Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2012quarterly activities report● Neutral
June quarter cash report: cash fell to A$6.108m from A$7.49m, with A$1.6m planned spend next quarter. No debt is shown. Petrel-acquired Gunnedah interests are listed as pending NSW Government and JV approval.
30 July 2012quarterly activities report▲ Good
June quarter report: Mahalo's 12-well programme has started, Stanwell carries Comet Ridge costs up to A$8m, and a three-well Galilee programme starts in September. It covers the QER farm-in and Petrel deal, and aims for initial Mahalo reserves booking within six months.
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.
30 Apr 2012quarterly activities report▲ Good
March quarter: Mahalo 3 well is set to spud 30 May, with up to 12 Mahalo wells planned this year. Three Galilee appraisal wells are expected from June/July, with a possible early production test in the second half. Comet Ridge is also working on gas and power sales options.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter cash report: cash at quarter end was A$7.489m, up from A$4.462m, helped by A$7.7m Mahalo sale proceeds and a A$424k R&D tax offset. Planned spend next quarter is A$1.456m. Financial filing only; no debt shown.
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.
30 Jan 2012quarterly activities report● Neutral
December quarter: Stanwell Mahalo sale completed, funds at 31 December 2011 were A$9.5m, and Galilee seismic processing finished with excellent data quality. Up to four Galilee coreholes are planned after the wet season (April/May). Mahalo pilot well delayed to around end of March quarter 2012.
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 Nov 2011agm notice● Neutral
All six resolutions at the 10 November 2011 AGM passed, including the remuneration report, re-election of Schneider and Gilby, and performance rights for the Managing Director. Routine governance outcome with no change to operations.
31 Oct 2011quarterly activities report● Neutral
September quarter: 252 km of Galilee 2D seismic was completed after quarter end (contractor released 23 October). The Stanwell Mahalo sale (A$7m for 5%, so Comet Ridge steps down to 35%) and the 244 PJ New Zealand 3C certification are also covered, all previously announced.
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.
28 July 2011quarterly activities report● Neutral
June quarter report: Galilee seismic is due to start mid-August, Mahalo plans two appraisal wells then at least three pilot wells in 2H 2011, and NSW Gunnedah work was delayed by weather and a now-lifted moratorium. The text is truncated, so further detail is not covered.
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.
