23 Nov 2009other● Neutral
From 30 November the share registry moves from Computershare's Perth office to its Brisbane office. Administrative change only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2009drilling spud▲ GoodMajor
Skiff 1, the first of eight Galilee core holes, started on 22 November in ATP 743 (100% Comet). Planned to 1,250 m to core the Permian Betts Creek coals, it was at 154 m. Results feed the 36 TCF gas-in-place estimate.
20 Nov 2009director officer appointment▼ Bad
CFO Christopher Palin left the company effective 20 November, only four months after starting on 20 July. No reason is given in the announcement and no replacement is named.
17 Nov 2009drilling progress report● Neutral
Macdonald 5C was at 804 m, coring the upper Paparoa Formation, on the way to about 1,170 m. The first Galilee well, Skiff 1 in ATP 743 (planned 1,250 m), is due to start later this week as the rig mobilises.
11 Nov 2009other● Neutral
Chairman Jeff Schneider's AGM address recaps the Chartwell merger, the A$21.3 million raising and the two Galilee permits. He confirms he steps down as chairman after the meeting, staying as a director. Nothing new beyond what was already announced.
11 Nov 2009investor presentation● Neutral
AGM presentation: market capitalisation A$119.9 million, 307.4 million shares and cash of about A$23 million at 30 October. Galilee drilling is to start at Skiff-1 then Catalina-1, with pilot schemes potentially mid-2010. Largely repeats known project status.
11 Nov 2009director officer appointment● NeutralMajor
James McKay's appointment as chairman is confirmed after his re-election at the AGM on 11 November, as announced on 6 October. This completes the planned handover from Jeff Schneider.
11 Nov 2009other● Neutral
1,432,500 unlisted employee options at A$0.419 expired on their terms, with an Appendix 3B lodged. Routine housekeeping; shares on issue are unchanged.
9 Nov 2009joint venture update● Neutral
Orion's release, forwarding Eastern Star Gas, says ESG will spud Gwydir-1 in PEL 6, a licence where Comet has no interest. It also restates Comet's 25% in PEL 427 and 20% in PEL 428 after ESG's farm-in. It adds nothing new for Comet.
2 Nov 2009drilling spud● NeutralMajor
Macdonald 5C core well started at Greymouth (PMP 50100) on 30 October, planned to about 1,170 m over roughly 20 days. Part of the Phase 2 farm-in, which would lift Comet's stake from 20% to 50%. It may be plugged or kept as an observation well.
20 Oct 2009annual report● Neutral
Re-lodgement of the 2009 annual report, with the chairman's letter and managing director's report on the merger, A$21.3 million raising and priority projects. The eight-well Galilee program is expected to start in November. Financial statements are not shown in the extract.
20 Oct 2009regulatory community update▲ GoodMajor
Queensland awarded ATP 744 to Comet Ridge, resolving the open award wait. With ATP 743, the company holds 100% of about 13,000 sq km in the Galilee Basin. The eight-well core hole program is due to start in November, to update the 36 TCF gas-in-place estimate.
19 Oct 2009other● Neutral
Comet Ridge moved its principal and registered office to Level 1, 283 Elizabeth Street, Brisbane, with new contact details. Administrative notice only; no impact on projects or finances.
14 Oct 2009joint venture update▲ Good
The NZ operatorship dispute over PMP 50100 is resolved: Chartwell stays operator. Macdonald-5C appraisal core well near Greymouth is set to start in early November. Chartwell is earning a further 30% to reach 50%.
6 Oct 2009director officer appointment● NeutralMajor
Tony Gilby joins as non-executive director on 6 October. Jeff Schneider will step down as chairman after the 11 November AGM, to be succeeded by James McKay, subject to re-election. Schneider stays on the board.
30 Sept 2009contract award● NeutralMajor
Drilling contract signed with Atlas Drilling to drill the eight Galilee core holes, with the rig expected to mobilise in November. Separately, a dispute arose over who operates NZ's PMP 50100; ATP 744 award is still awaited.
