10 Jan 2013drilling spud● Neutral
Mira 5 spudded 8 January, the third of four Mira pilot wells, about 500 m east of Mira 4, targeting roughly 310 m. Third well of the eight-well Mahalo programme.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Jan 2013drilling result▲ Good
Mira 4 reached 310 m with 8.7 m of coal in four intervals, consistent with Mira 3. It is cased and suspended as a future pilot well. The rig moves to Mira 5.
4 Jan 2013drilling spud● Neutral
Mira 4 spudded 3 January, the second of four Mira pilot wells, about 500 m southwest of Mira 3, targeting roughly 310 m. Second well of the eight-well Mahalo programme.
2 Jan 2013drilling result▲ Good
Mira 3 reached 320 m, intersecting 8.9 m of coal in four intervals, all tested as good to excellent productivity. It is cased and suspended as a future pilot well, to be completed in January. This supports the Mira pilot, the second Mahalo pilot area.
21 Dec 2012drilling spud● Neutral
Mira 3 spudded 21 December, first of an eight-well Mahalo programme (four Mira pilot wells, four core holes) running into January 2013. It targets the Castor Pollux seam to about 310 m. Stanwell's A$8m expenditure carry continues to fund COI's share.
20 Dec 2012drilling progress report▲ Good
The four Mahalo pilot wells are now completed for production with tubing, pumps and pressure gauges, awaiting surface facilities. The company intends reserves certification in 2013, continuing the pilot work started in July 2012.
10 Dec 2012drilling progress report▲ Good
Workover rig is completing the four Mahalo pilot wells drilled in July 2012; Mahalo 3 and 4 flowed water and gas on short tests. Surface facilities start this month and Mira 3 drilling is due shortly. Early signs only; longer-term productivity is untested.
26 Nov 2012drilling result▲ GoodMajor
Cernan 1 reached 875 m with 20.6 m of net coal and was cased and suspended. The Gunn Project Area's eastern edge is still undefined. This completes Stage 1 of the QER farm-in and the 2012 Galilee programme, earning 20% of the 825 km2 farm-in area.
13 Nov 2012drilling spud● Neutral
Cernan 1 spudded 12 November in ATP 1015P, the third and final well of the campaign, targeting about 930 m. Together with Schmitt 1 it completes Stage 1 of the QER farm-in, earning 20%. It tests a new play next to Gunn.
13 Nov 2012investor presentation● Neutral
MD presentation to the Galilee Basin conference, mostly repeating known facts. New data points: cash A$13.5m at 30 September, market cap A$68.4m at A$0.17, 6.6m performance rights. Gunn 2 Extended Production Test is next, ahead of a 2013 pilot.
12 Nov 2012drilling result▲ GoodMajor
Schmitt 1 reached 1,005 m with about 22 m of net coal. Early gas readings and testing show the Gunn Project Area extends east into the farm-in block, in excess of 1,400 km2. Cased and suspended as a future producer; Cernan 1 spuds next.
26 Oct 2012drilling spud● Neutral
Schmitt 1 spudded 25 October in ATP 1015P, the second well of the Galilee campaign, targeting about 955 m with coring. It is the first of two wells needed for Stage 1 of the QER farm-in, which earns 20%.
23 Oct 2012flow test result▲ GoodMajor
Gunn 2 reached 1,050 m with 16.2 m of net coal; all four coal intervals flow-tested showed good to excellent productivity. It will be completed for an Extended Production Test, a step ahead of the 2013 pilot. Rig moves to Schmitt 1, then Cernan 1.
18 Oct 2012investor presentation● Neutral
MD presentation to the Major Gas Users Group repeating known resources (2,732 PJ 3C contingent, 387 PJ net at Mahalo) and the target of first 2P reserves within six months. Says four LNG groups control about 89% of 2P reserves. Nothing new announced.
16 Oct 2012annual report● Neutral
Annual report, a re-release of the 26 September report. Restates the A$7m Stanwell sale of 5% of Mahalo, the A$9.4m raising at A$0.10, 402,148,746 shares and the three-well Galilee programme. Market cap is given as about A$45m. Nothing new.
