22 July 2015production update▼ Bad
The Mahalo 6 pump workover slipped from 18 July to 27 July because the original rig was delayed; Santos allocated another rig. This is a further delay to getting the Mahalo 7 well pair producing again.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 July 2015remuneration report● Neutral
MD Tor McCaul's base salary is unchanged; he gets 1,000,000 performance rights and a A$200,000 cash bonus tied to Mahalo pilot sustained 500 mcfd flow or 2P reserve targets by end-2016. Pieters gets 500,000 rights. His earlier 500,000 rights lapsed unvested.
17 June 2015director officer appointment● Neutral
Chris Pieters, a director since April 2009, becomes Executive Director with no set term, working ad hoc as a consultant at $1,500 per day. He previously helped with the 5% Stanwell interest acquisition in 2013/14.
15 June 2015director officer appointment● Neutral
Non-executive director Tony Gilby retired from the board immediately, citing travel demands of his CEO role at Tlou Energy. He joined in late 2009 and remains a significant shareholder. The board is considering whether to appoint a replacement.
12 June 2015production update▼ Bad
The Mahalo 6 pump replacement workover is scheduled for 18 July, after April's pump efficiency decline. Comet Ridge says it is disappointed at the time taken to schedule it. The well is expected back online in July.
6 May 2015other● Neutral
Company lodged its updated share trading policy, effective 30 April 2015, following revised ASX guidance. Administrative; no operational or financial information.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a loss of A$1.3m, versus A$4.14m a year earlier. Net placement and SPP proceeds were A$8.6m. Mahalo reserves are restated as 22 PJ 2P and 124 PJ 3P. The excerpt is truncated.
6 Mar 2015production update▲ Good
Water lifting from Mahalo 7 via Mahalo 6 continues with pump speed rising, and continuous gas flow in Mahalo 6 began over the past week. A flow-and-flare skid at the Mahalo 7 wellhead is being investigated. No gas rates are given.
9 Dec 2014production update▲ Good
Gas and water rates at neighbouring Mahalo 3 and 4 changed soon after Mahalo 7 entered the coal, which the company reads as positive connectivity. The Mahalo 6 pump is due to be installed on 14 December, so the horizontal well is not yet producing.
27 Nov 2014director officer appointment● Neutral
Non-executive director Jeffrey Schneider's retirement from the board took effect at the close of the 27 November 2014 AGM, as announced on 27 October. He had been a director since 2004.
27 Nov 2014investor presentation● Neutral
AGM presentation recaps Mahalo's 40% interest, Stanwell terms (20-40 PJ gas or A$20m cash), August reserves, and the Mahalo 7 well. It says Mahalo 7 is expected online in early December, and plans further Mira drilling and step-out coreholes. Largely repeats known facts.
20 Nov 2014capital raising announcement● Neutral
The Share Purchase Plan closed with A$1.106m from 163 shareholders for 8,192,551 shares at A$0.135, with no scale-back. That is well under the A$2m cap, so total raised is about A$9.1m with the A$8m placement, funding Mahalo appraisal.
What it means for a shareholder
8.2m new shares at A$0.135 to raise about A$1.1m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (7,407 at the issue price), your slice goes from 0.00144% to 0.00141% of the company. To keep it you'd need 118 more shares - about A$16 at the issue price.
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14 Nov 2014drilling result▲ GoodMajor
Mahalo 7 reached 775 m total measured depth and intercepted the Mahalo 6 vertical well, after drilling about 360 m of coal. Gas was seen while drilling and conditions were good. Production only follows once Mahalo 6's pump is reinstalled, so gas rates are not yet known.
7 Nov 2014drilling spud▲ GoodMajor
Mahalo 7, the first horizontal well at Mahalo, spudded on 6 November 2014 after the A$8m placement. It will drill about 500 m through coal at roughly 230 m depth to meet the Mahalo 6 well, taking about two weeks. Comet Ridge holds 40%; Santos operates.
27 Oct 2014capital raising announcement● Neutral
Share Purchase Plan documents issued: eligible shareholders can buy up to A$15,000 of shares at A$0.135, with the offer capped at A$2m. It closes 17 November 2014, and applications may be scaled back.
27 Oct 2014director officer appointment● Neutral
Founding director Jeffrey Schneider, on the board since August 2003, retires at the 27 November 2014 AGM. The board will not replace him, citing its focus on costs.
