Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2010resource reserve update▲ GoodMajor
First Galilee certification: the 100% owned Gunn Project Area in ATP 744P has 67 PJ 2C and 1,870 PJ 3C contingent resources plus 597 PJ prospective, about 2,500 PJ in total. This follows the 2010 drilling; seismic is likely in 2011 before the next campaign.
11 Nov 2010investor presentation● Neutral
Chairman's AGM address recapping the year's achievements, with a Galilee resource booking expected within weeks. He sees the outlook improving after LNG project approvals. Nothing new beyond known facts.
11 Nov 2010investor presentation● Neutral
Managing Director's AGM presentation recapping known projects: Mahalo resources, PEL 428 moving to 40%, NZ permits and US oil above 1,000 bopd. A Galilee resource booking is due this month and Mahalo work plans by December. Shows COI at 17.257% of the US LLC (context said 20%).
4 Nov 2010investor presentation● Neutral
Investor update repeating known facts: Mahalo resources, the PEL 428 increase and 100% of the NZ permits. States a Galilee resource booking is expected in November 2010. Shows cash of A$7.8m at 30 September and a market cap of A$61.5m.
2 Nov 2010price query● Neutral
ASX queried a rise in the share price from 15 to 20 cents. Comet Ridge said it knew of no undisclosed information and attributed it to renewed coal seam gas sector interest, LNG decisions and its own recent announcements. It confirmed Listing Rule compliance.
25 Oct 2010resource reserve update▲ GoodMajor
Comet Ridge's first certified resource: Mahalo (ATP 337P, 40% with Santos and APLNG) has 83 PJ 1C, 221 PJ 2C and 442 PJ 3C contingent gas net to COI. It aims to establish 2P/3P reserves by late 2011; a Galilee booking is also being worked on.
14 Oct 2010asset acquisition disposition▲ GoodMajor
Comet Ridge signed a binding agreement to buy Greenpower's 20% of Gunnedah Basin permit PEL 428, lifting its stake from 20% to 40%. Price undisclosed; subject to due diligence, completion within 60 days of share sale agreement (due 29 Oct). Seismic planned early 2011.
14 Oct 2010asset acquisition disposition● Neutral
Greenpower Energy, the seller, confirms the binding agreement to transfer its 20% PEL 428 interest to Comet Ridge. It says the price is confidential and not material to it, and it wants to focus on its 100%-owned properties. Mirrors Comet Ridge's announcement.
11 Oct 2010annual report● Neutral
Re-release of the 2010 annual report in printed format, repeating the chairman's letter and managing director's report already lodged on 20 September. No new information in the text provided.
6 Oct 2010contract award▲ Good
Comet Ridge awarded Fugro Airborne Surveys a contract for airborne gravity gradiometry over 1,000 to 2,000 km2 of its three New Zealand permits, flying late 2010 or early 2011. First drilling of targets is expected in the second half of 2011.
20 Sept 2010annual report● Neutral
2010 annual report for year to 30 June. Chairman calls it a year of consolidation, with nine wells drilled and 100% of PMP 50100 secured after balance date. Names Martin Lee, Don Langton as CFO and Dale Aaskow as management additions. Jeff Schneider stepped down as chairman.
3 Aug 2010admin correction● Neutral
Options issued to Engineering and Operations Manager Dale Aaskow: 500,000 at A$0.50 and 500,000 at A$0.65, vesting 10 May 2011. The second tranche also depends on 250 PJ of 2P or 750 PJ of 3P reserves. Also corrects ASX records for 30,000 omitted older options.
6 July 2010director officer appointment▲ Good
Martin Lee was appointed to the newly created role of Chief Commercial Officer, effective immediately and based in Brisbane. He has 18 years in oil and gas, including Woodside, and had consulted to Comet Ridge since 2008. The company tied the role to its growth plans.
2 July 2010drilling result▼ BadMajor
Macdonald 6P, the second Greymouth pilot well, reached 822 m with 5.4 m of gassy coal. Permeability was lower than expected and it would not produce commercially, so it is being plugged and abandoned. This contrasts with the encouraging Macdonald 4P result.
