Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2017investor presentation● Neutral
Managing Director's AGM presentation repeats the existing story: Mahalo moving towards a reserves upgrade, Galilee over 2,200 PJ 3C and Gunnedah over 560 PJ 3C. No new results are visible in the text provided.
14 Nov 2017drilling result▲ GoodMajor
Mira 6 finished at 1,283 m along the well, with about 920 m in coal (99.6% in coal), and the rig is released. Mira 2 will be pumped again within a week. Built in 11.2 days against a 12-14 day plan, the well adds drainage to the Mira pilot.
13 Nov 2017capital raising announcement● Neutral
Comet Ridge opens its Share Purchase Plan: eligible holders at 8 November can buy up to $10,000 of shares at $0.235, the same price as the $10m placement. It aims to raise up to $3m; closes 28 November. Follows the 9 November raising.
10 Nov 2017drilling result▲ GoodMajor
Mira 6 intercepted the Mira 2 vertical well. It reached 777 m along-hole, with about 415 m of coal drilled and the well path 100% in coal. Drilling continues south-southeast to lengthen the horizontal section.
9 Nov 2017capital raising announcement▲ GoodMajor
Comet Ridge raised $10m through a placement of about 42.6m shares at $0.235, a 14.5% discount to the 5-day VWAP, and offered a Share Purchase Plan of up to $3m at the same price. Funds go to Mahalo, the Albany appraisal and working capital. The price is well above June's $0.125 raising.
What it means for a shareholder
42.6m new shares at A$0.235 to raise about A$10.0m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (4,255 at the issue price), your slice goes from 0.000689% to 0.000644% of the company. To keep it you'd need 293 more shares - about A$69 at the issue price.
Create a free account to see this worked out for your own holding.
7 Nov 2017drilling progress report● Neutral
Mira 6 build section was drilled to 362.6 m at 82 degrees inclination at the top of the Castor seam, and 7-inch casing was cemented. The crew is preparing to steer along the seam towards Mira 2. Progress update with no production result yet.
3 Nov 2017drilling spud▲ GoodMajor
The Mira 6 horizontal well spudded on 2 November 2017, as delayed from October. Surface hole was drilled to 42 m and cased. It is designed to intersect the Mira 2 vertical well and speed up gas and water production, using Silver City Rig 20.
3 Nov 2017investor presentation● Neutral
Managing Director's November 2017 presentation repeats the Mahalo, Galilee (over 2,200 PJ 3C) and Gunnedah (over 560 PJ 3C) story. It shows 617.7m shares, cash of $4.2m at 30 September 2017 and a $0.28 share price on 1 November. No new results.
1 Nov 2017farm in farm out agreement▲ GoodMajor
Private firm Vintage Energy agreed to fund about $8.5m of an up-to-$15m program to earn 30% of the deep sandstone targets in Comet Ridge's three Galilee permits, starting with the Albany 1 well. Subject to conditions within 12 weeks, including Vintage raising funds. Comet keeps 100% of the coal.
19 Oct 2017annual report● Neutral
Annual report for the year to 30 June 2017, repeating the Santos agency deal, 100% of ATP 1015 and the Mahalo reserves of 30 PJ 2P and 219 PJ 3P. It is a re-lodgement of the report already noted on 21 September; no new figures are visible.
18 Oct 2017other● Neutral
Computershare, the share registry, says its Brisbane office moves to 200 Mary Street from 1 November 2017. Phone and postal details are unchanged. Administrative notice with no substance for Comet Ridge's business.
5 Oct 2017drilling result▲ GoodMajor
Pressure tests show under-reaming cut damage around the Mira 3, 4 and 5 wells: skin values fell from 74, 56 and 41 to 2.5, 7.7 and 3.0. Mira 5 is making steadily rising gas. Mira 6 is still due to spud in October.
4 Oct 2017investor presentation● Neutral
Presentation by Galilee Energy (GLL), a different company, not Comet Ridge. It lists Comet Ridge as a peer, with market cap $111.2m and cash $6.03m at 30 June 2017. Nothing new about Comet Ridge's own business.
22 Sept 2017admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement on the website. Administrative filing with no new substance for shareholders.
22 Sept 2017other● Neutral
Corporate governance statement dated 20 September 2017, lodged with the annual report. It says practices substantially follow the ASX 3rd Edition recommendations and describes the board committees. Administrative disclosure with no new operational or financial substance.
