Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2016quarterly activities report● Neutral
September quarter: Mahalo pilot held a steady rate with one horizontal and two verticals online. Wells were shut about 11 days for maintenance and restarted 20 October at higher flowrates. A 2017 work program focused on reserve upgrade for minimum spend was proposed. Companies are discussing long-term Galilee gas supply.
21 Oct 2016annual report● Neutral
Annual report for the year to 30 June 2016. It restates Mahalo 2P of 30 PJ and 3P of 219 PJ and the Albany resource, and includes the remuneration report. The extract shows no new results; the same-day Appendix 4G is the governance filing.
21 Oct 2016admin correction● Neutral
Appendix 4G governance checklist filed with the annual report. It states the corporate governance statement is on the company website and current at 28 September 2016. Administrative only.
14 Oct 2016director officer appointment▲ GoodMajor
Michael Dart joins the board as an independent non-executive director, effective 14 October 2016. He has over 20 years in M&A and finance, including 7 years at EY as east coast oil, gas and resources M&A lead. This fills the open non-executive seat.
12 Oct 2016other● Neutral
Company confirms it has posted the entitlement offer booklet and personalised forms to eligible shareholders. Administrative notice only.
3 Oct 2016capital raising announcement● Neutral
Letter to shareholders on the entitlement offer: up to 21,050,022 new shares at A$0.05, raising up to A$1,052,501, about 4.0% of issued capital. Shortfall may be placed within 3 months. Restates already announced terms.
What it means for a shareholder
21.1m new shares at A$0.050 to raise about A$1.1m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00365% to 0.00352% of the company. To keep it you'd need 769 more shares - about A$38 at the issue price.
Create a free account to see this worked out for your own holding.
30 Sept 2016other● Neutral
Standard legal notice that the entitlement offer needs no prospectus under section 708AA. States the company has met disclosure obligations and the offer is not expected to materially affect control. Shareholders who do not take up their entitlement are diluted. No new substance.
30 Sept 2016capital raising announcement▼ BadMajor
Comet Ridge launched a raise of about A$2m at A$0.05 a share: a A$1.0m placement of 20m shares plus a 1-for-25 entitlement offer for up to about A$1.05m. The price is a 28.6% discount to the last trade of A$0.07. Funds go to working capital.
30 Sept 2016admin correction● Neutral
Corrects the ASX header, which wrongly read A$20 million. The raising is A$2 million; the announcement text and terms are unchanged.
30 Sept 2016annual report● Neutral
Full-year statutory accounts to 30 June 2016, including the annual reserves statement. They restate Mahalo 2P of 30 PJ and 3P of 219 PJ, the Albany 153 PJ 2C resource and the APA MOU. The extract shows no new results.
30 Sept 2016capital raising announcement● Neutral
Offer booklet for the 1-for-25 non-renounceable entitlement offer at A$0.05, raising about A$1.052m if fully taken up. It opens 12 October and closes 31 October 2016, and is not underwritten. Repeats terms of the same-day raising announcement.
7 Sept 2016investor presentation● Neutral
MD's PESA Symposium presentation argues the Galilee Basin is worth revisiting amid an east coast gas shortage. It restates Albany's 153 PJ 2C contingent resource and history of gas shows in old wells. Mostly known facts; no new results.
29 July 2016quarterly activities report● Neutral
June quarter: Mahalo pilot held about 465,000 scf/d. Company set a three-step plan: lift 3P to 2P (targeting up to 550 PJ gross), then 25 TJ/d initial production, then 100-200 TJ/d. Gunnedah PEL 427 renewal lodged; PEL 6 and 428 still awaiting approval.
11 May 2016material agreement▲ GoodMajor
Non-binding MOU with APA Group to work towards APA building and owning pipelines to carry gas from Comet Ridge's Galilee Basin permits to east coast markets. No commercial terms are agreed yet. It supports the Albany and Gunn development case.
29 Apr 2016quarterly activities report▲ GoodMajor
March quarter: Mahalo 5 and Mahalo 4 verticals restarted, lifting total pilot gas rate to a record 464,000 scf/d. Comet Ridge agreed to acquire QER's interest in ATP 1015, taking it to 100%, with about A$250,000 cash paid to Comet Ridge. This reverses its earlier 20% stake with no Phase II funding.
