Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2008farm in farm out completion● NeutralMajor
Transfers to Orion Petroleum of an initial 30% of PEL 427 and 20% of PEL 428 (Gunnedah Basin) from Comet Ridge were registered on 24 December 2007, under a 3 October 2007 deed. Orion has options to earn a further 45% and 40%. This is the sell-down of the Gunnedah interest.
11 Dec 2007investor presentation● Neutral
Open Briefing interview with the MD on Grays Harbor: over 475,000 acres held, 1.7 TCF P50 unrisked potential, and two wells (Caldwell Creek and Black Creek, about 250 BCF combined) planned for the third quarter of 2008. Largely repeats known facts.
5 Dec 2007other● Neutral
Notice that a webcast of the 2007 AGM is available on the company website. No new information.
30 Nov 2007investor presentation● Neutral
AGM address: Grays Harbor leasing is complete at 475,000 acres, with a partner to be sought and seismic in Q2 2008. Up to three Florence wells are planned in Q1 2008. Mahalo 2 and Tow Creek results are called disappointing, and a Tow Creek/Bear River farm-in is being considered.
20 Nov 2007asset acquisition disposition▲ GoodMajor
Comet Ridge won four Grays Harbor County leases covering 17,225 acres at an average US$7.13 per acre, bringing its holding to over 475,000 acres. Leasing is now complete. Seismic is planned for 2008 with two wells, and a partner search can now be marketed.
9 Nov 2007other● Neutral
Strike Oil cover note pointing to Comet Ridge's Florence update; Strike holds a 39% interest. Nothing new.
9 Nov 2007drilling scheduled▲ Good
Florence is finalising an inventory of 10 well locations to be permitted for drilling in the New Year, with an initial program likely of three wells. Pierre Formation targets are 100,000-300,000 barrels per well. Drilling awaits Colorado permits and a rig.
8 Nov 2007director officer appointment▲ GoodMajor
David Bradshaw, a Denver-based former CEO and chair of Tipperary Corporation (sold to Santos in 2005 for about A$600m), joined the board immediately. The company expects him to broaden its reach into US capital markets and deal flow.
27 Sept 2007annual report● Neutral
Comet Ridge released its 2007 annual report for the year to 30 June 2007. The chairman cites disappointing results at Mahalo and Tow Creek/Bear River, and Grays Harbor drilling is targeted for the second quarter of 2008. The AGM is set for 30 November in Melbourne.
10 Sept 2007drilling result▼ BadMajor
The Tow Creek Coal View 31-4 sidetrack was abandoned after the drill string became irretrievably stuck following almost a week of rig repairs. It is plugged for a later sidetrack with another rig. Oil and gas shows remain untested; partners must reassess the way forward.
10 Sept 2007other● Neutral
Strike Oil update repeating that the Tow Creek sidetrack has been temporarily abandoned with the drill string stuck, and attaching the Comet Ridge release. Also mentions Texas Duncan 1 test preparations. Nothing new on Comet Ridge.
5 Sept 2007drilling progress report▼ Bad
No progress on the Tow Creek sidetrack for a week: it remains at 1,707m after extensive repairs to Badger Rig 2, which is now operational. The main Niobrara target at about 1,829m has still not been reached.
5 Sept 2007other● Neutral
Strike Oil weekly update, mostly Texas Duncan 1 test preparations. It repeats that the Tow Creek sidetrack made no progress because of rig problems, and attaches the Comet Ridge release. Nothing new on Comet Ridge.
29 Aug 2007other● Neutral
Strike Oil weekly update, mainly Texas Duncan 1 test preparations. It repeats that the Tow Creek sidetrack began 25 August and is at 1,707m with elevated gas readings, and attaches the Comet Ridge release. Nothing new on Comet Ridge.
29 Aug 2007drilling progress report● Neutral
The Coal View 31-4 sidetrack is at 1,707m, paused for rig repairs, with elevated gas readings in the shallowest Niobrara target. The main second-bench target is expected at about 1,829m. Comet Ridge pays 50% of costs to earn 37.5%.
