Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2018investor presentation● Neutral
MD technical presentation to the Queensland explorers' association on the Galilee Basin, noting the 230,000 scf/d Albany 1 flow in June 2018. It repeats known information; no new announcements are visible in the text provided.
28 June 2018flow test result▲ GoodMajor
Albany 1 flowed a stable 230,000 scf/d from a 13 m interval (2,582-2,595 m) of the Lake Galilee Sandstone, which COI calls the Galilee Basin's best gas flow to date. The drillstring stuck and drilling is suspended with about 100 m of sandstone undrilled; a larger rig is sought and an Albany 2 step-out planned.
26 June 2018production update▲ GoodMajor
Mira 6/2 gas rate has passed 1.4 million scf/d with only 30 bwpd of water, above the 1.2-1.3 million COI had extrapolated in April. The Mahalo JV is finalising a multi-well program, including a long dual horizontal well, planned to spud in September.
25 June 2018drilling progress report▼ Bad
Albany 1 is at 2,581 m, in the top of the Lake Galilee Sandstone, after a week of delays from a hammer bit failure and a nitrogen booster failure on 24 June. Drilling should resume with about 200 m left.
18 June 2018drilling progress report● Neutral
Albany 1 casing was cemented successfully at 2,470 m, just above the target sandstone. Nitrogen equipment is being pressure tested, with drilling of the Lake Galilee Sandstone section due to start later that day. TD is about 2,775 m.
13 June 2018investor presentation● Neutral
COI presented at Credit Suisse's energy conference in Sydney, its first invitation. The MD says the company is now a developer/producer rather than just an explorer, citing Mahalo. Presentation largely restates known material.
12 June 2018drilling progress report● Neutral
Albany 1 reached 2,470 m, the base of the Jericho Formation just above the target Lake Galilee Sandstone. 7 inch casing is about to be run and cemented, then the final section will be drilled with nitrogen. TD is still about 2,775 m.
8 June 2018production update▲ Good
Mira 6/2 gas rate was 1.193 million scf/d on 5 June, up from 1.0 million, after flare facility adjustments cut back pressure (about 20% gain). This approaches the 1.2-1.3 million limit COI extrapolated in April; further flowline work may lift it more.
4 June 2018drilling progress report● Neutral
Albany 1 is at 1,888 m, drilling ahead in 8-1/2 inch hole part-way through the Jericho Formation, up from 1,336 m. Total depth is still about 2,775 m. No reservoir results yet.
1 June 2018remuneration report● Neutral
Commercial Director Chris Pieters gets five $50,000 success payments tied to gas offtake deals, Mahalo and Galilee FIDs and a Galilee Shallows farmout, plus a $45,000 bonus for the Mira horizontal well and reserves upgrade. Base rate is unchanged. Document text is dated 2016 but sits in June 2018.
28 May 2018drilling progress report● Neutral
Albany 1 is at 1,336 m, drilling ahead in 8-1/2 inch hole through the Jochmus Formation after setting surface casing at 747 m. Total depth is still prognosed at about 2,775 m. No reservoir results yet.
21 May 2018drilling spud▲ GoodMajor
Albany 1 spudded on 19 May 2018 and was at 711 m by 21 May. It is programmed to reach about 2,775 m in roughly 25 days. It is 220 m from Carmichael 1 and is the first well in Vintage's farm-in.
14 May 2018drilling progress report● Neutral
Rig 101 has been released from its other job and is moving to Albany 1, with first loads arriving that afternoon. Spud is expected late this week, possibly over the weekend. No well results yet.
8 May 2018director officer appointment● Neutral
Peter Harding-Smith becomes full-time CFO, succeeding Don Langdon, who retires after nine years part-time and stays part-time briefly for the handover. COI says the move reflects increased activity after the Mahalo upgrade and the Albany 1 drilling.
7 May 2018drilling scheduled● Neutral
Rig 101 is about to move to Albany 1, with spud expected next week. The well targets roughly 40 m of interpreted net pay in about 140 m of sandstone, drilled with nitrogen. Certified contingent resource is 56/153/417 PJ (1C/2C/3C).
