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Grand Gulf Energy : GGE - Dec 19 Quarterly Activities and Cashflow Report

01/29/2020 | 01:30am EST

Market Announcements Platform

ASX Limited

Exchange Centre

20 Bridge Street

Sydney NSW 2000

December 2019 ASX Quarterly Report

29 January 2020

HIGHLIGHTS

  • Desiree Field (39.6% WI) - The well produced a total of 9,213 bbls of oil during the quarter. The well is presently averaging 102 bopd.
  • Dugas & Leblanc #3 Field (55.5% WI) - The well produced a total of 7,189 bbls of oil during the quarter. The well is presently averaging 80 bopd.

QUARTERLY CASH FLOW SUMMARY

Cash Flow Analysis

December Quarter

Year to Date

$AUD '000

$AUD '000

Production Sales

560

1,252

Production Costs

(193)

(401)

Operating Costs

(114)

(310)

Net Operating Proceeds

253

541

CAPITAL STRUCTURE AND FINANCIAL SNAPSHOT

ASX Code

GGE

Shares

384 m

Share Price

0.6 cent

Market Capitalisation

$2.3 million

Cash Reserves @ 31/12

$686,000

Producing Fields

2

Quarterly Net BO

6,631 bbls

Daily Net BO

74 bbls/d

PRODUCTION SUMMARY

Total Net Quarterly Oil Production

Mar Qtr

June Qtr

Sept Qtr

Dec Qtr

Oil (bbls)

7,549

7,919

7,464

6,631

Quarterly Bo

Daily Bo

Working interest

Parish

Gross

Net

Gross

Net

Desiree Field

39.65%

Assumption

9,213

3,647

102

41

Dugas & Leblanc

55.5%

Assumption

7,189

2,984

80

33

Total

16,402

6,631

182

74

Board of Directors

Registered Office

Chairman - Craig Burton

1 Alvan St, Subiaco WA 6008

MD - Mark Freeman

T +61 8 6102 4826

Director - Chris Bath

E info@grandgulf.net

December 19 Quarterly Report

BBLS

Quarterly Production

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Mar Qtr

Jun Qtr

Sept Qtr

Dec Qtr

Oil (bbls)

Desiree Field

Desiree, Assumption Parish, Louisiana, Non-Operator 39.65% WI

The Hensarling #1 well (Desiree Field) produced a total for the quarter of 9,213 barrels of oil. The well is presently averaging 102 bopd.

Dugas & Leblanc Field

Napoleonville- Dugas & Leblanc #3 Well, Assumption Parish, Louisiana, Non-Operator 55.5% WI

The D&L#3 well (Dugas & Leblanc Field) produced a total for the quarter of 7,189 barrels of oil. The well is averaging 80 bopd.

UPDATE ON THE CONSOLIDATION OF GGE SHARES

GGE completed the 1 for 2 Share consolidation during the quarter, as approved by shareholders at the Annual General Meeting held in November 2019. The total number of shares is now 383,749,478.

CORPORATE COST REDUCTION PROGRAM

The Company has actively taken measures to reduce its operating and corporate costs. These additional cost savings this financial year are likely to be in excess ~$200,000.

EXPLORATION AND DEVELOPMENT

DJ Basin, Colorado, USA (66% WI*)

The Company has working interests in 355 net acres in Weld County. The Company is presently working to farmout its interests.

Grand Gulf Energy Ltd - 1 Alvan St, Subiaco, WA 6008 T +61 8 6102 4826 E info@grandgulf.net

December 19 Quarterly Report

East Texas Prospect (40-50% WI) - 1,238 acres in the Eagle Ford

The Company owns a 40-50% interest in 1,238 net acres of 1,319 gross acres in Burleson County, Texas. The Company continues to pursue farm-down/sale opportunities.

LEASE SCHEDULE

The Company provides the following Schedule of lease interest held for the quarter as at 22 January 2020 as required by ASX Listing Rule 5.3.

