Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2014investor presentation● Neutral
Capital raising presentation backing the A$8m placement at A$0.135, a 16% discount to last close. It shows forecast cash of A$2.3m at 30 September 2014 and a Mahalo focus on a horizontal pilot well and converting 3P to 2P reserves. Largely repeats the placement announcement.
20 Oct 2014capital raising announcement● NeutralMajor
Comet Ridge raised A$8m through a placement of 59.3m shares at A$0.135 (11.4% of shares on issue), plus a Share Purchase Plan of up to A$2m. Funds go to Mahalo appraisal, starting with a horizontal well due to spud in November 2014.
What it means for a shareholder
59.3m new shares at A$0.135 to raise about A$8.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (7,407 at the issue price), your slice goes from 0.00161% to 0.00143% of the company. To keep it you'd need 958 more shares - about A$129 at the issue price.
Create a free account to see this worked out for your own holding.
29 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014 lodged. The chairman calls the August maiden reserves a milestone, says reaching reserves took longer than expected, and notes the Stanwell buy-back. Financial figures are not in the excerpt.
25 Sept 2014investor presentation● Neutral
PESA symposium presentation recaps Galilee Basin appraisal and the August Mahalo reserves. Shows 458.7m shares and cash of A$4.8m at 30 June 2014. No new results.
28 Aug 2014resource reserve update▲ GoodMajor
First independently certified Mahalo reserves: 22 PJ 2P and 124 PJ 3P (COI net, 40% basis pending JV consent). Contingent resources rise to 208/328/468 PJ (1C/2C/3C) from 83/221/442 PJ. This resolves the long-slipped reserves target; 2P covers under 5% of the block.
31 July 2014quarterly activities report● Neutral
June quarter: Mahalo pilot gas keeps rising and Mira is producing gas. Harrington 1 found about 19 m of net coal. Comet Ridge chose not to fund Phase II of the ATP 1015P farm-in (two more wells), keeping its 20% to conserve cash for Mahalo reserves.
18 July 2014admin correction● Neutral
Re-release of the 17 July Noosa presentation, amended to add the ASX Listing Rule 5.25.6 information and the 5.28.2 prospective resources statement. The company says the content is otherwise unchanged. No new information.
17 July 2014investor presentation● Neutral
Noosa conference presentation recaps known facts: 40% of Mahalo pending JV consent, Mahalo pilots producing gas, and the resource table. Shows 458.7m shares, cash of A$7.0m at 31 March 2014, and a share price of A$0.15. No new results.
13 June 2014drilling result▲ GoodMajor
Harrington 1 reached 1042 m and intersected about 19 m of net coal, with gas seen bubbling from core. It was cased and suspended. This matches the 16-24 m seen in other eastern Galilee wells, supporting coal continuity; core analysis is pending.
29 May 2014production update▲ Good
Mahalo pilot gas output has risen steadily since the pilot came back on line in early March, after the January-February stimulation. Mira restarted dewatering after pressure testing in May, with first gas from Mira 5. Interest is 35%, rising to 40% once conditions are met.
22 May 2014drilling spud● Neutral
Harrington 1 appraisal well spudded on 21 May 2014 in ATP 1015P, 24 km northeast of Gunn 2, targeting about 1060 m. Comet Ridge holds 20% through the QER farm-in. It is an appraisal step-out to test coal continuity.
28 Apr 2014quarterly activities report▲ Good
March quarter: Mahalo 3 and 5 were stimulated, with higher productivity confirmed and dewatering continuing with gas. The Stanwell buy-back (to 40%), a A$2.98m R&D refund, and approval of the Galilee water impact report are also covered. Mostly repeats earlier announcements.
19 Mar 2014asset acquisition disposition▲ GoodMajor
Stanwell hands back its 5% Mahalo interest and drops its option over a further 35%, restoring Comet Ridge to 40% (subject to JV consent). In return, at final investment decision Stanwell takes either a 20-40 PJ gas sales agreement or A$20m cash. No payment before then.
19 Mar 2014investor presentation● Neutral
Presentation repeats the Stanwell buy-back terms: 40% Mahalo interest, A$20m or a 20-40 PJ gas sales agreement at final investment decision, and 40% net contingent resources of 83/221/442 PJ. It adds that Mahalo 3 and 5 are back on line after stimulation in January and February.
6 Mar 2014half year report▼ Bad
Half-year to 31 December 2013 shows a loss of A$4.14m, against A$2.31m a year earlier. Net proceeds of the August placement (50m shares at 18c) were A$8.46m. Operations text repeats the quarterly report; Mahalo 5 stimulation is now said to be planned for February.
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.
28 Jan 2014quarterly activities report● Neutral
December quarter: Mahalo 3 stimulation finished in January after the safety halt, with Mahalo 5 to follow in one to two months. Mira gas is rising. Comet Ridge is weighing an equity partner or gas pre-sales for the Gunn pilot; ATP 744P lost one-third, leaving 4,296 km2.
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.
28 Nov 2013agm notice● Neutral
Chairman's AGM address calls the year 'frustrating', citing slow progress and 'simple technical errors' in the Mahalo and Mira pilots, and no progress in NSW. Cites over 5,000 PJ of contingent and prospective resources; focus remains converting them to reserves.
28 Nov 2013agm notice● Neutral
Managing Director's AGM address repeats known facts: eastern Australia 3C resource of 2,731 PJ, Mahalo pilots delayed four to five months, and gas seen at both pilots. The stimulation was halted by a safety incident, with restart expected next week.
28 Nov 2013agm notice● Neutral
All resolutions at the 28 November 2013 AGM passed on a show of hands. They covered the remuneration report, re-election of Swaby and Pieters, performance rights for the Managing Director, share placement ratification and an employee rights plan.
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.
30 Oct 2013quarterly activities report● Neutral
September quarter: Mira pilot recorded first minor gas flows and the Mira 3 pump was recovered in September. Mahalo stimulation set to start early November. ATP 743P lost one-third of its area at its four-year mark. Cash A$10.0m after the A$9m placement.
30 Oct 2013quarterly activities report● Neutral
Cash rose to A$10.0m at 30 September 2013 from A$4.7m, helped by A$8.5m of financing; quarterly outflow was A$3.1m. Next-quarter spend is estimated at A$2.5m. No debt facilities shown. 458,068,746 shares on issue.
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.
