21 Sept 2006director officer appointment● Neutral
Pat Jackson appointed consultant explorationist from 29 September 2006, mainly to evaluate the Grays Harbor Basin. He has 26 years' experience, including as a Stone Energy district manager.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2006regulatory community update▲ GoodMajor
The 4,287-acre Coal View Federal Exploration Unit at Tow Creek was approved effective 1 September 2006, resolving the pending approval. It requires a first well by 1 March 2007 and extends the term of a number of leases.
6 Sept 2006drilling result▼ BadMajor
Mahalo 2 reached 234m but showed no measurable gas or water flow, suggesting low permeability or drilling damage, which contrasts with Mahalo 1's gas influx. Comet Ridge still earned its 40%, with Santos and Origin at 30% each. Pressure data will be analysed.
5 Sept 2006investor presentation● Neutral
Good Oil Conference presentation restating the four main projects, nine wells planned for 2006, 70.5 million shares and $3.2 million cash. Cash is lower than the $4.1 million at June. No new announcements in the readable text.
25 Aug 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 25 August operations update. Restates Strike's Tow Creek/Bear River interest and 8.9% Comet Ridge holding. Nothing new.
25 Aug 2006drilling scheduled● Neutral
Mahalo 2 due to spud 26 August, with about four days to drill to 233 metres and then an open-hole flow test. Completion gives Comet Ridge 40%. Tow Creek drilling preparations continue, and approval of the Coal View Unit is expected within days.
16 Aug 2006other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 15 August operations update. Confirms Strike's 33.5-37.5% Tow Creek/Bear River interest and 8.9% holding in Comet Ridge. Nothing new.
15 Aug 2006drilling scheduled▲ Good
Tow Creek/Bear River now has 11 drilling locations in permitting, with drilling expected to start in September. Grassy Creek well now makes about 8 barrels a day after repairs, up from 1-2. Grays Harbor seismic reprocessing is under way.
8 Aug 2006drilling scheduled▲ GoodMajor
Mahalo 2, previously delayed, is due to spud by the end of August. It is the final well Comet Ridge must drill to earn a 40% interest, with Santos and Origin keeping 30% each. Resolves the delay flagged earlier.
8 Aug 2006director officer appointment● Neutral
Michael Cuba, contract land manager since May, becomes Vice President – Land in Denver from 1 August 2006. He has 25 years' experience, including at Stone Energy. Another step in building the US team.
4 Aug 2006director officer appointment● Neutral
Gary Mabie, contract Operations Manager since May, is made Vice President of Operations in Denver from 1 August 2006, responsible for all US company and joint venture operations. A promotion within the US team.
3 Aug 2006admin correction● Neutral
Administrative notice that the Perth fax number has changed. No substance for shareholders.
20 July 2006drilling scheduled▼ BadMajor
Tow Creek and Bear River drilling, earlier expected by end of May, is delayed to late August/September 2006 because landowner access negotiations are taking longer. Plan is four wells, three at Tow Creek and one at Bear River, seeking 200-400 thousand barrels each.
21 June 2006investor presentation● Neutral
June 2006 investor update restating projects and strategy: nine wells planned for 2006, about 475,000 acres, $4.2 million cash, 70.5 million shares and $23 million market cap. Share count reflects the May placement. No new announcements.
21 June 2006investor presentation● Neutral
Re-release of the 21 June 2006 investor update with the same content: nine wells planned for 2006, $4.2 million cash, $23 million market cap. No new information.
13 June 2006asset acquisition disposition▲ GoodMajor
Closed the Grays Harbor lease option: 420,000 acres, 100% and operator, for a $400,000 upfront payment plus $650,000 of committed exploration work. Leads of 50-250 Bcf each; drilling targeted late 2007. Resolves the delayed closing; Comet Ridge now has about 475,000 US acres.
2 June 2006admin correction● Neutral
Administrative notice of new addresses and contact details: the Perth registered office moves 12 June 2006 and the Denver offices of the US subsidiaries move 5 June. No substance for shareholders.
31 May 2006asset acquisition disposition▲ GoodMajor
Completed the $120,000 purchase of the producing Tow Creek oil well and 640-acre lease announced 16 May. It makes about 2 barrels a day and is Comet Ridge's first operated US production. Comet Ridge ends with 37.5% after partners take their shares.
23 May 2006asset acquisition disposition▲ Good
St Helens secured a lease option on a further 15,280 acres at Cedar Creek from Pope Resources, taking the project to over 130,000 acres; Comet Ridge holds 40%. Operator Cascadia plans up to four exploratory wells later this year.
16 May 2006director officer appointment● Neutral
Gary Mabie appointed Operations Manager in Denver from 1 May 2006, responsible for all US company and joint venture operations. He has 30 years' experience, most recently as President of CDX Rockies.
16 May 2006asset acquisition disposition▲ GoodMajor
Agreed to buy a producing well, Grassy Creek 1-36, and a 640-acre lease at Tow Creek for $120,000, closing 1 June. The well makes about 2 barrels a day. Partners Strike Oil and Lynn Properties intend to participate.
16 May 2006other● Neutral
Partner Strike Oil's notice that it acquired a 37.5% interest in additional Tow Creek leases, attaching Comet Ridge's 16 May release. Says Strike owns about 8.9% of Comet Ridge. Nothing new beyond the Comet Ridge announcement.
8 May 2006director officer appointment● Neutral
Michael Cuba appointed consultant Land Manager in Denver from 8 May 2006; he has 25 years' oil and gas experience, including at Stone Energy. Part of building the US team, with more appointments flagged in coming weeks.
8 May 2006asset acquisition disposition▼ Bad
Closing of the Grays Harbor 420,000-acre lease option, expected late April, is now likely delayed to the end of May because of the number of agreements needed. Negotiations are said to be progressing well.
2 May 2006capital raising announcement▲ GoodMajor
Allotted 9.17 million shares at 28 cents to Tolhurst Noall, raising $2.567 million, completing the placement announced 21 April. This is new equity, adding to the 61.4 million shares on issue and extending the cash runway.
What it means for a shareholder
9.2m new shares at A$0.280 to raise about A$2.6m. 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.
24 Apr 2006director officer appointment● Neutral
Jim Knox appointed Financial Controller in Denver from 5 May 2006, handling accounting for the US subsidiaries. Continues the build-out of the US team after the Managing Director's move to Denver.
31 Mar 2006investor presentation● Neutral
April 2006 investor update restating known projects and strategy: four main projects, at least four US development wells this year, $3.3 million cash, 61.2 million shares, about $14 million market cap. Notes challenges of people, capital and rigs. No new announcements.
30 Mar 2006other● Neutral
Administrative notice: 16,278,864 shares and 4,100,000 unlisted options expiring 1 December 2006 will be released from escrow on 19 April 2006, with ASX approval. This frees those holders to sell.
29 Mar 2006investor presentation● Neutral
Presentation for the US Oil and Gas Downunder conference restating the strategy and projects. It gives $3.3 million cash, 61.2 million shares and about $14 million market cap, and lists capital resources and people as challenges. No new announcements.
24 Mar 2006asset acquisition disposition▲ GoodMajor
Comet Ridge's US subsidiary signed a letter of intent for a two-year lease option over 420,000 acres of the Grays Harbor Basin, Washington, for about $1 million in fees and work commitments. It has 15 mapped leads. Definitive agreements are expected by late April.