21 Nov 2018agm notice● Neutral
All four AGM resolutions passed, including the remuneration report, Michael Dart's re-election, ratification of the placement shares and the 10% placement capacity. Administrative result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2018drilling progress report● Neutral
Struan 2 reached 510 m and Struan 3, the first dual lateral well, spudded 17 November. Memooloo 2 completion is run and being readied for production testing. Sirius Road 1 and 2 follow.
12 Nov 2018drilling spud● Neutral
Struan 2 vertical well spudded 9 November, second of the five-well Mahalo program, with planned depth about 550 m and full coring. It will be intersected by Struan 3, the program's first dual lateral well.
5 Nov 2018drilling result▲ Good
Memooloo 2 reached 300 m with 7.2 m net coal, good to excellent permeability on short wireline tests, and results in line with expectations. About two months of production testing follows once pump is installed; rig moves to Struan 2.
30 Oct 2018quarterly activities report● Neutral
September quarter report. Mira 6/2 was shut in during July after peaking at 1.4 mmscf/d; Memooloo 2 spudded 28 October; Albany 1 is suspended while Albany 2 and a seismic programme are planned. Largely restates known events.
29 Oct 2018drilling spud▲ GoodMajor
Memooloo 2 vertical well spudded 28 October 2018, first of the 5-well Mahalo program, with target depth about 290 m. It will be cored to confirm gas content in the shallowest part of the block, then production tested for about two months.
19 Oct 2018annual report● Neutral
Annual report for the year to 30 June 2018, now including the audited remuneration report. It repeats the earlier statutory report's highlights, including 2P reserves of 172 PJ and Mira 6/2 at 1.4 mmscf/d. Financials are not visible in the text provided.
19 Oct 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative only, with no new business information.
19 Oct 2018other● Neutral
Annual corporate governance statement dated 19 September 2018. It says practices substantially follow ASX recommendations, with exceptions such as no formal agreements with non-executive directors. Administrative only.
12 Oct 2018drilling scheduled▲ Good
Mahalo well pad construction starts within days, with Rig 20 mobilising the week of 22 October and spud expected the week of 29 October 2018. First wells are Memooloo 2, Struan 2 and Struan 3, the first dual lateral well.
1 Oct 2018agm notice● Neutral
Annual general meeting set for 21 November 2018 at 11:00am in Brisbane. Administrative notice only.
21 Sept 2018capital raising announcement● Neutral
Routine paperwork: COI issued 51,225,437 placement shares at $0.34, completing the $17.4m placement announced on 14 September. The notice confirms compliance with disclosure rules.
21 Sept 2018annual report● Neutral
Statutory annual report for the year to 30 June 2018, calling it an outstanding year. It repeats known highlights: 2P reserves up 473% to 172 PJ, Mira 6/2 at 1.4 mmscf/d, the Vintage farm-in and Albany 1's 230,000 scf/d. Financials are not visible in the text provided.
14 Sept 2018capital raising announcement▲ GoodMajor
COI raised $17.4m through an institutional placement at $0.34 per share, about 51.2m shares (7.6% of capital), backed by new cornerstone institutions. Funds go to the Mahalo 2018 program, Albany 1 completion, Albany 2 and seismic, plus working capital.
What it means for a shareholder
51.2m new shares at about A$0.3398 to raise about A$17.4m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (2,943 at the issue price), your slice goes from 0.000435% to 0.000404% of the company. To keep it you'd need 223 more shares - about A$76 at the issue price.
Create a free account to see this worked out for your own holding.
13 Sept 2018other● Neutral
ASX paused trading in COI pending a further announcement. No reason is given in the notice; the next announcement shows it preceded a capital raising.
6 Sept 2018investor presentation● Neutral
MD presentation at the ASX Sydney conference. It shows 676.7m shares, $11.5m cash at 30 June 2018, a $0.36 share price and $243.6m market cap. Text is truncated; it appears to restate known Mahalo and Galilee material.
4 Sept 2018material agreement● NeutralMajor
Stanwell's Mahalo gas option deadline for a final investment decision moves 11 months, from 20 October 2018 to 30 September 2019. The parties will negotiate a new market-priced gas sales agreement by 15 July 2019, with Stanwell's volume still up to 40 PJ.
15 Aug 2018contract award▲ GoodMajor
Comet Ridge signed Silver City Drilling's Rig 20, the rig that drilled Mira 6 in 2017, for a 5-well Mahalo program. Spud is expected mid to late September 2018, finishing November/December. COI says it is fully funded for its share.
30 July 2018quarterly activities report▲ Good
June quarter: Mira 6/2 reached 1.4 million scf/d, and the Mahalo JV approved the 2018 program (7 well bores, September drilling start). Albany 1 flowed gas from the sandstone, and forward planning has begun. This resolves the pending budget approval.
19 July 2018investor presentation● Neutral
Noosa Mining Conference presentation. It shows 676.7m shares, 4.4m performance rights, cash of $13.4m at 31 March 2018, a $0.385 share price on 17 July and a $260.5m market cap. Otherwise it restates known Mahalo and Galilee facts.
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.