Gas2Grid Limited ("GGX") is a Sydney based Australian company formed in 2004 for domestic and international oil and gas exploration with the initial sole asset being a 750 square kilometre Petroleum Service Contract (SC 44) located onshore Cebu Island in the Philippines which had been issued for a seven year period.
Gas2Grid Limited was listed on the Australian Securities Exchange ("ASX") in May, 2005 raising a gross $5 million.
The Board currently comprises David Munns (Non-Executive Chairman), Dennis Morton (Managing Director) and Patrick Sam Yue (Executive Director).
Other major activities to date included:
- In March, 2008 Gas2Grid Limited purchased 100% of EP 453 located in the Canning Basin, Western Australia. The payment was satisfied by issuing Gas2Grid Limited shares. This licence was sold in 2013 to a private group in return for equity in a planned IPO.
- The Company acquired, through a licence application, a 50% interest and Operatorship of the St. Griede exploration licence, located in the Aquitaine Basin of south-west France in 2008 and that interest was increased to 100% in August 2011 by a cash acquisition of the balance of 50% from the joint venture partner. Application to renew the licence for a further 5 year period with a 50% area relinquishment was lodged in early 2013.
- In 2007, the Company entered into a farmin to earn 55% interest in PEP 38260 (New Zealand). The Company withdrew from the farmin after drilling Kate-1 in 2008 which was plugged and abandoned after failing to intersect any hydrocarbons.
In Service Contract 44 located in the Philippines the Company has tested oil in 2014 from two separate sandstone reservoirs in Malolos-1, the discovery well for the Malolos oil field. The currently assessed Malolos Field Contingent Resource, for oil in the two lower oil productive sandstones, has been calculated to range between 6.8 and 68 million barrels with a “Best Estimate” assessed to be 20.4 million barrels of “Total Oil Initially in Place. The Company has been awarded a 2 Year Technical Moratorium by the Philippine Department of Energy ending on 27 January 2017 to demonstrate sustained oil production and establish the commerciality of the oil field to justify the issue of a 25 year production licence. The Company plans on funding the appraisal and development of the Malolos oil field by way of farmout.
The Company lodged three new petroleum exploration licence applications covering nearly 12,000 square kilometres of the Aquitaine Basin in southwest France. These licence applications are currently being processed by the French Government with determination by the Minister expected sometime in 2015.