11 Mar 2016half year report● Neutral
Half-year to 31 December 2015: loss of A$1.759m, versus A$1.3m a year earlier. Report restates the Mahalo reserve upgrade and the rising Mahalo 6/7 gas rate. Board unchanged, with Pieters still Executive Director.
3 Mar 2016production update▲ Good
Mahalo 6/7 gas rate passed 426,000 scf/d, up from 361,000 in January. Water output is low at about 20 bbl/d, which the MD says suggests low water-handling costs in development. First vertical well due back online within a week.
29 Jan 2016quarterly activities report▲ Good
December quarter: Mahalo 6/7 gas rate passed 360,000 scf/d and the December reserve upgrade (30 PJ 2P, 219 PJ 3P) is restated. Talks continue on a partner to drill and test Albany. Cash was A$3.2m at quarter end, with A$0.76m outflow forecast for next quarter.
29 Jan 2016quarterly activities report● Neutral
Cash flow report for December quarter: cash fell to A$3.222m from A$3.846m, with net operating and investing outflow of A$625k. Next-quarter outflows are estimated at A$761k. No borrowings; 526.2m shares on issue.
25 Jan 2016production update▲ Good
Mahalo 6/7 single-well gas rate passed 361,000 scf/d, up from 299,000 in December and still rising. Vertical wells Mahalo 3, 4 and 5 remain offline; restart expected around end of January after separator pressure is gradually lowered.
18 Jan 2016security holder rights change● Neutral
Comet Ridge granted 2,520,000 unlisted performance rights to employees and consultants. Half vest on 2P reserves up to 125 PJ; half on Mahalo pilot sustaining 500 mcfd by 31 Dec 2017. Nil issue price. Ties staff incentives to the Mahalo goals.
18 Dec 2015production update▲ Good
Mahalo 6/7 single-well gas rate passed 299,000 scf/d and was still rising after a series of small pump speed increases since October. Mahalo 3, 4 and 5 stayed shut in, with a sequential restart likely over the coming weeks.
2 Dec 2015resource reserve update▲ GoodMajor
MHA certified a Mahalo reserve upgrade for Comet Ridge's 40% share: 2P up 36% to 30 PJ and 3P up 77% to 219 PJ, from 22 and 124 PJ in 2014. Contingent resources fell (2C 232 PJ) as volumes moved to reserves. Delivers the upgrade the chairman flagged.
26 Nov 2015agm notice● Neutral
All resolutions passed at the 26 November 2015 AGM on a show of hands: the remuneration report was adopted and chairman James McKay was re-elected. Proxy votes were heavily in favour of both.
26 Nov 2015other▲ Good
Chairman's AGM address says Mahalo 6 gas rates keep rising and expects a material upgrade to Mahalo 3P reserves in December. It repeats the view that an east coast gas shortfall is coming. Forward-looking statement; no new results.
26 Nov 2015investor presentation▲ Good
MD's AGM presentation recaps Mahalo and Galilee. It gives the gas rate reached that week as 235 mcfd and lists planned 1H 2016 work: Mira productivity improvement, one northern corehole, and pipeline and field studies. Mostly known facts.
11 Nov 2015production update▲ GoodMajor
Mahalo 6/7 single-well gas rate passed 200,000 scf/d after October pump speed increases, the first gas rate disclosed since the pump restart. Management says the short 360 m well shows scope for more; the vertical wells will be brought back on line in turn.
29 Oct 2015quarterly activities report▲ Good
September quarter: after low-speed running in August-September, three pump speed increases in October lifted Mahalo 6/7 gas rate significantly, with bottomhole pressure falling only slightly. Mahalo 3, 4 and 5 stay shut in, showing connected fractures. Albany resource (56/153/417 PJ) restated.
26 Oct 2015other● Neutral
2015 corporate governance statement, dated 17 September 2015, says practices substantially follow the ASX recommendations. It notes there are no formal written agreements with non-executive directors. Administrative; no operational or financial news.
23 Oct 2015agm notice● Neutral
Notice of the 2015 AGM, to be held 26 November 2015 in Brisbane. Shareholders vote on adopting the remuneration report (advisory) and re-electing chairman James McKay as a director.
