While we all twiddle our thumbs....
Management Part 5 – projects and performance
2011:
A correction to previous post #
32679937 tenement sold was
EL4877 and not
EL4500
1:
More tenements from initial IPO expired/lapsed, (EP4861, EP4862)
2:
Tenement EP425 expired/lapsed which was purchased from Lodestar
?? (King) prior to IPO for 6M shares @ $0.10c =
$600,000 but with the carrying value of
$5,000,000? being expensed. EP425 was also in European Gas Limited’s Annual Report divested exploration permits
EP425 & EP447 (still can’t work out why
Lodestar was paid for EP425)
https://www.asx.com.au/asxpdf/20071001/pdf/314vwt03yrbpmq.pd
3: Sold equity investments? (no mention which) To maintain enough working capital to continue as a going concern
4: Coal sample for CTL assessment dispatched and waiting for test results (31st Jan)
still no result?
5: Placement to Astron raises working capital and funds for CTL project, and
forges an even stronger strategic link between GPP and ATR (Astron) (GPP holds 1,292,250 shares in ATR) as well as having common directors (King/McCullough) –
what is/was the advantage of having this strategic link?
And what exactly is the strategic links?
6: It is somewhat annoying that shares GPP have invested in ASX listed companies are not reported more transparently, but rather having to go looking for announcements/annual reports. As per point 3 “above” but going on Astron’s previous year annual report where we held 1,442,250 shares has been reduced to 1,292,250 in the 2011 annual report
https://www.asx.com.au/asxpdf/20111017/pdf/421sq5hg7l77xb.pdf
7: During the year
consolidate cash almost entered negative territory but was bolstered by the sale of Astron sales, for the quarter a drop in
administration costs to $18k versus pervious quarters $58k & $65k?
8:
Michael Piperoglou becomes a substantial holder (10.12%)
Planet Gas ceases to be a substantial holder – sale of 11,635,000 shares off market
By years end there was no
Becoming a Substantial Notice from Astron issued? One would think that as both these companies are ASX listed they would know their reporting requirements!
9: Drilling progressing on tenements we still own!
10
: EL4877 sale stalling and has been rejigged!
Quarterly Financials & Activities:
31st Jan – John Watts active in reviewing areas held and onsite surveys. Activities focused on EL4500, EL5227, EL4860, EL4877 with detailed fieldwork choosing suitable areas for drilling programmes.
Coal sample for CTL assessment dispatched and waiting for test results.
Cash at end of quarter $151,000 – budgeted spending for next quarter
$150,000
EP425, EP4861, EP4862 tenements expired/lapsed
29th Apr – Company focused on drill targets EL4500, EL5227 and EL4860, all targets lie within freehold land and are being identified by the company tenement manger
Cash at end of quarter $385,000 – budgeted spending for next quarter, interesting to note that for previous 2 quarters administration had been
$58k and
$65k, budget spend for the quarter was $50k but spend was
$18k ?? (making ends
meet? for reporting the quarterly?)
Joint venture agreement with UIL LLC EP447 Walyering
Consolidated cash almost entered negative territory but was bolstered with the sale of Astron shares
31st Oct – Latrobe Valley lignite is an excellent feedstock for Direct Coal to Liquids (DCTL) processes.
Negotiations commenced with a North America Research group who are developing the DCTL technology.
Cash at end of quarter $895,000 – includes $523,000 from placement and a further $200,000 from sale of EP4877 (still $2.4M in negotiations)
Admin costs for the quarter $197,000 a multiple of 4 from previous quarters?
PEL 145 – announcements
28
th Jan - GPP offered licence covering the Willochra Basin for a period of 5 years. The basin is adjacent to the Walloway Basin where a large lignite resource has been identified, supporting an interesting and ambitious downstream development including plans for a
coal to liquid undertaking. The presence of a similar resource in the Willochra Basin is an
exciting possibility for GPP.
https://www.asx.com.au/asxpdf/20110128/pdf/41wdt27wd5gnm9.pdf
31
st Oct - Data from groundwater analysed and a comprehensive report on the prospectivity of the permit will be undertaken in Dec quarter.
https://www.asx.com.au/asxpdf/20111031/pdf/4226vmvhzkbqgw.pdf
EL 4500 – announcements
31
st Jan – Resource and Coal Quality by an independent consultant returned 101.92Mt of coal, stripping ratio of less than 6:1, further drilling in area to upgrade resource estimate.
https://www.asx.com.au/asxpdf/20110429/pdf/41yc7y35gjl5qr.pdf
29
th Apr - Further drilling hadn’t started to add to define coal resource.
https://www.asx.com.au/asxpdf/20110429/pdf/41yc817mtfx51q.pdf
EL 4877 – announcements
31st Jan – (
Sold Sept 2009)
Negotiations continuing with the purchaser on the transfer of the EL.
https://www.asx.com.au/asxpdf/20110429/pdf/41yc7y35gjl5qr.pdf
27th July – Upon the licence renewal the tenement was reduced bt the Victorian Department of Primary Industries in size from 700 graticular sections at time of sale to 200, the purchaser was concerned the reduction would affect parts of the prospective underlying coal deposit which was the reason for the purchase. A new Novated Deed was recorded with the DPI on the 18
th July
https://www.asx.com.au/asxpdf/20110722/pdf/41zx3sfj11nk71.pdf
GEP37 & GEP38 announcements
31
st Jan – exploration progressed, Geophysical data review and fieldwork to be further investigated during 2011.
29
th Apr –exploration continued, land freehold status under review
EP5227 – announcements
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, a 6 hole core sample will be used for the testing programme.
Coal sample for CTL assessment dispatched and waiting for test results (LUCA Technologies)
https://www.asx.com.au/asxpdf/20110131/pdf/41wh8ttlbjg1gl.pdf
EP447 – announcements
29
th Apr – Greenpower enters into a JV agreement with UIL LLC, UIL are currently completing a data review and are formulating a development programme for the second half of 2012, programme information will be available by the end of May 2011
Placement – 15th July
GPP issues 9,513,018 shares @5.5c to raise $532,726 to Astron (13.04%)
Placement used for working capital and in particular to
assist funding its Coal to Liquids project involving technology developed by the University of Texas.
https://www.asx.com.au/asxpdf/20110715/pdf/41zsypbm2qplln.pdf
Substantial Holder Notices:
11
th Oct – Michael Piperoglou becomes a substantial holder (10.12%)
12
th Oct – Planet Gas ceases to be a substantial holder – sale of 11,635,000 shares off market
By years end there was no
Becoming a Substantial Notice from Astron?
Drilling progress update for tenements we still own…..
https://www.asx.com.au/asxpdf/20111026/pdf/4221htgxz85k6z.pdf
Coal to Liquids Project: Latrobe Valley
Latrobe Valley lignite is an excellent feedstock for Direct Coal to Liquids (DCTL) processes.
Greenpower after examining many conversion processes has concluded that only one satisfies critical environmental guidelines. Application of this process could produce synthetic oil in an environmentally manner at an operating cost lest than $35/bbl BUT then say “an exact figure will depend on input costs”.
Negotiations commenced with a North America Research group who are developing this DCTL technology.
https://www.asx.com.au/asxpdf/20111031/pdf/4226vmvhzkbqgw.pdf
All the above IMO only unless directly taken from announcements
