Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter report: Galilee Gunn resources and Mahalo are restated, with isotherm saturation of 55-70%. PEL 428 licence was renewed two years to September 2012. A Chief Geoscientist was added. Floods have not hit operations, though 2011 fieldwork may start later.
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 2010agm notice● Neutral
All four AGM resolutions passed, including the remuneration report, re-election of Swaby and Pieters, and a new employee share rights plan. The share rights plan drew about 3.6 million votes against.
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.
28 Oct 2010quarterly activities report● Neutral
September quarter report: restates the Mahalo resource booking and the PEL 428 move to 40%. Galilee desorbed gas reached 7.3 m3/t (average 4.3), and a resource booking for ATP 744P is being worked on. A 2D seismic survey is being considered before any pilot.
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.
30 July 2010quarterly activities report● Neutral
June quarter: Montani 1, Hergenrother 1 and Gunn 1 each found coal (up to 24 m), completing the five-well Galilee programme. Desorbed gas reached about 4 m3/t. Analysis will take months before any pilot decision. Greymouth interest rose to 50%.
30 July 2010quarterly activities report● Neutral
Cash report for June quarter: cash A$10.1 million at 30 June, down from A$15.9 million, after a A$5.9 million operating and investing outflow. PMP 50100 interest shown moving from 20% to 50%. Next quarter's spending is forecast at A$2.2 million. No debt facilities.
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.
