GREAT ARTESIAN OIL & GAS LIMITED
Merger with Drill Search Energy Comes To Fruition
GOG - June 2008 Quarterly Report - Mr David Williams, MD
Tue, 5 Aug 2008 09:00AM
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GREAT ARTESIAN OIL & GAS LIMITED (GOG)
ASX code: GOG
Website: http://www.greatoil.com.au
Industry: Energy
Principal Activities:
Petroleum exploration.
Address:
16 Spring Street, Level 8
16 Spring Street
SYDNEY
NSW
Phone: 02 9241 4440
Fax: 02 9241 4404
Executives & Directors
Mr Peter Hopkins , Independent Director, Non Exec. Chairman
Mr David Williams , Managing Director
Mr Chris Carty , Executive Director
Mr Jim McKerlie , Independent Director, Non Exec. Director
Mr Ian Bucknell , Company Secretary
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
GREAT ARTESIAN OIL & GAS LIMITED (GOG) Events
Australia/NSW
GREAT ARTESIAN OIL & GAS LIMITED (GOG)
| DLS: Merger Complete | Tue, 12 Aug 2008 |
| Great Artesian Change of Address - 8 August 2008 | Fri, 8 Aug 2008 |
| June 2008 Quarterly Report Appendix 5B - 31 July 2008 | Thu, 31 Jul 2008 |
| Federal Court Approves Great Artesian Scheme of Arrangement | Thu, 31 Jul 2008 |
| Suspension from Official Quotation at close 31/07/08 | Thu, 31 Jul 2008 |
| Intention to Lodge Federal Court Order with ASIC | Wed, 30 Jul 2008 |
| Results of Scheme Meeting - 28 July 2008 - CORRECTION | Mon, 28 Jul 2008 |
| Change of Director`s Interest Notice | Mon, 28 Jul 2008 |
| Results of Scheme Meeting - 28 July 2008 - CORRECTION | Mon, 28 Jul 2008 |
| ASX Circular: Merger with DLS by Scheme of Arrangement | Mon, 28 Jul 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH DAVID WILLIAMS, MANAGING DIRECTOR OF GREAT ARTESIAN OIL & GAS LIMITED (GOG)
“Merger with Drill Search Energy Comes To Fruition”
http://www.brr.com.au/event/49002
TUESDAY, AUGUST 5 2008, 9:00 AM.
BRR Good afternoon and welcome to Boardroom Radio. Today, we are speaking with Mr. David Williams, managing director of Great Artesian Oil & Gas
10 Limited. Thanks for joining us today, David.
GOG It’s a pleasure.
BRR David, you’ve released your quarterly report and we see that it’s been an extremely busy quarter for Great Artesian Oil & Gas. Did you want to give our
15 listeners some of the details of the highlights for the quarter?
GOG Yeah. Look, I’d suppose that the large part of the quarter’s been focused on, as most would know, the merger with Drillsearch and I’ll come back to that in a minute but at the same time, we’ve been continuing on and working with a number of our major projects, not the least of which is the Front End
20 Engineering Design for the Gas Processing Facility that we’ve been looking at using the Cool Energy technology on and that really has come to a stage now where we’ve got the detail drillings of the facility and the first estimation of costs. So we’re particularly moving into this quarter now, really sort of beginning to focus on how we might structure that and whether we can get
25 that through financial decision. In addition, apart from that, there’s been some work done on the PEL 91 block. If you remember that was the block that we drilled a well just before Christmas in the Murrippi well in the previous quarter and while good shows in the Murrippi well, it wasn’t sufficient to take it to a commercial exercise but it certainly gave the two partners ourselves and
30 Beach Petroleum the heart to realize that the migrations are occurring. So we took that on to do some further 3D Seismic and extend the Beach 3D, Modiolus 3D Seismic that they are running on PEL 92 to run that into PEL 91 and that completed just a few weeks ago and so that’ll be the next exercise as far as we’re concerned on 91 in looking at the next prospects to drill.Tthe
35 other major block is PEL 106 where again we’ve been continuing to work through with the Spinel 3D and in particular again talking to Beach recently in relation to that and working at what wells that they’re going to drill in the Beach Farmin Block which will occur in this half of the calendar year. So, yeah, probably not a lot appearing on the surface of it but I can tell you we’ve
40 been pretty busy back here, just managing the merger process and as well as keeping the business going.