Interest at

Interest at the

Project

Location

Lease

Beginning of

end of the

the Quarter

Quarter

Dugas & Leblanc

Assumption Parish, Louisiana

CL-0110

55.8%

55.8%

Desiree/Louise

Assumption Parish, Louisiana

CL-0130

39.6/22.0%

39.6/22.0%

Desiree

Assumption Parish, Louisiana

12S14E52-031A(Cl-0131)

39.6%

39.6%

Desiree

Assumption Parish, Louisiana

12S14E52-031B(CL-0131)

39.6%

39.6%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-001

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-003

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-005

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-006

39.6/22.0%

39.6/22.0%

Grand Gulf Energy Ltd - 1 Alvan St, Subiaco, WA 6008 T +61 8 6102 4826 E info@grandgulf.net

December 19 Quarterly Report

Desiree

Assumption Parish, Louisiana

12S14E52-008

39.6%

39.6%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-009

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-011

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-013

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-014

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-015

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-016

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-019

39.6/22.0%

39.6/22.0%

Desiree

Assumption Parish, Louisiana

12S14E52-020

39.6%

39.6%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-022A

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-022B

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-012

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-002

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-018

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-021A

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-021B

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-024

39.6/22.0%

39.6/22.0%

Louise

Assumption Parish, Louisiana

12S14E52-025

39.6%

39.6%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-026

39.6/22.0%

39.6/22.0%

Louise

Assumption Parish, Louisiana

12S14E52-028

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-001

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-002A

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-002B

22.0%

22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-002C

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-002D

39.6/22.0%

39.6/22.0%

Desiree/Louise

Assumption Parish, Louisiana

12S14E52-002E

39.6/22.0%

39.6/22.0%

Louise

Assumption Parish, Louisiana

12S14E53-003

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-004

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-005

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-006

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E53-007

22.0%

22.0%

Desiree

Assumption Parish, Louisiana

12S14E52-032(CL-0068 & 0106)

39.6%

39.6%

Louise

Assumption Parish, Louisiana

12S14E52-029

22.0%

22.0%

Louise

Assumption Parish, Louisiana

12S14E52-030

22.0%

22.0%

Burns Tract

Burleson County, Texas

Tract 1

50%

40%

Burns Tract

Burleson County, Texas

Tract 7 & 8

50%

40%

Burns Tract

Burleson County, Texas

Tract 9A

50%

40%

Burns Tract

Burleson County, Texas

Tract 9B

50%

40%

Burns Tract

Burleson County, Texas

Tract 9C

50%

40%

Burns Tract

Burleson County, Texas

Tract 10

50%

40%

Burns Tract

Burleson County, Texas

Tract 11

50%

40%

Burns Tract

Burleson County, Texas

Tract 14

50%

40%

Burns Tract

Burleson County, Texas

Tract 26

50%

40%

Hooker Creek Tract

Burleson County, Texas

Tract E2-8

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract NW-12

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract E2-11

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract E2-11b

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract E2-11e

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract E2-11c&d

50%

50%

Hooker Creek Tract

Burleson County, Texas

Tract NW-3

50%

50%

Grand Gulf Energy Ltd - 1 Alvan St, Subiaco, WA 6008 T +61 8 6102 4826 E info@grandgulf.net

December 19 Quarterly Report

DJ Basin

Weld County, Colorado

Lease A

21.9%

52.2%

DJ Basin

Weld County, Colorado

Lease B

21.9%

52.2%

DJ Basin

Weld County, Colorado

Lease C

21.9%

52.2%

This report contains forward looking statements that are subject to risk factors associated with resources businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Grand Gulf Energy Ltd - 1 Alvan St, Subiaco, WA 6008 T +61 8 6102 4826 E info@grandgulf.net

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity

quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

GRAND GULF ENERGY LIMITED

ABN

Quarter ended ("current quarter")

22 073 653 175

31 December 2019

Consolidated statement of cash flows

Current quarter

Year to date

$A'000

(6 months)

$A'000

1.

