Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2012farm in farm out agreement▲ GoodMajor
Comet Ridge signed a three-stage farm-in with Queensland Energy Resources to earn up to 75% of an 825 km2 area (Lake Galilee, in ATP 1015P) next to its Gunn Project Area. Stage 1 gives 20% for two wells by 30 November 2012; first Galilee well due to spud in September.
23 July 2012drilling result▲ GoodMajor
Mahalo 3 reached 300 m with about 8 m of net coal, 7 m in the main Castor-Pollux seam. Flow testing showed enough permeability to use it as a pilot production well. Mahalo 6 spudded 22 July after rain changed the drilling order.
12 July 2012drilling spud▲ GoodMajor
Mahalo 3 spudded 10 July 2012, the start of the 2012 Mahalo programme, targeting about 300 m depth in the shallow Bandanna coals. Stanwell covers Comet Ridge's share of cost; the CEO says A$1m per PJ of 2P reserves booked at end 2013 is possible if Stanwell buys the 35%.
21 June 2012asset acquisition disposition● Neutral
Petrel Energy's side of the 21 June deal: it sells its PEL 6, 427 and 428 interests to Comet Ridge for A$750,000 cash, subject to due diligence and consents. Confirms the earlier Comet Ridge announcement; no new terms for Comet Ridge shareholders.
21 June 2012asset acquisition disposition▲ GoodMajor
Comet Ridge agreed to pay A$750,000 to Petrel Energy for interests in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin. CSG stakes rise to 50% in PEL 427 and 60% in PEL 428, plus 22.5% of PEL 6. Subject to due diligence and consents.
6 June 2012joint venture update▲ GoodMajor
Comet Ridge's 17.257%-owned US company agreed to sell the Florence oil field for US$12.25m, expected to close 29 June 2012. The Yeti well in Washington's Grays Harbor is due to spud late June. It also added Rockies acreage in Colorado and the Northern Rockies.
24 May 2012admin correction● Neutral
Corrected director's interest notice for Anthony Gilby, fixing the consideration recorded. The amended notice shows he bought 1,000,000 shares on-market for A$100,000, lifting his holding to 19,372,678 shares. Administrative only.
6 Mar 2012half year report▲ Good
Half-year to 31 December 2011 shows a profit of A$3.86m (prior-year loss A$0.52m), driven mainly by a A$6.25m gain on the Mahalo sale to Stanwell. Operating plans repeat the quarterly report: up to four Galilee coreholes and Mahalo pilot work.
28 Dec 2011farm in farm out completion▲ GoodMajor
The Stanwell sale of 5% of Mahalo completed: Comet Ridge receives A$7m cash and drops to 35%. Stanwell carries up to A$8m of costs and holds an option on a further 15% or 35%. First pilot well slips from December 2011 to Q1 2012 because of the wet season.
23 Nov 2011investor presentation● Neutral
Managing Director's Galilee Basin conference presentation repeats known facts: 100% of ATP 743P/744P (12,991 km2), five core holes, and 252 km of 2D seismic completed. It outlines a two-stage plan, power for nearby coal mines then gas to Gladstone. No new results.
10 Nov 2011investor presentation● Neutral
AGM presentation mostly industry background and known projects. It says Comet Ridge holds about 5% of eastern Australia's 3C gas resources and targets its first 2P reserves certification by end 2012.
10 Oct 2011annual report● Neutral
Printed-format 2011 Annual Report released, repeating the chairman's letter already lodged on 27 September: 4,406 PJ of certified resources and appraisal drilling planned for all assets over the next twelve months. No new information in the excerpt.
30 Sept 2011farm in farm out agreement▲ GoodMajor
Comet Ridge agreed to sell 5% of its 40% Mahalo interest to Stanwell for A$7m. Stanwell also gets an option on a further 15% or 35% in return for funding up to A$8m of costs, priced at A$0.80 and A$1.15 per GJ of 2P reserves. Needs partner consent.
27 Sept 2011annual report● Neutral
2011 Annual Report for the year to 30 June lodged; printed copy due mid-October. The chairman's letter lists certified resources totalling 4,406 PJ and says appraisal drilling is expected across all assets in 2012, with NSW work delayed. Financial figures are not in the excerpt.
26 Sept 2011resource reserve update▲ GoodMajor
First certified gas resource for New Zealand: Greymouth Coalfield, 100% owned, has 65 PJ 1C, 127 PJ 2C and 244 PJ 3C of recoverable contingent resource (NSAI). This is Comet Ridge's fourth certification since October 2010; 2012 drilling targets are being selected.
