Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2014other▲ Good
Comet Ridge received a A$2.98m Research and Development tax refund for spending in the year to June 2013. The company says it will fund ongoing exploration and appraisal. This adds to cash, which was A$10.0m at 30 September 2013.
21 Jan 2014production update▲ Good
Stimulation of Mahalo 3 is complete and dewatering is restarting to test its effect. Mahalo 5 stimulation is delayed one to two months to see the result. Mira began producing measurable gas in mid-January, rising steadily.
9 Dec 2013production update▼ Bad
Santos now needs extra rig equipment for safe Mahalo 3 stimulation, and the rig will drill a non-Mahalo well first. It is not expected back until early January 2014. This further delays the stimulation work.
27 Nov 2013production update● Neutral
Santos says its safety investigation of the Mahalo 3 incident is substantially complete, and stimulation work is expected to restart next week. This follows the 20 November halt.
25 Nov 2013investor presentation● Neutral
Managing Director's Galilee conference presentation recaps the Galilee Basin and the Gunn 2 extended production test. It repeats the 1,870 PJ 3C Gunn resource and 100% interest, and the farm-in's first stage earning 20%. No new results.
20 Nov 2013production update▼ Bad
A safety incident during stimulation work on the Mahalo 3 well halted all operations there while Santos investigates. This delays the stimulation planned to restore Mahalo productivity. Mira dewatering continues as planned. No restart date was given.
25 Oct 2013annual report● Neutral
Printed-style annual report repeats the lodged 2013 report: A$9.4m raised in August 2012, two Mahalo pilots dewatering, Gunn 2 test at about 400 barrels of water a day, 20% earned in ATP 1015P. About 458 million shares on issue. No new results.
19 Sept 2013annual report● Neutral
2013 annual financial report lodged. Chairman says progress to reserves was slower than expected due to Mahalo technical issues and NSW drilling restrictions, with certification at Mahalo targeted for early 2014. Largely repeats known facts; the text is truncated.
3 Sept 2013investor presentation● Neutral
Managing Director's Good Oil Conference presentation repeats known facts: A$13m cash after the A$9m placement, two Mahalo pilots operating, and 2P reserves targeted 1Q 2014. Shares on issue 458.1m at A$0.185, market cap A$84.7m. No new results.
31 July 2013investor presentation● Neutral
Capital raising presentation supporting the A$9m placement. It says Mahalo's lower productivity points to ineffective completion practices, with a work-over planned, and Mira's high productivity is confirmed. Initial 2P reserves are targeted for 1Q 2014. No new results.
31 July 2013capital raising announcement● NeutralMajor
Comet Ridge raised A$9m through a placement of 50 million shares at A$0.18, a 21.7% discount to the last close, lifting cash to about A$13m. Funds go to the Mahalo work-overs and operations. The first 2P reserves target slips to the first quarter of 2014.
What it means for a shareholder
50.0m new shares at A$0.180 to raise about A$9.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (5,556 at the issue price), your slice goes from 0.00136% to 0.00121% of the company. To keep it you'd need 681 more shares - about A$123 at the issue price.
Create a free account to see this worked out for your own holding.
18 July 2013investor presentation● Neutral
Managing Director's Noosa conference presentation largely repeats known facts: Mahalo pilot producing modest gas from two wells, stimulation planned, Mira on-line from June. Updates resources table with Gunnedah now 474 PJ 3C. Share price A$0.24, market cap A$97.6m.
18 July 2013production update▼ BadMajor
Pressure surveys confirm Mahalo pilot wells are less productive than when drilled in 2012, so a work-over rig is required; two wells still flow gas. Mira's high productivity is confirmed, but Mira 3 is off-line with a pump failure needing a work-over. Santos will operate the work.
20 June 2013production update● NeutralMajor
Mira pilot, the second Mahalo pilot, is on-line with three of four wells pumping water; gas is expected only after months of dewatering. At Mahalo, two wells flow gas but productivity is below 2012 tests, so remedial stimulation may be needed. Reserves booking later in 2013 'remains on track'.
