8 Dec 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 8 December Coal View 31-4 update. Restates Strike's 37.5% Tow Creek interest and 8.9% Comet Ridge holding. Nothing new.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2006drilling progress report● Neutral
A rig component failed and took 5 days to replace, but drilling has resumed, with total depth of 6,600 ft now expected by Christmas. A Routt County permit received 6 December means Peltier 11-12 at Bear River will follow immediately.
1 Dec 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 1 December Coal View 31-4 update (drilling at 2,758 ft). Restates Strike's 37.5% Tow Creek interest and 8.9% Comet Ridge holding. Nothing new.
1 Dec 2006drilling progress report● Neutral
Coal View 31-4 was drilling at 2,758 ft, with open fractures having slowed the upper hole through mud losses, though rates improved with depth. The first Niobrara reservoir is now expected around 5,200 ft, with total depth of 6,600 ft about two weeks away.
30 Nov 2006security holder rights change● Neutral
Following AGM approval, 3,500,000 unlisted incentive options were issued to directors at nil price under the employee option plan. They are exercisable at 45 cents and expire 31 December 2009. Shares on issue are 71,428,240.
24 Nov 2006drilling progress report▼ Bad
Coal View 31-4 was drilling at 1,050 ft. Fracture zones caused mud losses and once a stuck drill string, so some time was lost. Next casing is planned near 4,900 ft, with the first Niobrara reservoir expected around 5,200 ft.
24 Nov 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 24 November Coal View 31-4 update. Restates Strike's 37.5% Tow Creek interest and 8.9% Comet Ridge holding. Nothing new.
17 Nov 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's announcement that Coal View 31-4 drilling has begun. Restates Strike's 37.5% Tow Creek and 33.75% Bear River interests. Nothing new.
17 Nov 2006drilling spud▲ GoodMajor
Coal View 31-4 was spudded at 3:30 pm on 16 November, after delays from a winter storm. It is the first well of the Tow Creek program, expected to take about 30 days to drill and 5-10 to complete. Weekly Friday updates are promised.
10 Nov 2006drilling progress report▼ Bad
Rig 16 is on location at Coal View 31-4 and rigging up, but spud slipped to early next week because of trucking shortages, soft ground and a steep access climb. The 6,600 ft well targets 200,000-500,000 barrels.
10 Nov 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 10 November update that the rig is on location for the first Tow Creek well. Restates Strike's interests and 8.9% Comet Ridge holding. Nothing new.
10 Nov 2006capital raising announcement● NeutralMajor
Comet Ridge announced a 2-for-5 non-renounceable entitlement issue at 27 cents, raising about $7.6m if fully subscribed (28.29m shares). Each two shares issued carry one free 40-cent option expiring 29 June 2007, and funds go to Tow Creek, Bear River, Florence, Washington, Grays Harbor and Mahalo work.
What it means for a shareholder
28.3m new shares at about A$0.2686 to raise about A$7.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
9 Nov 2006admin correction● Neutral
The expiry date of unlisted options was corrected from 1 December 2006 to 29 March 2007, because the original prospectus was wrong. The corrected date follows the third anniversary of the ASX admission approval letter, as approved by shareholders.
7 Nov 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's rig move announcement. Restates Strike's 37.5% Tow Creek and 33.75% Bear River interests. Nothing new.
7 Nov 2006drilling progress report● Neutral
Rig 16 is being moved to Coal View 31-4, with drilling expected to start by end of week and take about 35 days. It is the first of three 'proof of concept' wells, targeting 200,000-500,000 barrels at an estimated $1.8m cost.
2 Nov 2006asset acquisition disposition▲ GoodMajor
St Helens acquired a 40% interest in a new lease of 25,664 acres over the Vader prospect in southern Washington. Total Vader/Cedar Creek acreage now exceeds 156,000 acres, with drilling planned for late 2006 to early 2007 by operator Cascadia.
1 Nov 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's Florence release, confirming Strike's election to participate with a 26% interest after the earning phase. Nothing new beyond the Comet Ridge announcement.
1 Nov 2006farm in farm out completion● NeutralMajor
Strike Oil and AJ Lucas both took up their full options in Florence, so Comet Ridge keeps a 26% interest and stays operator, down from the 78% bought on 3 October. 3D seismic is expected to start in December, with the first well required by 1 August 2007.
31 Oct 2006asset acquisition disposition▲ GoodMajor
Comet Ridge won 51 Washington State leases covering 18,159 acres at an average US$6 per acre, largely next to its 420,000-acre Grays Harbor option. It says a five-well, 25 BCF discovery would be worth nearly US$50m (internal estimate); new seismic is planned early 2007.
30 Oct 2006contract award▲ GoodMajor
Cyclone Drilling Rig 16 is contracted for a three-well Tow Creek/Bear River program, with the first well, Coal View 31-4, to spud by 10 November. It resolves the rig search, with Peltier 11-12 and Coal View 18-14 (permit-dependent) to follow. Cost is about $1.8m per well.
30 Oct 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 30 October rig contract announcement, with the first well due to spud by 10 November. Restates Strike's 37.5% Tow Creek and 33.75% Bear River interests and its 8.9% Comet Ridge holding.
6 Oct 2006drilling progress report● Neutral
A spudder rig drilled the surface hole for Coal View 31-4 on 28 September and set casing at 60 feet. The well now awaits a full-size rig, with three contractors indicating availability within a month. Target is 200,000-400,000 barrels at 6,600 ft.
6 Oct 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's Tow Creek operational update on Coal View 31-4. Restates Strike's 37.5% interest and 8.9% Comet Ridge holding. Nothing new.
5 Oct 2006director officer appointment▲ Good
Gary Drobnack, a recently retired Weyerhaeuser executive based in Seattle, joins the board from 3 October 2006 as a director. His forestry experience is relevant to Comet Ridge's more than 550,000 acres of leases over Pacific Northwest timberlands.
3 Oct 2006asset acquisition disposition▲ GoodMajor
Comet Ridge USA acquires a 78% interest and operatorship of 4,678 acres of the historic Florence oil field, Colorado, for about US$650,000 covering cash, 3D seismic and one ~4,000 ft well. Drilling must start by 1 August 2007. The deal is to be offered to Strike Oil and AJ Lucas.
3 Oct 2006other● Neutral
Strike Oil's cover note forwarding the Florence announcement. New detail: Strike holds an option over a 33⅓% to 50% share of Comet Ridge's Florence interest, with a decision due in two or three weeks.
3 Oct 2006admin correction● Neutral
Amended re-release of the 3 October Florence acquisition announcement. It appears to remove tracked-change editing marks left in the first version; the terms shown (78% interest, 4,678 acres, about $650,000) are unchanged.
29 Sept 2006annual report● Neutral
2006 Annual Report with audited accounts for the year to 30 June 2006 lodged. Printed copies due late October and the AGM is set for 29 November 2006. The Chairman's letter restates the Tipton West sale and the US acreage built up during the year.
26 Sept 2006drilling scheduled▲ Good
Comet Ridge's own 26 September Tow Creek/Bear River update, forwarded by Strike Oil: first permit received for Coal View State 31-4 (37.5%), six more applications in process, key landowner agreement concluded, leases over 16,000 acres, and a 2-3 well program expected in October. Repeats the earlier announcement.
26 Sept 2006drilling scheduled▲ GoodMajor
First Tow Creek drilling permit received for the Coal View Unit State 31-4 well (37.5%), with surface hole to start this week. It costs US$1.7 million and targets 200,000-500,000 barrels recoverable. A two or three well program is expected in October; leases now exceed 16,000 acres.