14 Sept 2011drilling progress report▲ Good
Field work began 13 September on a 280 km 2D seismic survey in the Galilee Basin's Gunn Project Area, run by Geokinetics with another operator, plus a 76 km eastern line. It follows the Q3 delay and should take 25-30 days, to help place pilot wells.
6 Sept 2011admin correction● Neutral
30,000 unlisted employee options exercisable at $0.419 expired under their terms, with an Appendix 3B filed. Ordinary shares remain 307,351,144. Administrative only.
21 July 2011regulatory community update▲ GoodMajor
New Zealand regulators extended Comet Ridge's West Coast permit PEP 50279 to 4,802 km2, linking it with the adjoining 100%-owned PMP 50100. This gives one continuous Greymouth-area gas exploration block. West Coast drilling is now planned for late 2011 or early 2012.
19 July 2011business combination▲ GoodMajor
Santos agreed to acquire Eastern Star Gas, operator of Comet Ridge's PEL 427 (25%) and PEL 428 (40%) permits. Comet Ridge expects technical work to continue as usual and sees better chances to commercialise its gas. Seismic and a Bellata well are still planned for 2011.
20 June 2011asset acquisition disposition▲ GoodMajor
Comet Ridge will receive about US$3.5m from the Sweet Pea sale proceeds, the first cash distribution from its US venture. This completes the May sale step; the 2008 structure lets Comet Ridge hold US exposure without funding more cash.
10 June 2011production update▲ GoodMajor
The US venture's Florence oil field reached a record average above 1,100 barrels a day after five of six April-May appraisal wells were completed for production. This is up from 631 bopd in Q1 2011. Comet Ridge owns 17.257% of the venture.
17 May 2011asset acquisition disposition▲ GoodMajor
Comet Ridge Resources LLC, in which Comet Ridge holds 17.257%, signed a binding deal to sell its Sweet Pea exploration area in Colorado for US$28.5m to an undisclosed buyer. This releases cash from the US venture; it keeps the Florence oil field (631 bopd in Q1) and Grays Harbor plans.
13 May 2011drilling result● Neutral
The New Zealand airborne gravity survey is finished, with about 9,300 line km flown over 2,910 km2 of key Waikato, Buller and Greymouth acreage. Data processing has started to pick drilling targets, with the first drilling still expected before the end of 2011.
3 May 2011investor presentation● Neutral
Managing Director Tor McCaul presented at the RBS Morgans Unconventional Oil & Gas Day in Sydney, largely repeating known projects and resources. It showed 307.4m shares, a A$0.145 share price, a A$44.6m undiluted market cap and A$5.6m cash at 31 March.
29 Apr 2011quarterly activities report▲ GoodMajor
March quarter: PEL 428 purchase from Greenpower completed 28 April, doubling the stake to 40%. Net PEL 427/428 resources are 231 PJ contingent and 1,022 PJ prospective. Mahalo 2011 budget approved with a first pilot; Galilee seismic is now targeted for Q3 because of floods; Bellata well moved to Q3 2011.
15 Apr 2011drilling progress report● Neutral
New Zealand airborne survey is on schedule, with over 6,400 km completed across the Waikato and West Coast permits. The rest is due by end of April, weather permitting. Data analysis is about to begin, and drilling is still planned before the end of 2011.
17 Mar 2011drilling progress report● Neutral
A six-week airborne gravity survey over Comet Ridge's three 100%-owned New Zealand permits (~8,600 km2 held) has started, covering about 2,500 km2. It follows the earlier magnetic survey and is meant to pick drilling targets, with drilling still planned before end-2011.
7 Mar 2011resource reserve update▲ Good
Comet Ridge welcomes operator Eastern Star Gas's first resource estimate for PEL 427 (COI 25%) and PEL 428 (40% once the purchase completes). It highlights the Bellata Trough coals in PEL 427, with seismic and a core hole planned for 1H 2011. Comet Ridge's share is not stated here.
7 Mar 2011admin correction● Neutral
Share registry notice: Computershare's Brisbane office, which keeps Comet Ridge's share register, moves to 117 Victoria Street, West End from 7 March 2011. No effect on the company's business.
7 Mar 2011resource reserve update▲ GoodMajor
Operator Eastern Star Gas released the first independent resource estimate for PELs 6, 427 and 428; the table lists PEL 427 (COI 25%) and PEL 428 (COI 20%, plus the 20% being acquired). Total contingent resources across the permits are 1,011 PJ and prospective 4,637 PJ, but COI's share is not stated.