28 June 2010other▲ GoodMajor
Gunn 1 reached 1,031 m with 17 m of coal and 10 m of shale; results resemble Hergenrother 1. The Galilee core drilling programme ends and the rig is released, moving to months of data analysis and a resource assessment before any pilot decision.
7 June 2010drilling result▲ Good
Hergenrother 1 reached 929 m with 16 m of coal and 12 m of shale, with encouraging preliminary gas content after four drill stem tests. Gunn 1 spudded 6 June, 17 km north, to about 980 m. A pilot scheme decision awaits more technical work.
1 June 2010farm in farm out completion▲ GoodMajor
Macdonald 4P is completed for production testing, and Phase 2 farm-in conditions are met. Chartwell NZ's interest in PMP 50100 rises from 20% to 50%, with the extra 30% being released from escrow. Rig now prepares for Macdonald 6P.
17 May 2010drilling result▲ Good
Montani 1 in ATP 744P reached 938 m with 24 m of coal and 22 m of shale, ran one drill stem test, and was plugged as planned. The rig moved to Hergenrother 1, which spudded 14 May to about 900 m.
13 May 2010drilling result▲ GoodMajor
Macdonald 4P, the first Greymouth pilot production well, reached 1,263 m with 18 m of coal in the Brunner and Paparoa formations. It will be completed for production; the rig then moves to Macdonald 6P. Power-generation feasibility studies are under way.
27 Apr 2010drilling spud● Neutral
Montani 1 in ATP 744P started 26 April after a long wet-weather delay, planned to about 950 m over roughly 16 days. In New Zealand, Macdonald 4P was at 290 m, drilling ahead of a deepening to about 1,200 m.
14 Apr 2010security holder rights change● Neutral
51,500,000 restricted shares are due for release from escrow on 29 April 2010, after which the company will seek quotation. These are shares already on issue, so total shares stay at 307.4 million.
30 Mar 2010drilling spud▲ GoodMajor
Macdonald 6P, the first of two Greymouth pilot production wells, spudded 30 March, targeting up to 1,200 m in the Brunner and Paparoa coals. In the Galilee, the next well is moved to Montani 1 because roads to Tuttle 1 are poor.
1 Mar 2010drilling progress report● Neutral
Galilee drilling remains stalled by cyclone Olga and heavy rain after Shoemaker 1 (about 20 m coal). In New Zealand, pads are being built for pilot wells Macdonald 4P and 6P, to be drilled in March under the Phase 2 farm-in toward 50%.
1 Mar 2010half year report● Neutral
Half-year to 31 December 2009: loss of A$1.19 million, against A$0.64 million a year earlier. Notes Orion and ESG completed the Gunnedah farm-in obligations with Comet carried. Part of PEP 50279 was relinquished in October 2009.
2 Feb 2010drilling result▲ GoodMajor
Shoemaker 1 reached 698 m, found about 20 m of coal in the Betts Creek Beds and ran two drill stem tests. Lab analysis follows. Rig released 29 January; the move to Tuttle 1 is delayed by cyclone Olga rain.
15 Jan 2010drilling spud● Neutral
Shoemaker 1, the second Galilee well and first in ATP 744P, started on 15 January to about 900 m. Wet weather blocked access to Catalina 1, so the rig was redirected here.
5 Jan 2010drilling result▼ BadMajor
Skiff 1 finished at 1,414.3 m in the mid Betts Creek coals. Deteriorating hole conditions meant wireline logs and drill stem tests could not be run, so data is limited to coal depth and gas content. Rig moves to Catalina 1.
4 Jan 2010other● Neutral
3,500,000 unlisted employee options at A$0.419 expired on 31 December 2009, with an Appendix 3B lodged. Housekeeping only; shares on issue are unchanged.
17 Dec 2009drilling progress report● Neutral
Skiff 1, the first of eight Galilee core holes in ATP 743P, was at 1,365 m and coring ahead in the Betts Creek coals, its main target. Catalina 1 is the next well. No result yet.
30 Nov 2009drilling result● NeutralMajor
Macdonald 5C finished and the rig was released on 28 November. It cut about 3.5 m of Main Brunner coal and was drill-stem tested, but drilling problems at 806 m stopped it short of the planned 1,170 m. It is suspended as an observation well; pilot wells follow in early 2010.