11 Oct 2012drilling spud▲ GoodMajor
Gunn 2 spudded 10 October 2012 in 100%-owned ATP 744P, targeting about 1,050 m, starting the three-well Galilee campaign. Schmitt 1 and Cernan 1 in the Lake Galilee farm-in area follow. The spud is a month later than the September guided earlier.
9 Oct 2012investor presentation● Neutral
APPEA CSG conference presentation repeating known resources (2,732 PJ 3C contingent) and the target of first 2P reserves within six months. The Petrel Gunnedah deal is still awaiting NSW Government and JV approvals. Nothing new.
26 Sept 2012annual report● Neutral
2012 annual report. Restates the A$7m Stanwell sale of 5% of Mahalo, the A$9.4m raising (94m shares at A$0.10) and cash of A$6.1m at 30 June. Galilee drilling is now said to start in October, a month later than the September guided earlier.
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation by the MD, mostly repeating known facts: 402.1m shares, pro-forma cash about A$15m, Mahalo pilot done, and first 2P reserves targeted within six months. Nothing new announced.
3 Sept 2012capital raising announcement▲ GoodMajor
The retail offer raised about A$3.1m, with applications for 84% of shares offered. Total equity raised is about A$9.4m at A$0.10, above the A$7.7m first targeted. The underwriter was not called on.
15 Aug 2012capital raising announcement● Neutral
Cover letter and booklet for the retail entitlement offer (1 new share per 4 held at A$0.10), despatched to eligible shareholders. Administrative; terms were already announced.
15 Aug 2012capital raising announcement● Neutral
Notice that shareholders with registered addresses outside Australia, New Zealand or the UK are ineligible for the retail offer. Administrative, with no new terms; it restates the A$6.3m institutional and placement raising and up to A$3.9m retail.
9 Aug 2012investor presentation● Neutral
Amended investor presentation for the capital raising. Text provided is only the disclaimer section, so no further detail can be reported.
9 Aug 2012security holder rights change● Neutral
Standard notice to optionholders that options do not carry entitlement offer rights. Holders wanting to participate must exercise vested options before the 10 August record date. Administrative; no new terms.
9 Aug 2012capital raising announcement▲ GoodMajor
The institutional offer raised A$3.8m and, on strong demand, a A$2.5m placement was added, both at A$0.10. Wilson HTM underwrites the first A$1.8m of the retail offer, so at least A$8.1m is now assured, up from the A$7.7m target.
7 Aug 2012investor presentation● Neutral
Investor presentation supporting the A$7.7m, A$0.10 entitlement offer. Text provided is only the disclaimer section, so no further detail can be reported.
7 Aug 2012capital raising announcement● Neutral
ASX circular repeating the 7 August entitlement offer: 1-for-4 at A$0.10 to raise about A$7.7m (A$4.2m institutional, A$3.5m retail), not underwritten. Record date 10 August; retail closes 29 August. Timetable notice, no new terms.
7 Aug 2012capital raising announcement● NeutralMajor
Comet Ridge launched a 1-for-4 accelerated non-renounceable entitlement offer at A$0.10 per share to raise up to A$7.7m, a 20% discount to the last price of A$0.125. It funds 2012/13 exploration and working capital; about 77.1m new shares, roughly 25% dilution for those not taking up.
What it means for a shareholder
77.1m new shares at about A$0.0999 to raise about A$7.7m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (10,013 at the issue price), your slice goes from 0.00325% to 0.0026% of the company. To keep it you'd need 2,505 more shares - about A$250 at the issue price.
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1 Aug 2012drilling result▲ GoodMajor
Mahalo 5 finished the four-well pilot programme, with 6.8 m of net coal in the Castor-Pollux seam and very good permeability; all four wells showed good coal continuity. Pilot facilities are to be built for commissioning in late 2012, then the Mira pilot and four core holes follow.
30 July 2012drilling progress report▲ Good
Mahalo 6 (about 9 m net coal) and Mahalo 4 (about 8 m) both hit the main Castor-Pollux seam and were cased. Mahalo 5, the last pilot well, spudded 29 July. Management says two wells show very good to excellent permeability.