Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2010quarterly activities report● Neutral
Cash report for March quarter: cash A$15.9 million at 31 March, down from A$21.0 million, after A$4.9 million net outflow. Spending of A$4.95 million forecast next quarter. No debt facilities.
29 Apr 2010quarterly activities report● Neutral
March quarter: Galilee drilling was badly disrupted by record rain, with only Shoemaker 1 (20 m coal) drilled. Pilot wells began at Greymouth. A Bellata 3 well is likely in PEL 427 later in 2010; a Mahalo pilot is likely early 2011. An engineering manager was hired.
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.
28 Jan 2010quarterly activities report● Neutral
December quarter: Skiff 1 hit good coal in its upper interval but the drill string stuck, so it was logged through pipe and abandoned. Shoemaker 1 was under way. Two Greymouth pilot wells planned in Q1 2010. Cash fell to A$21.0 million (per the cash report).
28 Jan 2010quarterly activities report● Neutral
Cash report for December quarter: cash A$21.0 million at 31 December, down from A$24.2 million. Net operating and investing outflow was A$3.1 million, with A$7.3 million forecast for next quarter. No debt facilities.
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.
23 Nov 2009other● Neutral
From 30 November the share registry moves from Computershare's Perth office to its Brisbane office. Administrative change only.
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.
30 Oct 2009quarterly activities report● Neutral
Appendix 5B for the September quarter: cash at quarter end was A$24.2 million, down from A$25.7 million in the prior quarter. Expected spending next quarter is A$4.96 million. Shares on issue were 307.35 million; no debt facilities.
30 Oct 2009quarterly activities report● Neutral
Quarter to September 2009: both Galilee permits awarded and the Atlas rig due on the first location before mid-November. Cash was A$24.2 million at quarter end, with about A$5.0 million of spending forecast next quarter. COI proposes relinquishing about 4,000 sq km of PEP 50279.