24 Oct 2014annual report● Neutral
Printed-style 2014 annual report, with the same content as the version lodged on 29 September. It records 458,748,746 shares and 1,894 shareholders at 16 October 2014. Mahalo is listed at 40% pending assignment paperwork.
20 Oct 2014investor presentation● Neutral
Capital raising presentation backing the A$8m placement at A$0.135, a 16% discount to last close. It shows forecast cash of A$2.3m at 30 September 2014 and a Mahalo focus on a horizontal pilot well and converting 3P to 2P reserves. Largely repeats the placement announcement.
20 Oct 2014capital raising announcement● NeutralMajor
Comet Ridge raised A$8m through a placement of 59.3m shares at A$0.135 (11.4% of shares on issue), plus a Share Purchase Plan of up to A$2m. Funds go to Mahalo appraisal, starting with a horizontal well due to spud in November 2014.
What it means for a shareholder
59.3m new shares at A$0.135 to raise about A$8.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (7,407 at the issue price), your slice goes from 0.00161% to 0.00143% of the company. To keep it you'd need 958 more shares - about A$129 at the issue price.
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29 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014 lodged. The chairman calls the August maiden reserves a milestone, says reaching reserves took longer than expected, and notes the Stanwell buy-back. Financial figures are not in the excerpt.
25 Sept 2014investor presentation● Neutral
PESA symposium presentation recaps Galilee Basin appraisal and the August Mahalo reserves. Shows 458.7m shares and cash of A$4.8m at 30 June 2014. No new results.
28 Aug 2014resource reserve update▲ GoodMajor
First independently certified Mahalo reserves: 22 PJ 2P and 124 PJ 3P (COI net, 40% basis pending JV consent). Contingent resources rise to 208/328/468 PJ (1C/2C/3C) from 83/221/442 PJ. This resolves the long-slipped reserves target; 2P covers under 5% of the block.
18 July 2014admin correction● Neutral
Re-release of the 17 July Noosa presentation, amended to add the ASX Listing Rule 5.25.6 information and the 5.28.2 prospective resources statement. The company says the content is otherwise unchanged. No new information.
17 July 2014investor presentation● Neutral
Noosa conference presentation recaps known facts: 40% of Mahalo pending JV consent, Mahalo pilots producing gas, and the resource table. Shows 458.7m shares, cash of A$7.0m at 31 March 2014, and a share price of A$0.15. No new results.
13 June 2014drilling result▲ GoodMajor
Harrington 1 reached 1042 m and intersected about 19 m of net coal, with gas seen bubbling from core. It was cased and suspended. This matches the 16-24 m seen in other eastern Galilee wells, supporting coal continuity; core analysis is pending.
29 May 2014production update▲ Good
Mahalo pilot gas output has risen steadily since the pilot came back on line in early March, after the January-February stimulation. Mira restarted dewatering after pressure testing in May, with first gas from Mira 5. Interest is 35%, rising to 40% once conditions are met.
22 May 2014drilling spud● Neutral
Harrington 1 appraisal well spudded on 21 May 2014 in ATP 1015P, 24 km northeast of Gunn 2, targeting about 1060 m. Comet Ridge holds 20% through the QER farm-in. It is an appraisal step-out to test coal continuity.
19 Mar 2014asset acquisition disposition▲ GoodMajor
Stanwell hands back its 5% Mahalo interest and drops its option over a further 35%, restoring Comet Ridge to 40% (subject to JV consent). In return, at final investment decision Stanwell takes either a 20-40 PJ gas sales agreement or A$20m cash. No payment before then.
19 Mar 2014investor presentation● Neutral
Presentation repeats the Stanwell buy-back terms: 40% Mahalo interest, A$20m or a 20-40 PJ gas sales agreement at final investment decision, and 40% net contingent resources of 83/221/442 PJ. It adds that Mahalo 3 and 5 are back on line after stimulation in January and February.
6 Mar 2014half year report▼ Bad
Half-year to 31 December 2013 shows a loss of A$4.14m, against A$2.31m a year earlier. Net proceeds of the August placement (50m shares at 18c) were A$8.46m. Operations text repeats the quarterly report; Mahalo 5 stimulation is now said to be planned for February.