23 Mar 2009drilling progress report● Neutral
Moree-4 was coring at 394 m on 22 March, with only minor coal so far. Operational problems since 16 March are fixed. Total depth of 500 m is expected in 2-3 days. COI holds 25%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2009drilling result▼ Bad
Chartwell's Painkiller Creek-1C was plugged and abandoned at 507 m because the Brunner coal measures were not developed. A second dry well for the merger partner, which is not yet part of Comet Ridge. Data will be analysed over coming weeks.
13 Mar 2009half year report● Neutral
Half-year report to 31 December 2008 restates the Chartwell merger, with about A$7 million cash expected at completion. COI drew A$1 million in convertible notes from Chartwell on 17 February, maturing 9 February 2010. Gunnedah coreholes began 8 March; Florence holds at 140 barrels a day.
9 Mar 2009drilling progress report● Neutral
Orion says Moree-4 in PEL 427 began drilling on 8 March after wet-weather delays; a 500 m well. Kurrabooma-1 in PEL 428 follows with the same rig. COI holds 25% and 20% respectively. No result yet.
9 Mar 2009drilling spud● Neutral
Cover note passing on that merger partner Chartwell spudded Painkiller Creek-1C in New Zealand's South Island on 7 March, planned to 540 m, targeting Brunner coal measures. Chartwell holds 60%. Not yet a Comet Ridge asset.
6 Mar 2009drilling spud● Neutral
Eastern Star Gas is about to spud Moree-4 in PEL 427, the first of three farm-in coreholes it funds. COI holds 25% of PEL 427. ESG's own estimate is a high-side 3,500 PJ across the three permits. Third-party notice.
5 Mar 2009joint venture update● Neutral
US partner Pine Brook invests another US$4.47 million in Comet Ridge Resources, funding seismic, leases, second-quarter drilling preparation and costs. Its stake rises to 76.37%, and COI's holding falls to 23.12% from about 27%.
2 Mar 2009drilling result▼ Bad
Chartwell's Matata-1C in New Zealand was plugged and abandoned at 472 metres because the Waikato coal measures appear not sufficiently developed there. A dry first well for the merger partner, which is not yet part of Comet Ridge. The rig moves to Painkiller Creek-1C.
24 Feb 2009material agreement▲ Good
Both companies confirmed on 23 February that due diligence is complete, satisfying that condition of the Chartwell merger. Notice of meeting is due early March, with the shareholder vote expected early April 2009.
18 Feb 2009drilling spud● Neutral
Chartwell, the proposed merger partner, spudded Matata-1C in New Zealand's North Island, planned to 375 metres. Rig then moves to Painkiller Creek-1C in the South Island. Chartwell operates both permits with 60%. Not yet a Comet Ridge asset.
9 Feb 2009business combination▲ GoodMajor
Comet Ridge agrees to merge with unlisted Chartwell Energy, which has about A$8m cash and New Zealand coal seam gas permits. Chartwell holders get about 128m shares, 55% of the merged company. Tor McCaul becomes MD; Lydyard and Drobnack leave. Shareholder vote expected late March. This answers the funding problem.
30 Jan 2009quarterly activities report● Neutral
December quarter cash was A$437,000, with monthly spend of about A$30,000-40,000, so capital must be raised in coming months. Firm farm-in and equity offers have been received. Florence averages 140 barrels a day; Gunnedah drilling slips to late February.
19 Jan 2009drilling scheduled● Neutral
Partner Orion says the two Gunnedah coreholes, Moree-4 in PEL 427 and Kurrabooma-1 in PEL 428, start in February, run by Eastern Star Gas. Comet Ridge holds 25% of PEL 427 and 20% of PEL 428. Third-party notice; no new result.
15 Jan 2009production update● Neutral
Florence's three wells are averaging 140 barrels a day, and more drilling is planned for the second quarter. Board expects to agree Australian funding within weeks. Galilee grant is expected in Q1 2009; Gunnedah drilling is due in early February.
1 Dec 2008regulatory community update▲ Good
Native title agreement signed 22 November for ATP 743, one of the two Galilee permits; formal grant is awaited, and ATP 744 talks are advanced. Farm-in talks continue. Two Gunnedah core holes are due January 2009, leaving COI with 25% in PEL 427 and 20% in PEL 428.
