Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2006half year report● Neutral
Half-year report to 31 December 2005 restates known events: $4.9 million from the Tipton West sale, Mahalo drilling delayed, and Tow Creek and Bear River in Colorado. Tow Creek drilling is expected by the end of May 2006, with at least three wells this year.
15 Mar 2006joint venture update▲ Good
Arrow began development drilling at Tipton West, the field Comet Ridge sold in 2005, with 75 wells planned. First gas is scheduled for Q1 2007. Comet Ridge's 1.5% royalty (capped at $8 million) could yield about $300k a year initially.
13 Mar 2006well test result▲ Good
Drill stem tests at Mira 1 and Humboldt 1 gave coal permeabilities of 6 to 56 millidarcies, similar to producing Queensland coal seam gas fields. Each test showed drilling damage. Early gas desorption data is described as encouraging; results are not yet reviewed with JV partners.
21 Feb 2006drilling result▲ Good
Mira 1 (252m) and Humboldt 1 (253m) core holes at Mahalo were drilled, intersecting 8m and about 4.5m of Bandanna coal. Initial drill stem tests indicate permeability. Gas content results are expected in coming months, and Mahalo 2 is still due mid-2006.
14 Feb 2006drilling spud● Neutral
Drilling began on 10 February 2006 on Mira-1, the first Mahalo Phase II core hole; it reached total depth and testing began. Mahalo 2 is delayed to mid-year because Santos says a different rig is needed. Completing all three wells would give Comet Ridge 40%.
31 Jan 2006investor presentation● Neutral
January 2006 investor presentation repeating known facts: Tipton West sold, Mahalo drilling imminent, three US projects planned for drilling in Q2 2006. It cites a market cap of about $14 million and $4.8 million cash. No new announcements.
12 Jan 2006drilling scheduled● Neutral
The Mahalo Phase II three-well earning program, operated by Santos, is due to restart in early February 2006 after delays from rig availability, holidays and weather. Comet Ridge holds 20% and is earning a further 20%. Operator's most likely gas in place is over 400 Bcf.
10 Jan 2006asset acquisition disposition● Neutral
Partner Strike Oil announced it will take a 37.5% interest in the Bear River prospect, repeating Comet Ridge's own release of the same day. This confirms the partner take-up already flagged and adds no new facts.
10 Jan 2006asset acquisition disposition▲ GoodMajor
Comet Ridge signed a letter of intent to take 100% of 968 net acres at the new Bear River oil prospect, west of its Tow Creek project in Colorado. Partners Ponder (25%) and Strike Oil (37.5%) intend to join. Drilling is planned for the second quarter of 2006.
3 Jan 2006asset acquisition disposition▲ Good
Arrow Energy issued Comet Ridge 3,652,598 Arrow shares as the second instalment for the Tipton West sale, worth $2,520,292 at 31 December 2005. Comet Ridge also keeps a 1.5% gross royalty, capped at $8 million, expected to start in late 2006.