24 Apr 2018drilling scheduled● Neutral
Albany 1 contracts, including Easternwell Rig 101, are in place and the drill site is built, but spud has slipped to mid-May until the rig finishes another job. Earlier target was mid-March to early April. Vintage earns 15% by funding the first well.
28 Mar 2018production update▲ Good
Mira 6/2 gas flow passed 1 million scf/d (about 1 TJ/d) and is still rising, up from 840,000 earlier in March. Water rates are already falling from their peak, consistent with the earlier Mahalo pilot.
13 Mar 2018investor presentation● Neutral
March investor presentation repeats known facts: 2P 172 PJ and 3P 374 PJ at Mahalo, with a final investment decision targeted for late calendar 2018. It shows 673.5m shares, 7.0m performance rights and cash of $13.8m at 31 December 2017.
12 Mar 2018production update▲ Good
Mira 6/2 gas flow passed 840,000 scf/d and is still rising toward 1,000,000 scf/d, continuing the climb from 625,000 in February. Management says it supports the new reserves upgrade and expects future development to use longer horizontal wells.
12 Mar 2018half year report● Neutral
Half-year accounts to 31 December 2017 show a loss of $1.777m (prior year $2.033m). The report restates the 5 March reserves upgrade and the Mahalo program being completed on time and on budget. Cash balance is not visible in the text provided.
6 Mar 2018resource reserve update▲ GoodMajor
Independent certifier MHA lifts COI's net Mahalo 2P reserves 473% from 30 PJ to 172 PJ and 3P 71% to 374 PJ, with a maiden 1P of 18 PJ. The 334 PJ gross trigger is passed, so COI can cash call Santos for $1.348m of 2017 costs.
1 Mar 2018farm in farm out completion▲ GoodMajor
All conditions are met for Vintage Energy's farm-in to the Galilee 'Deeps' (sandstone below the coals); the joint venture and co-ordination agreements are finalised. Vintage's roughly $8.5m earns up to 30%, and Albany 1 is expected to spud next month. COI keeps 100% of the coal 'Shallows'.
26 Feb 2018production update▲ GoodMajor
Mira 6/2 gas flow passed 625,000 scf/d, now above the 2016 Mahalo pilot's output, which had 361 m in coal against Mira's 924 m. Management calls Mira the best performing pilot in the block and expects further increases. The reserves upgrade is still pending.
23 Feb 2018material agreement▲ Good
Santos has re-appointed Comet Ridge under a second agency agreement to run the Mahalo 2018 exploration work program and budget, after the 2017 program was completed. Comet expects the budget to be formally approved next week. It continues the 2017 arrangement.
7 Feb 2018production update▲ Good
Mira 6/2 gas flow passed 390,000 scf/d with the upward trend continuing. All technical data is now with the independent certifier for an updated Mahalo 2P and 3P reserves assessment, due in the first quarter. This follows the 200,000 scf/d mark in January.
15 Jan 2018production update▲ Good
Mira 6/2 gas flow passed 200,000 scf/d on a rising trend, rising faster than the shorter horizontal at the Mahalo pilot. Bottomhole pressure remains relatively high, which management says indicates room for more gas as pressure falls.
19 Dec 2017production update▲ Good
The Mira 6/2 combination began producing gas two days after start-up and is now the field's peak water producer. Three Mira pilot wells are producing gas, with rates rising steadily. Pump speed will be raised over Christmas; another update is due in early January.
11 Dec 2017production update▲ Good
The Mira 6 horizontal well, with about 920 m in coal, came on-line on 10 December via the Mira 2 pump, producing water as planned. Rain delayed the start by two weeks. Mira 5 and Mira 3 are already producing gas.
1 Dec 2017capital raising announcement▲ GoodMajor
The Share Purchase Plan drew over $4.4m of applications against a $3m target, and was scaled back to about $3.1m at $0.235. Together with the $10m placement, this completes the November raising; new shares are allotted 1 December.
22 Nov 2017drilling progress report▲ Good
The Mira 2 pump was installed on 21 November and the 2017 field work is finished. Management expects the three-step program to cost under the $5m approved JV budget. Mira 2 is to be reconnected by APLNG; no new gas results yet.