14 Nov 2008director officer appointment▼ BadMajor
Managing Director Bradshaw resigned after about 10 weeks, with no termination payment, and Chairman Schneider becomes Executive Chairman. Cash is about A$750,000; the board says the October market collapse stalled farm-in partners and equity raising. Non-executive directors forgo fees; Bradshaw option resolutions withdrawn.
14 Nov 2008production update▲ Good
First Florence flow numbers: Golden, Apache and Rainbow together make about 127 barrels of oil a day on test. Galilee native title signings are scheduled for late November, and Gunnedah core holes follow, leaving COI with 20% in PEL 428 and 24% in PEL 427.
14 Nov 2008other● Neutral
AGM address repeats the Bradshaw resignation, Schneider as Executive Chairman and A$750,000 cash. Adds that cost cuts let the company run at least a year without new capital. Preferred plan is Australian JV partners and an equity raise.
14 Nov 2008investor presentation● Neutral
AGM presentation repeats known facts: three Florence wells producing about 127 barrels a day, COI at about 27% of CRR, Galilee potential estimated at 35+ TCF in place, and Mahalo at about 1 TCF. No new announcements.
30 Oct 2008quarterly activities report● Neutral
September quarter report: Bradshaw in as Managing Director, four Florence wells drilled with three on production test, Grays Harbor seismic started. Galilee native title signing expected next quarter. Board is planning for harder capital markets and preserving cash.
30 Sept 2008annual report● Neutral
2007-08 annual report restates the Pine Brook deal: up to US$100m for the US business, with COI expecting to hold 20% of Comet Ridge Resources after about 18 months. Chair says Bradshaw will seek project-level funding for Australian permits via farm-downs.
23 Sept 2008well test result● Neutral
Golden, Apache and Rainbow wells are completed; pumps and surface facilities are being installed and production testing should start later this week. Volumes will be reported after about 30 days, so no flow rates yet.
16 Sept 2008drilling result▼ Bad
Bull 42-4 was temporarily abandoned at 4,267 feet with casing set at 2,998 feet, because water flow from the Dakota Sands prevented drilling deeper. Oil was seen in Codell core. It is the first Florence setback after three wells with shows.
9 Sept 2008drilling progress report▲ Good
Bull 42-4 shows oil in core across the Codell Formation. The crew is trying to run 7-inch casing to 4,267 feet, and a smaller string may be needed if hole conditions require.
3 Sept 2008drilling progress report● Neutral
Bull 42-4 is at 3,792 feet after cutting five cores, about to resume drilling toward 4,530 feet. No hydrocarbon indications so far. COI's CRR equity is now stated as 27.18%.
3 Sept 2008capital raising announcement● NeutralMajor
Pine Brook invested a further US$9.65m in Comet Ridge Resources on 26 August, lifting its stake to 72.42%. COI's interest fell from 43.75% to 27.18%. Funds drilling, seismic, leases and costs. COI paid nothing; this is dilution in CRR.
26 Aug 2008drilling progress report● Neutral
Rainbow #23-20 reached its planned 3,700 feet total depth and was cased for production testing. Testing of Golden, Apache and Rainbow was due in early September, and the fourth well, Bull 42-4, was drilling ahead at 646 feet.
22 Aug 2008director officer appointment● NeutralMajor
David Bradshaw, a non-executive director and former Tipperary CEO, becomes Managing Director from 1 September 2008, based in Brisbane, to grow the Australian business. Andy Lydyard becomes non-executive director and CEO of Comet Ridge Resources. Bradshaw gets US$320,000 salary and 4.5m options at A$0.25.
19 Aug 2008drilling progress report▲ Good
Rainbow #23-20 is drilling ahead at 2,983 feet toward 3,700 feet, with elevated gas readings and oil observed in the reserve pit.
12 Aug 2008drilling result▲ Good
Apache #33B-20 drilled trouble-free to 3,517 feet, with oil seen in the reserve pit, and is cased for production testing. The rig moves to the third well, Rainbow #23-20.