30 Sept 2009annual report● Neutral
2009 annual report for the year to 30 June, lodged with a cover letter. The chairman's letter describes the merger and a refocus on coal seam gas, with priority projects Galilee, NZ PMP 50100 (earning 50%) and Mahalo. Financial figures not shown in the extract.
10 Sept 2009drilling spud● Neutral
Drilling began on a two-well program at Florence, Colorado, expected to finish by mid to late September. The release says Comet holds 20% of Comet Ridge Resources LLC through its subsidiary, consistent with earlier dilution. Phase II drilling follows the earlier plan.
4 Sept 2009regulatory community update▲ GoodMajor
Queensland awarded ATP 743 (6,476 sq km, 100% Comet Ridge) on 4 September, resolving the native title wait. An eight-well core hole program is planned for the December quarter; ATP 744 award is expected soon. Targets the 36 TCF gas-in-place estimate.
23 July 2009drilling result▲ GoodMajor
Scrubber Gully 1 reached 486 m and was plugged and abandoned as planned, with about 4.5 m of net coal in the Bandanna Formation. Management calls gas content good and permeability fair; the partners will plan the next Mahalo appraisal. COI holds 40%.
20 July 2009director officer appointment● Neutral
Christopher Palin starts as Chief Financial Officer on 20 July 2009, completing the new management team under Tor McCaul. He previously worked at Sunshine Gas and QGC.
14 July 2009drilling spud● Neutral
Scrubber Gully 1 core well started on 14 July in Mahalo (ATP 337), operated by Santos. About 11 days to a planned 445 m, testing coal in an area aimed at firming up contingent resources. COI holds 40%.
9 July 2009debt financing● Neutral
The A$1 million Chartwell convertible notes drawn in February were redeemed and cancelled. Conversion rights lapsed when the merger took effect on 16 April. Closes the convertible note thread; confirms the merger date.
30 June 2009asset acquisition disposition● Neutral
Comet's subsidiary now holds 100% of NZ permits PEP 50279 and 50280 after partner Macdonald Investments' 40% was transferred, effective 9 April. These are the permits where Chartwell drilled two dry wells earlier in 2009. Macdonald is focusing on Greymouth.
26 June 2009security holder rights change● Neutral
Exercise prices of 32.87 million options are cut because they could not join the entitlement offer: A$0.20 to A$0.169, A$0.30 to A$0.269, A$0.45 to A$0.419. A technical adjustment that slightly increases potential dilution.
22 June 2009capital raising announcement▲ GoodMajor
The entitlement offer closed with about 70% take-up (about A$9.55 million); 15.87 million shortfall shares go to underwriter Wilson HTM, so the full A$13.8 million is still raised. With the A$7.5 million placement, this funds 12-18 months of work.
29 May 2009other● Neutral
Strike Oil, an early shareholder, sold 5.75 million Comet Ridge shares for A$2.6 million, cutting its holding from 8.75 million to 3.0 million. It is a third-party announcement about its own Cooper Basin funding, not a Comet Ridge event.
29 May 2009capital raising announcement● Neutral
Confirms the offer booklet and entitlement forms for the 1-for-5 offer at A$0.27 have been posted to eligible holders. Administrative only, no new terms.
22 May 2009capital raising announcement● Neutral
Administrative notice that 22 million placement shares at A$0.34 were issued on 22 May 2009, completing the A$7.5 million placement announced 18 May. No new information.
18 May 2009capital raising announcement▲ GoodMajor
Comet Ridge raises A$7.5 million from a placement of 22 million shares at A$0.34, plus an underwritten 1-for-5 entitlement offer at A$0.27 to raise about A$13.8 million. Total about A$28 million cash, to fund Galilee, Mahalo and New Zealand for 12-18 months. Resolves the funding problem.
What it means for a shareholder
22.0m new shares at A$0.340 to raise about A$7.5m. That's 7.9% dilution: every existing holder's slice gets 7.9% smaller. If you held A$1,000 of shares (2,941 at the issue price), your slice goes from 0.00115% to 0.00106% of the company. To keep it you'd need 253 more shares - about A$86 at the issue price.
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