
Napoleonville leads rose from 22 to 29, with potential of over 200 Bcfg and 10 million barrels of oil for Grand Gulf if all matured and successful. The operator plans 5-8 prospects by end March, first well in Q2 2008. Still only leads, not prospects.
13 Feb 2008drilling progress report● Neutral
Carrin Patman #2 is due to spud in February to test the Rodgers Sands; Claiborne #2-17 needs a re-frac after mechanical problems; Bourque #1 is testing one up-hole zone. January production fell from December, due to freeze-offs and downtime at ConocoPhillips #4, FHM #1-5 and Pate #5-18.
1 Feb 2008resource reserve update▲ GoodMajor
First reserve booking at 31 December 2007, excluding Napoleonville and Fee Minerals: proved 2.76 Bcf and 32,600 bbl; proved plus probable 3.14 Bcf and 123,300 bbl. Net present value (10%) is A$15.6m, which the CEO says exceeds market capitalisation.
7 Jan 2008drilling result▼ BadMajor
Bourque #1 (10%) found its Krumbar target sand present but non-productive, a miss for the 12 Bcf prospect; an up-hole zone is being tested. Carrin Patman #1 tested 50 bbl/d. Pate #6-18 is on sales. Company says 14 wells drilled in 2007, success over 85%.
11 Dec 2007drilling progress report▲ Good
FHM #1-5 (1%) was turned to sales at 8,000 mcf/d from the Wapanucka Sand. Bourque #1 (10%) reached 10,790 ft and will be logged; Carrin Patman #1 awaits a completion rig. Claiborne #2-17 is being completed.