BRR David, you briefly mentioned one of the major highlights being the merger with Drillsearch Energy Limited. Did you want to give our listeners some
45 details of this?
GOG Yeah. Look, that’s been a long time ago, but not that long ago that we started on the process back in the second half of February and as you mentioned in the quarter, we managed to progress that into the signing of the Merger Implementation Agreement with Drillsearch and then from there the actual scheme of arrangement processes and our shareholders have been inundated, I think, with the scheme booklet and follow-ups and just again a couple of weeks ago voted overwhelmingly to approve that scheme then we went back to the Federal Court last Thursday and the Court gave its approval.
5 So once we complete the implementation on it, I might touch on what’s going on in this period. So that’s a funny time that we’re in but once we complete that process, implementation is due to take place on Tuesday next week on the 12th of August and from there we’ll be trading just simply as Drillsearch and all the Great Artesian shareholders will be holding Drillsearch shares at
10 that time and there’ll be shareholders in Drillsearch and Great Artesian will be 100% owned subsidiary of Drillsearch. We’re just in this period that while it’s effective from the Court order on the 31st of July, it would go into the process of closing off the registers and then calculating what each person’s entitlement will be and from there then issuing the shares and there’s nothing
15 that the Great Artesian shareholders need to do on that after the 12th or on the 12th. The new statements, holder statements, in Drillsearch will be dispatched and from the 13th they’ll be off trading with just normal Drillsearch shares. But already we’re starting to see the benefits of the integration. As we speak, we’re to come together the two management teams and down here in
20 Drillsearch’s Spring Street office would come down here because it’s a lot more room than their other office so we really are starting to work together working on each other’s projects with that complete team and starting to look at the next projects.
25 BRR And, David, what’s happening with Great Artesian in the coming years?
GOG Well, I think there’s quite a large work program about to kick off and that’s of course the combined work program of Drillsearch and Great Artesian. There’s some drilling to….that will happen in the next six months or less than the next six months in PEL 106. There’s interpretation of the seismic as I mentioned in
30 PEL 91 which will lead to some wells I’m sure being drilled there in the new year. In PEL 107 with joint venture partners, they’re just completing their review of PEL 107 and of the Kiana block that was the SKM 3Ds referred to. So we’d be looking at some drilling some wells in the PEL 107 block and decide at Christmas and then on the Drillsearch blocks we’ve got the Marina
35 Block that had the seismic (inaudible) (00:05:18) that’s being analysed at the moment and quite likely that’ll lead to Marina 2 well early in the new year and we’re due to shoot some seismic in the block in the offshore Camarvon in about November. So there’ll be quite a large amount of seismic being shot there. And then there are other opportunities as they come up. We continue
40 to work on the Gippsland blocks. We continue to work with the eight blocks in Queensland at Drillsearch in certain Pacific (inaudible) (00:05:44). There’s some seismic to be shot in the Surat block. So there’s a lot on the go. It’s going to be a mixture of wells and a mixture of further seismic but we just won’t be sitting there. As I think I’ve mentioned before, we’ll continue to
45 review those blocks, work out what will best to do ourselves, what will might be better to farm out and we’ll continue to look at farming opportunities and we’ll continue to look at other businesses that might sort of fit in well with us and we’ll just continue on those at various conversations and discussions. So we’re not going to sit back and catch our breath. After this merger we just got to keep barging on.
BRR Thank you for those insights today, David. I’m sure our listeners really do
5 appreciate that and we look forward to hearing from you soon.
GOG Thanks for that. Look forward to coming back to the…to your listeners with some information about wells being drilled in the not too distant future.
BRR Thank you. That was David Williams, managing director of Great Artesian Oil
10 & Gas. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I’m Eddie (inaudible) (00:06:50) and thank you for listening to Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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