6 June 2013director officer appointment● Neutral
Non-executive director Chris Pieters becomes Commercial Director for an initial four months, as a consultant at A$2,000 per day. The MD says it reflects the focus on converting the large resource base to reserves.
27 May 2013asset acquisition disposition▲ GoodMajor
Petrel Energy announced completion of the sale of its PEL 6, 427 and 428 interests to Comet Ridge's subsidiary; ministerial approval came 10 May 2013. This resolves the Gunnedah purchase (A$750k, signed June 2012) that had awaited NSW consent, lifting COI to 22.5%, 50% and 60% CSG interests.
14 May 2013investor presentation● Neutral
Managing Director's presentation at the Hong Kong and Singapore Spotlight on ASX conferences repeats known facts: first Mahalo pilot operating, second due within weeks, first 2P reserves targeted 2013. Market cap A$85.4m at A$0.21, cash A$6.5m. No new results.
23 Apr 2013production update▲ GoodMajor
The Mahalo field pilot came on-line late the previous week, with one of four wells immediately flowing gas. This is the first gas from the pilot after nine months of work; rates will be tracked as wells stabilise. Mira is expected on-line within weeks.
4 Apr 2013production update● Neutral
Mahalo field pilot construction is nearly complete, with production expected to start mid-April; Mira follows in May. The aim remains reserves certification later in 2013. Lowesby West 1 will be drilled late April, after the operator drills a non-Mahalo well.
27 Mar 2013drilling result▲ Good
Humboldt Creek 2 reached 483 m and intersected 9.4 m of net coal in the southern part of the block, about 24 km from Mira. The rig prepares to move to Lowesby West 1, the last well in the programme.
18 Mar 2013drilling spud● Neutral
Humboldt Creek 2 spudded 15 March, third step-out core hole, about 24 km south-southeast of Mira, targeting about 500 m. The MD says about four weeks of drilling time have been lost to weather since December.
5 Mar 2013drilling result▲ Good
Turkey's Nest 1 reached 410 m and intersected 9.6 m of net coal, thicker than Scrubber Gully 2's 7.2 m. Rain delayed drilling; the rig will move to Humboldt Creek 2 once roads dry.
19 Feb 2013drilling spud● Neutral
Turkey's Nest 1 spudded 17 February, the second Mahalo step-out core hole, about 5 km southwest of the Mahalo pilot wells, targeting about 420 m. It is meant to extend the area available for reserves booking.
15 Feb 2013drilling result▲ Good
Scrubber Gully 2, first of four Mahalo step-out core holes, hit 7.2 m of net coal at 523 m. It is to be plugged and abandoned. Rig moves to Turkey's Nest 1, extending the area available for reserves booking.
24 Jan 2013investor presentation● Neutral
Notice of a BRR Media audio interview with the MD on 24 January, giving an update on Galilee Basin operations. No new information in the announcement itself.
24 Jan 2013drilling spud● Neutral
Scrubber Gully 2 spudded 24 January, the first of four step-out core holes about 5.2 km southeast of Mira, targeting around 500 m. Stanwell's funding now explicitly covers step-out drilling.
21 Jan 2013drilling result▲ GoodMajor
Mira 2 reached 320 m with about 9.1 m of net coal, completing the four-well Mira pilot programme. The Mahalo JV will run two pilot schemes (Mahalo and Mira) aimed at early reserves certification. Four step-out core holes follow, starting with Scrubber Gully 2.
17 Jan 2013production update▲ GoodMajor
The Gunn 2 Extended Production Test began 11 January in the Galilee Basin, flowing over 120 barrels of water a day from one four-metre coal interval with minimal pressure drop. It is the company's first test on a completed Galilee well; the test will run for months before pilot design is finalised.
15 Jan 2013drilling spud● Neutral
Mira 2 spudded 14 January, the fourth and final Mira pilot well, central to the other three and to be cored through the reservoir. Four step-out core holes follow to extend the area available for booking reserves.
14 Jan 2013drilling result▲ Good
Mira 5 reached 320 m with 8.7 m of coal in four intervals, productive and consistent with the earlier Mira wells. It is cased and suspended as a pilot well. The rig moves to Mira 2, the final cored pilot well.
