Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2019joint venture update▲ GoodMajor
Mahalo partners agreed an initial development: mostly dual-lateral wells in the northern Castor and Pollux seams, an 80 TJ/d modular plant, a ~65 km pipeline up to 120 TJ/d, and FID in June 2020. Comet expects first gas before end of 2021. This sets a later FID than the earlier Sept 2019 date.
25 June 2019drilling scheduled● Neutral
Vintage reports Rig 932 is moving from Moomba, with the Albany-2 pad and camp complete. Spud is now expected early July 2019, slipping from late June. Albany-2 will appraise a 61 km2 structure about 7 km from Albany-1, with stimulation later in 2019.
17 June 2019material agreement● NeutralMajor
Stanwell option deed amended and extended to 30 Sep 2022. Stanwell's GSA-or-cash choice is removed, and volume is fixed at 20-30 PJ at a market price. If no GSA is agreed, Comet pays $20m (CPI-indexed from March 2014) by 8 Nov 2021. This replaces the Sept 2019 FID deadline.
30 May 2019material agreement▲ Good
Vintage's release of the new MOU with APA Group and Comet Ridge: APA will do route surveys, early environmental studies and a Pipeline Survey Licence application for a Galilee-to-east-coast pipeline. A framework to negotiate a gas transportation agreement is agreed; no binding deal yet.
30 May 2019material agreement▲ GoodMajor
Comet Ridge replaces its 2016 APA MOU, now including Vintage. APA will do route planning, surveys and apply for a Pipeline Survey Licence for a Galilee-to-Moranbah pipeline. It is still non-binding, so the open binding transport agreement remains unresolved.
28 May 2019drilling scheduled● Neutral
Vintage's version of the operator's update: rig mobilisation early to mid-June, Albany-2 spud expected late June, and Condor chosen for stimulation. Repeats Comet Ridge's announcement, adding that Albany-2 will be cored. Vintage stays at 15%, rising to 30% on completing Stage 2.
28 May 2019joint venture update● Neutral
Albany 2 pad work resumed 7 May and should finish this week. Rig 932 move from Moomba is expected early to mid-June, then about two weeks to rig up. Condor Energy Services is preferred stimulation contractor, with stimulation late in Q3 2019. Spud is later than the 'early May' earlier flagged.
30 Apr 2019quarterly activities report● Neutral
March quarter: Mahalo production tests continue, with gas flaring at Struan 3/2 and Sirius Road 2/1 slowly rising as drawdown is applied. Albany rig mobilisation still awaits dry roads. Cash was $16.3m at 31 March (unaudited), down from $23.3m at 31 December; no shares issued.
11 Apr 2019investor presentation● Neutral
Taylor Collison East Coast Gas Day presentation, 11 April 2019. Shows 727.9m shares, $0.29 price, $211m market cap and $23.3m cash at 31 December 2018. Rest is truncated and appears to restate known Mahalo reserves.
5 Apr 2019drilling scheduled● Neutral
Vintage repeats the operator's update: Albany 2 spud delayed until at least early May by rain, and early seismic views show possible leads near Lake Galilee-1. Vintage's stake stays 15%, rising to 30% on completing Stage 2.
5 Apr 2019drilling scheduled● Neutral
Albany 2 spud is delayed to early May at the earliest because of heavy rain and road closures. Early seismic processing shows several possible leads near Lake Galilee-1 and a new anticline about 25 km north, similar in relief to Albany, needing more data.
13 Mar 2019director officer appointment● NeutralMajor
Martin Riley, a roughly 35-year industry veteran who led the upstream part of the APLNG project to final investment decision, joins as non-executive director. Mike Dart resigns after taking a full-time executive role elsewhere.
12 Mar 2019half year report● Neutral
Half-year to 31 December 2018: loss of $2.894m, up from $1.777m a year earlier. Reserve and resource table repeats the known figures (Mahalo 172 PJ 2P). PwC is now listed as auditor. Cash figure not visible in the truncated text.
8 Mar 2019other● Neutral
S&P index notice: Comet Ridge is added to the All Ordinaries index from 18 March 2019. The text says nothing else about the company.
6 Mar 2019well test result▲ Good
First Mahalo gas shows: Struan 3/2 and Sirius Road 2/1 are producing gas at low rates, with water at 20-36 barrels a day across the three tests. No gas rates are given. Memooloo 2 core gas content is in line with expectations.