22 Aug 2007drilling progress report● Neutral
Badger Rig 2 is on location at Tow Creek and being rigged up, with sidetrack drilling due to start within days. The target is still 200,000-500,000 barrels of oil. Shares on issue now shown as 105 million.
20 Aug 2007investor presentation● Neutral
Open Briefing interview with the MD: drilling pace has been slow but is now picking up. He says Tow Creek is under way, Chehalis rig due in September, Florence drilling in the October quarter and Grays Harbor drilling planned for early 2008. Repeats known resource estimates.
14 Aug 2007drilling progress report● Neutral
Tow Creek Coal View 31-4 sidetrack work began 8 August, with the old open hole plugged and a drilling rig due mid-week. The sidetrack targets 200,000-500,000 barrels of recoverable oil and is expected to take under 10 days.
7 Aug 2007drilling progress report● Neutral
First Florence 3D seismic data arrived a month early and looks good. The Peltier 11-12 remedial treatment at Bear River failed to lift output, suggesting poor reservoir there. Tow Creek sidetrack resumes this month, Chehalis coring in early September, and Pat Jackson hired as VP Exploration.
12 July 2007other● Neutral
Cover letter for the July 2007 investor presentation, to be used in broker and investor meetings. Carries no new information beyond the attached presentation.
12 July 2007investor presentation● Neutral
Investor presentation restating known projects and plans: 10-12 wells planned, cash about US$5m, market cap US$22m, 104m shares. Potential values shown are company modelled estimates. Pat Jackson is listed as VP Exploration.
4 July 2007drilling progress report● Neutral
Florence 3D seismic is about 85% complete, delayed roughly a week by thunderstorms and wind. Drilling is still expected in Q4 2007. Neighbouring West Florence-1 reportedly has about 25 ft of net gas pay and will be production tested in late July.
4 July 2007other● Neutral
Strike Oil weekly update, mostly its Texas Duncan 1 well drilling at 15,105 ft. Repeats Comet Ridge's Florence seismic (~85% done) and West Florence-1 news and attaches the Comet Ridge release. Nothing new on Comet Ridge.
29 June 2007security holder rights change● Neutral
14,160,224 listed 40-cent options expired unexercised on 29 June 2007. No money was raised from them, so the option-funded top-up of cash did not happen.
28 June 2007drilling progress report● Neutral
Florence seismic is 80% done, with drilling now expected in the fourth quarter. Vader drilling is resuming, Tow Creek sidetrack is set for August, and Peltier 11-12 remedial work is planned for early July. Grays Harbor has a prospect with over 100 BCF (P50), and about 9,500 acres were added.
28 June 2007asset acquisition disposition▲ GoodMajor
Pure Energy has given notice that it will exercise its option to buy the Tipton West royalty for A$3 million, with proceeds expected that week. This completes the sale announced 14 June and funds US exploration. The text is marked DRAFT.
28 June 2007asset acquisition disposition● Neutral
Pure Energy says it has exercised its option to buy Comet Ridge's Tipton West royalty for A$3 million, and has finalised its A$5.25m placement at A$0.68 a share. Buyer's-side confirmation of the sale.
28 June 2007other● Neutral
Strike Oil cover note forwarding Comet Ridge's 28 June US operations update on Florence, Tow Creek and Bear River. Nothing new on Comet Ridge.
21 June 2007drilling progress report● Neutral
Florence 3D seismic is about 65% complete and due to finish by end of June. Comet Ridge controls about 7,500 acres over the most prolific part of the field and expects drillable prospects for drilling later in the year.
14 June 2007asset acquisition disposition● NeutralMajor
Comet Ridge agrees an option to sell its Tipton West royalty to Pure Energy for A$3 million, subject to due diligence by 29 June. The royalty was capped at A$8m and would take many years to collect. Proceeds are to fund US exploration.
