Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2009quarterly activities report▲ Good
Quarter to June 2009: the A$21.3 million raising completed, shares on issue about 307 million, cash expected about A$26 million. Galilee environmental approvals received, native title for ATP 744 signed, and eight-well drilling tenders under evaluation. Largely a recap of known events.
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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18 May 2009investor presentation● Neutral
Presentation behind the A$21.3 million raising: Galilee, Mahalo and Greymouth (NZ) named key projects, with Galilee's potential 36 TCF gas in place. Says the Chartwell merger was approved 16 April and added about A$7 million cash. Largely repeats known facts.
18 May 2009capital raising announcement● Neutral
Offer booklet for the 1-for-5 entitlement offer at A$0.27 per share, to raise about A$13.8 million, underwritten by Wilson HTM. Closes 18 June 2009. It repeats the terms already announced.
30 Apr 2009drilling progress report● Neutral
ESG's bimonthly report confirms Kurrabooma-1 reached 439 m with about 4.6 m of gassy coal and was plugged and abandoned as planned. The rest covers ESG's Narrabri wells. COI holds 20% of PEL 428.
20 Apr 2009drilling result● Neutral
Kurrabooma-1 reached 438.7 m on 17 April with about 4 m of net coal and visible free gas. Gas volumes will be measured over coming months. This completes the two-well Gunnedah program; COI holds 20% of PEL 428.
15 Apr 2009drilling progress report● Neutral
Eastern Star Gas's bimonthly report is mostly about its own Narrabri wells. It notes Kurrabooma-1 coring ahead at 362 m in PEL 428, where COI holds 20%. No new result for COI.
14 Apr 2009drilling progress report● Neutral
Kurrabooma-1 in PEL 428 is waiting on wet weather at 336.7 m, with a planned depth of 430 m. No result yet. COI holds 20%.
6 Apr 2009drilling spud● Neutral
Kurrabooma-1 corehole in PEL 428 started on 3 April and was setting surface casing at 64 m. It is a 400 m well and the first real test of this area. COI holds 20%; ESG pays.
6 Apr 2009drilling spud● Neutral
Greenpower, which holds 20% of PEL 428 alongside COI's 20%, announces Kurrabooma-1 drilling has started. A third-party repeat of known information, with no new result.
31 Mar 2009drilling result● Neutral
Moree-4 reached 495 m with about 5 m of net coal and gas freely desorbing, but a drill stem test recorded no gas blow. Orion says the coals were thinner than expected. COI holds 25% of PEL 427. Kurrabooma-1 is next.