5 Mar 2019drilling progress report● Neutral
Vintage's version of the Koburra seismic completion: 336 km acquired 2 March, with processing alongside 619 km of older seismic. Rig 932 is due to leave Moomba by end of March, delayed by rain. Repeats Comet Ridge's announcement.
5 Mar 2019drilling progress report● Neutral
The Koburra 2D seismic survey finished on 2 March at 336 km, slightly above the planned 325 km, with good-quality raw images. Albany 2 pad work starts next week; Rig 932 move is about two to three weeks late because of rain. Interpretation is due in the June quarter.
30 Jan 2019quarterly activities report▲ Good
December quarter report: Mahalo five-well program finished within budget, with wells on production test and early gas contents positive. Galilee Stage 2 confirmed, Rig 932 due March, seismic due mid-February. Two senior staff appointments are mentioned; text truncated.
30 Jan 2019contract award▲ GoodMajor
Per Vintage, Comet Ridge as operator signed Ensign Rig 932 for Albany 2 and Albany 1 sidetrack: two firm wells plus two contingent wells, starting March 2019 after the wet season. This resolves the open rig search and commits both parties to Stage 2.
23 Jan 2019investor presentation● Neutral
Corporate update presentation dated 23 January 2019. Capital structure shows 727.9m shares, $0.32 share price, $233m market cap and $24.9m cash at 30 September 2018. Remainder of text is truncated; it appears to restate known Mahalo reserves (172 PJ 2P).
22 Jan 2019auditor change● Neutral
COI is replacing Pitcher Partners, its auditor for over 10 years, with PricewaterhouseCoopers after a competitive tender. Pitcher Partners resigned with ASIC consent. The appointment needs shareholder ratification at the next AGM. The company ties the change to moving from explorer to developer.
9 Jan 2019drilling result▲ GoodMajor
Sirius Road 2 was drilled to 1,990 m with 1,437 m in the Castor seam (96% in seam), and the rig demobilised, completing the five-well Mahalo drilling. Memooloo 2 testing meets expectations; Struan 2 and Sirius Road 1 testing starts shortly.
2 Jan 2019drilling scheduled● Neutral
A 325 km 2D seismic program across the Galilee permits began 30 December, run by Synterra. It should finish by early February, with data ready late in the March 2019 quarter. It aims to define drill targets beyond Albany 1 and 2.
24 Dec 2018drilling spud● Neutral
Sirius Road 2 spudded 21 December as a single lateral targeting the 3.3 m Castor seam, not both seams. The thin Pollux seen in Sirius Road 1 is not considered representative, so Pollux testing is deferred to a future well.
19 Dec 2018drilling result● Neutral
Sirius Road 1 vertical well reached 506 m with 6.9 m net coal. The Castor seam was 3.3 m, as expected, but the Pollux was only 0.9 m, thinner than predicted. Sirius Road 2 is due to spud 21 December.
18 Dec 2018well test result▲ Good
Memooloo 2 production testing, running since 23 November, shows rising water rates with minimal pressure draw down, which the company calls encouraging. No gas rate is given. Testing continues and lab analysis is under way.
10 Dec 2018drilling result▲ GoodMajor
Struan 3, the first dual lateral well at Mahalo, was drilled: 822 m in the Pollux (88% in seam) and 1,512 m in the Castor (95%), over 2.3 km combined. The MD expects this to be a main production well design. Rig moves to Sirius Road 1.
26 Nov 2018farm in farm out completion● NeutralMajor
Vintage says documents transferring a 15% interest in the Galilee Deeps joint venture from COI are fully executed, completing Stage 1. Vintage books 23 PJ 2C for Albany. COI is now 85% with Vintage 15%, ahead of Stage 2.
21 Nov 2018farm in farm out agreement▲ GoodMajor
Vintage says Stage 2 of its Galilee farm-in starts December: a $3.5m gross 300-420 km 2D seismic survey. Vintage funds 50% of a $10m program to earn another 15% (30% total, leaving COI 70%). Long-lead items for Albany 2 and Albany 1 re-entry are being bought.
21 Nov 2018investor presentation● Neutral
Managing Director's AGM presentation. It restates known highlights: 172 PJ net 2P, Mira 6 at 1.4 mmcf/d, the Vintage farm-out, Albany 1 gas flow and the $17.4m placement. The Mahalo program's third well is being drilled. Text is truncated.
