Management Part 4 – projects and performance
2010:
My take on the year: all the following is IMO only
1: Flavelle gets 1,200,000 shares in an off market trade for consideration under Deed of Settlement from European Gas.
2: At IPO listing there were transaction involving Flavelle/European Gas/ GPP that “raised one eyebrow as I dropped the other eyebrow” even more so now with no idea what the “Deed of settlement” is.
3: GPP (GCC) have
x,xxx,xxx shares = a substantial amount of funds invested in Astron (King a director) – Yes, that how the reported the amount of shares GPP own in Astron in the AGM presentation.
There is
no mention of shares we purchased in European Gas that were part of a deal between Flavelle/GPP/EPG at time of listing - 465,040 shares = $372,032
https://www.asx.com.au/asxpdf/20101129/pdf/31v6vscr20yww2.pdf
You can stop guessing at how many shares we own, from Astron’s Annual report – GCC Asset holdings are the 5
th largest shareholder with 1,44,250 shares (page 17)
https://www.asx.com.au/asxpdf/20101101/pdf/31tlrwnr765yq4.pdf
4: Farmed out EP447 the conventional gas prospects including the Walyering site (field could contain 389bcf gas), GPP reserved right to explore/produce coal seam gas on the tenement - part of the European Gas deal @ IPO
5: EL4368, EL4811, EL4369 - all relinquished (EL4807 relinquished, EL4500 sold 2009) Our 20% interest in PEL428 transferred to COI:
Makes 6 of the Planet Gas tenements purchased at IPO we no longer own!
6: Doesn’t appear GPP are spending the required monies maintaining their tenements
7. Watts added to the board as CEO
Quarterly Financials & Activities:
1st Feb - Cash at end of quarter $603,000 – budgeted spending for next quarter $190,000 – budget not spent previous quarter
29
th Apr – Cash at end of quarter $546,000 – budgeted spending for next quarter $190,000 – budget not spent previous quarter. All tenements to be acquired as per the prospectus (IPO) on listing have now been acquired.
https://www.asx.com.au/asxpdf/20100429/pdf/31q149x3llf0bw.pdf
16
th Mar – Appendix 3B –
ouch that has to hurt 23,010,257 Escrow shares issued in accordance with the prospectus (IPO listing) now released….. IPO prospectus SP 20c – at time of release 6c.
11
th May – Change of director interest notice, Flavelle acquires 1,200,000 in an off – market trade for consideration under some terms of confidential release with an unrelated party
25
th May – Ceasing to be a substantial holder from European Gas, well we know who the unrelated party is now, Flavelle’s 1.2M shares were a transfer from European Gas, as per the attached transfer form attached to this notice
https://www.asx.com.au/asxpdf/20100521/pdf/31qg60xxdkx798.pdf
The intrigue from trying to understand the transactions between GPP and Astron/European Gas and King/Flavelle at time of IPO listing has me scratching head even more now.
2
nd Aug – Cash at end of quarter $420,000 – budgeted spending for next quarter $190,000 – budget not spent previous quarter ($61k) but administration is on the rise @ $59,000 – ($8,000 the previous quarter)
29
th Oct – Cash at end of quarter $256,000 – budgeted spending for next quarter $75,000 – budget not spent previous quarter ($117k) administration rose again @$65,000
EL4500 Announcements
5
th Feb - Clean Global HOA, CGE/GPP intend to convert the current HOA into a formal JV, where CGE will commit to spend $1.25M within a five year period to earn a 75% interest in the selected tenement.
https://www.asx.com.au/asxpdf/20100205/pdf/31nk5c9pp1bt36.pdf
2
nd Aug – Quarterly – 6 hole core drilling planned
GEP37 & GEP38 announcements
12
th Mar – GPP awarded 2 geothermal exploration permits in WA by the Dept of Minerals and Petroleum for 6 years, are renewable and enable GPP to proceed to a commercial development:
First year: several investigations to map heat emitting granites
Second year: investigate the heat source in detail and shallow drilling, deeper drilling to provide the framework for harnessing geothermal heat electricity conversion planned for 2012
Across Australia there are several projects which are likely to result in large scale emission free electricity generation, these
projects enjoy strong policy and financial support from government agencies.
https://www.asx.com.au/asxpdf/20100312/pdf/31p6t4whm5qt5c.pdf
11
th Aug – SGC appointed to source and analyse existing geotechnical information in the area.
https://www.asx.com.au/asxpdf/20100811/pdf/31rtmwr9w9fgjl.pdf
PEL428 announcements
1
st Feb – Still waiting on results of drilling that was completed in April 09
https://www.asx.com.au/asxpdf/20100201/pdf/31ngg53yfp66h1.pdf
17
th Mar – Company is currently assessing the detailed information supplied by the operator
https://www.asx.com.au/asxpdf/20100317/pdf/31p9qzyxqgslq0.pdf
14
th Oct – HOA to transfer its interest in the tenement to COI – no details of the sale other than the interest GPP owned will transfer to COI
https://www.asx.com.au/asxpdf/20101014/pdf/31t3lzfbd3khy4.pdf
EP447 announcements
1
st Feb – preparations for corehole drilling underway
https://www.asx.com.au/asxpdf/20100201/pdf/31ngg53yfp66h1.pdf
2
nd Aug – no drilling as yet, a structural study was undertaken, talks of considering options to JV, plus is aware of development work on an adjacent permit and awaiting release of those results, these may modify EP447 plans
27
th Oct – farm-in signed with US private equity group – New Mexico based UIL LLC
https://www.asx.com.au/asxpdf/20101027/pdf/31tdz20vw3j96g.pdf
EP425 announcements
1
st Feb – No work carried out on this permit area, analysis of petroleum geochemical data suggests it has potential for oil and a study to define targets for testing to be carried out in early 2009 (ummm, this announcement is Feb 2010!!!)
https://www.asx.com.au/asxpdf/20100201/pdf/31ngg53yfp66h1.pdf
EL5227 announcements and the future star project is born
Some historical information from Esso, interest in the ability for the Latrobe Valley lignite to form the basis of Coal to Liquids, In addition to the drilling Esso also carried out testing in their labs in North America but discontinued when the oil prices collapsed – using the base of Esso’s work the company has re-started lab work assessing the potential. First lab testing should be completed 3
rd quarter, a 6 hole core sample will be used for the testing programme
https://www.asx.com.au/asxpdf/20100802/pdf/31rntlmf5qq3xy.pdf
Otway Area – EL4368, EL4811, EL4369
GPP relinquished its Otway area – considered to be early stage exploration not matching the company’s objectives.
AGM Presentation – 29
th Nov
The Board grew with the addition of Watts – It now has King, Flavelle, McCullough, Mitsui & Watts
- Other financial assets, x,xxx,xxx shares in Astron @$2.21 (26/11/2010), but no mention of shares we owned in European Gas?? (Maybe they ran out of x's)
- Greenpower has a substantial amount of funds invested in Astron (ASX:ATR)
Astron has
made good progress, in developing its mine in Northern Victoria as well as preserving its capital.
Considering King and McCullough are on the board, the use of “made good progress” is ones interpretation of what they think is good, but mind you the ATR thread wouldn't think so
All the above IMO only unless directly taken from announcements
Cheers
(20min delay)