21 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017. It covers the Santos agency deal, 100% ownership of ATP 1015 and the Galilee gas-buyer talks, and notes the pending surrender of New Zealand PMP 50100. Financial figures are not visible in the extract.
14 Sept 2017investor presentation● Neutral
MD's Good Oil Conference presentation in Perth. Shows 617.7m shares, 5.0m performance rights, A$6.0m cash at 30 June and a A$0.145 share price. Repeats the Galilee (over 2,200 PJ 3C) and Mahalo story; the visible text shows no new results.
7 Sept 2017drilling result▲ GoodMajor
Humboldt South 1 reached 326 m, hit about 8.4 m of net coal with gas bubbling from core and measured permeability, and was within budget. The three under-reamed Mira wells are back online. The Mira 6 horizontal well is expected to spud in October.
28 Aug 2017drilling spud▲ GoodMajor
Humboldt South 1 corehole spudded on 26 August 2017, 6 km east-northeast of Mira, with casing cemented at 131 m. It targets about 280 m depth to gather data for an updated Mahalo 2P/3P reserves assessment. It is the first well Comet Ridge has drilled as Santos's agent.
17 Aug 2017drilling progress report▲ Good
Under-reaming of Mira 4 and Mira 3 is complete, and a short workover on Mira 2 is under way to prepare it for the horizontal well intercept. The Humboldt South 1 corehole is expected to spud next week.
10 Aug 2017drilling progress report▲ Good
Mira 5 under-reaming is complete, with about 15 cubic metres of coal recovered, and Mira 4 is under way. The JV also approved a Mira 6 horizontal well to follow the Humboldt South 1 corehole, adding to the original program.
31 July 2017drilling progress report● Neutral
TDC Rig 8 has been mobilised to the Mira field in the Mahalo Block, with work starting on Mira 5 the next day. It is scheduled to stay about two and a half weeks. This is the start of field work promised for late July.
20 July 2017investor presentation● Neutral
Noosa conference presentation by the MD repeats the Mahalo plan and Galilee resources (over 2,200 PJ 3C). It shows 617.7m shares, A$6.0m cash at 30 June 2017 and a A$0.135 share price. Field work is due to start late July; no new results.
29 June 2017contract award▲ GoodMajor
TDC Drilling won the drilling contract for the 2017 Mahalo work program, using two rigs: one to under-ream the Mira wells, then one to drill the Humboldt South 1 corehole. Equipment is due by end-July, so field work should start in late July as previously guided.
2 June 2017capital raising announcement▲ GoodMajor
Comet Ridge raised A$5.3m through an oversubscribed institutional placement of 42.4m shares at A$0.125, a 15% discount to the 30-day VWAP, up from the A$0.05 raising in late 2016. Funds the Mahalo 2P reserves program; field work is expected to start before end-July.
What it means for a shareholder
42.4m new shares at A$0.125 to raise about A$5.3m. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (8,000 at the issue price), your slice goes from 0.00139% to 0.0013% of the company. To keep it you'd need 590 more shares - about A$74 at the issue price.
Create a free account to see this worked out for your own holding.
17 May 2017other● Neutral
Re-lodgement of the 2016 Corporate Governance Statement, dated 28 September 2016. It describes board practices and committees; no new substance for shareholders.
13 Apr 2017joint venture update▲ GoodMajor
The Mahalo JV unanimously approved the amended 2017 work program, resolving the open item on the 2017 work program. It covers under-reaming the four Mira vertical wells, one step-out corehole northeast of Mira, and studies. Field work is expected to start in the second quarter.
5 Apr 2017investor presentation● Neutral
MD presentation in Adelaide repeats the Mahalo agency deal and the 2017 plan to turn 3P into 2P. It notes ATP 1015 is now 100% and funding is targeted via gas pre-sales. No new results.
3 Apr 2017joint venture update▲ GoodMajor
Santos appoints Comet Ridge agent to manage Mahalo subsurface work to end-2018, ending the earlier JV deadlock on further work. Programme is capped at about A$5m gross; no cash call on Santos until a gross 2P upgrade of at least 334 PJ. Comet is exploring gas pre-payments to fund its share.
7 Nov 2016investor presentation● Neutral
Managing Director's Beijing forum presentation on east coast gas shortage and unconventional gas. Cites over 2,200 PJ 3C in the Galilee Basin and Mahalo pilots with initial 2P and 3P reserves. Repeats known facts; no new results.