Cash flows from operating activities

1.1

Receipts from customers

561

1252

1.2

Payments for

(a)

exploration & evaluation

(12)

(42)

(b)

development

(12)

(12)

(c)

production

(193)

(427)

(d)

staff costs

(31)

(89)

(e) administration and corporate costs

(61)

(143)

1.3

Dividends received (see note 3)

1.4

Interest received

1

1

1.5

Interest and other costs of finance paid

1.6

Income taxes paid

1.7

Research and development refunds

1.8

Other (Insurance payment - refundable)

-

-

1.9

Net cash from / (used in) operating

253

540

activities

2.

Cash flows from investing activities

2.1

Payments to acquire:

(a) property, plant and equipment

-

-

(b) tenements (see item 10)

-

-

(c)

investments

-

-

(d)

other non-current assets

-

-

+ See chapter 19 for defined terms

Page 1

1 September 2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows

Current quarter

$A'000

2.2

Proceeds from the disposal of:

(a) property, plant and equipment

(b) tenements (see item 10)

(c) investments

(d) other non-current assets

2.3

Cash flows from loans to other entities

2.4

Refunds/(Payments) of security deposits

2.5

Other (provide details if material)

2.6

Net cash from / (used in) investing

-

activities

3.

Cash flows from financing activities

3.1

Proceeds from issues of shares

-

3.2

Proceeds from issue of convertible notes

-

3.3

Proceeds from exercise of share options

-

3.4

Transaction costs related to issues of

-

shares, convertible notes or options

3.5

Proceeds from borrowings

-

3.6

Repayment of borrowings

-

3.7

Transaction costs related to loans and

-

borrowings

3.8

Dividends paid

-

3.9

In-specie Capital Distribution

(1)

3.10

Net cash from / (used in) financing

(1)

activities

Year to date

(6 months)

$A'000

-

- - - -

- - -

-

(1)

(1)

4. Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of

457

162

period

4.2

Net cash from / (used in) operating

253

540

activities (item 1.9 above)

4.3

Net cash from / (used in) investing activities

-

-

(item 2.6 above)

4.4

Net cash from / (used in) financing activities

(1)

(1)

(item 3.10 above)

4.5

Effect of movement in exchange rates on

(24)

(16)

cash held

4.6

Cash and cash equivalents at end of

685

685

period

+ See chapter 19 for defined terms

Page 2

1 September 2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents

at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter

Previous quarter

$A'000

$A'000

5.1

Bank balances

685

457

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of

685

457

quarter (should equal item 4.6 above)

6.

Payments to directors of the entity and their associates

Current quarter

$A'000

6.1

Aggregate amount of payments to these parties included in item 1.2

30

  1. Aggregate amount of cash flow from loans to these parties included in item 2.3
  2. Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

Payments include consulting fees and director's fees.

7.

Payments to related entities of the entity and their

Current quarter

associates

$A'000

7.1

Aggregate amount of payments to these parties included in item 1.2

0

  1. Aggregate amount of cash flow from loans to these parties included in item 2.3
  2. Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

+ See chapter 19 for defined terms

Page 3

1 September 2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

8.

Financing facilities available

Total facility amount

Amount drawn at

Add notes as necessary for an

at quarter end

quarter end

understanding of the position

$A'000

$A'000

8.1

Loan facilities

-

-

8.2

Credit standby arrangements

-

-

8.3

Other (please specify)

-

-

8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

9.

Estimated cash outflows for next quarter

$A'000

9.1

Exploration and evaluation

-

9.2

Development

-

9.3

Production

150

9.4

Staff costs

30

9.5

Administration and corporate costs

65

9.6

Other

-

9.7

Total estimated cash outflows

245

10.

Changes in

Tenement

Nature of interest

Interest at

Interest

tenements

reference and

beginning

at end of

(items 2.1(b) and

location

of quarter

quarter

2.2(b) above)

  1. Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
  2. Interests in mining tenements and petroleum tenements acquired or increased

+ See chapter 19 for defined terms

Page 4

1 September 2016

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

  1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
  2. This statement gives a true and fair view of the matters disclosed.

Sign here:

............................................................ Date: 29 January 2020

(Director/Company secretary)

Print name:

Mark Freeman

Notes

  1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
  2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
  3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

+ See chapter 19 for defined terms

Page 5

1 September 2016

Disclaimer

Grand Gulf Energy Limited published this content on 29 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2020 06:29:01 UTC


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