Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2017quarterly activities report▲ Good
September quarter: Mira under-reaming and the Humboldt South 1 corehole are done, and all three Mira pumps run at about 100 rpm. Mira 6 spud slipped to 2 November because of rain. Galilee 3C is stated at 2,287 PJ. Cash is not shown in the visible text.
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.
19 July 2017quarterly activities report● Neutral
June quarter: the A$5.3m placement of 42.4m shares at A$0.125 settled 9 June. Mahalo field work, with TDC rigs, is about to start, aiming to lift 3P (219 PJ) to 2P. Galilee gas-buyer talks continue; Gunnedah renewals are still awaited.
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.
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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.
28 Apr 2017quarterly activities report▲ Good
March quarter: reports the Santos agency deal and JV approval of the 2017 program, budgeted at no more than A$5m gross. The ATP 1015 transfer from QER was approved and registered, so Comet Ridge now holds 100%. Gas customer talks continue.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter: Mahalo pilot kept a strong rate after a short maintenance shut-in, and development study work finished. ATP 1015 transfer to 100% is being finalised, giving 9,685 km2 in the Galilee. The 2017 Mahalo JV budget is still unapproved.
24 Nov 2016agm notice● Neutral
MD's AGM presentation restates the year's progress: Mahalo pilot offtake grew from 235 to over 460 Mcfd. The Mahalo reserves and development pathway is still not agreed within the JV. Albany funding talks continue. No new results.
24 Nov 2016agm notice● Neutral
All eight AGM resolutions passed on a show of hands, including electing Michael Dart. Proxy votes against were large on Pieters' re-election (65.2m) and his performance rights (69.4m against 48.3m for).
24 Nov 2016agm notice● Neutral
Chairman's AGM address: disappointed Mahalo has not been commercialised faster, as JV partners prioritised their LNG trains. Says a plan is hoped for soon, with Albany buyer talks and Gunn behind in priority. Thanks holders for the raising.
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.
4 Nov 2016capital raising announcement▲ GoodMajor
The entitlement offer closed oversubscribed, raising A$1,052,515 at A$0.05. A further A$402,065 placement meets excess demand, taking the total to A$1,454,580 for 29,091,607 shares, with some excess applications scaled back. Cash rises to about A$2.96m before costs.
What it means for a shareholder
29.1m new shares at about A$0.0362 to raise about A$1.1m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (27,640 at the issue price), your slice goes from 0.00505% to 0.0048% of the company. To keep it you'd need 1,469 more shares - about A$53 at the issue price.
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