6 June 2007other● Neutral
Strike Oil operations update, mostly its Texas Duncan 1 well. Repeats that Florence seismic is 32% done and due to finish by end of June. Nothing new on Comet Ridge.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 June 2007drilling progress report● Neutral
Florence 3D seismic is about 32% complete. Mountain Petroleum's neighbouring West Florence 1 has set casing at 6,417 feet, with testing planned for several show intervals. Comet Ridge still expects to drill later this year.
31 May 2007drilling progress report● Neutral
Florence 3D seismic is under way despite heavy rain. Neighbouring Mountain Petroleum's West Florence 1 well reportedly reached 6,420 feet with unspecified shows. Drilling at Florence is still expected later this year.
24 May 2007other● Neutral
Strike Oil cover note saying the Florence 3D seismic survey has started, attaching Comet Ridge's 24 May announcement. Nothing new on Comet Ridge.
24 May 2007drilling progress report● Neutral
Seismic crew is on site at Florence, Colorado, and will begin recording an 8 square mile 3D survey within a day or so. It should show the fractures controlling oil flow; drilling is still expected later this year. Continues the Florence work set up in May.
21 May 2007investor presentation● Neutral
Conference presentation for 22 May in Sydney repeating known projects and company-view values. Shows 104 million shares, A$4.7m cash and A$30.7m market cap at 15 May. Plans 10-12 wells in 2007. No new results.
18 May 2007other● Neutral
Strike Oil's cover note saying it too is lifting its Florence interest from 26% to 39%, attaching Comet Ridge's announcement. Nothing new on Comet Ridge.
18 May 2007farm in farm out completion▲ GoodMajor
Comet Ridge lifts its Florence interest from 26% to 39% after AJ Lucas Group withdrew from US exploration; Strike Oil also rises to 39%. Increases exposure to the field ahead of 3D seismic and drilling planned late in the third quarter.
16 May 2007regulatory community update● Neutral
Florence 3D seismic starts week of 21 May with permitting nearly complete. Comet Ridge won a 160-acre federal infill lease. Drilling now expected late in the third quarter, slightly later than the earlier end-July target.
16 May 2007other● Neutral
Strike Oil update, mostly its Duncan 1 well in Texas, plus a note that Florence 3D seismic is due to begin next week. Nothing new on Comet Ridge.
11 May 2007drilling result● Neutral
First Vader hole reached 2,680 feet and met 52 feet of coal with elevated gas readings, but coring failed amid rig problems. The operator released the rig and is securing a replacement; drilling resumes once a new rig is found. Gas content results pending.
27 Apr 2007quarterly activities report● Neutral
March quarter cash flow report: cash at quarter end US$2,752k, down from US$6,651k, with no borrowings. Next quarter's planned exploration spend is US$2,000k. Interests increased at Tow Creek, Bear River and Florence by acreage.
27 Apr 2007drilling spud● Neutral
Drilling began 25 April on the first Vader coal seam gas hole in Washington (3-36-13-3), planned to 2,570 feet in about seven days. Comet Ridge holds 40% non-operated; this starts the programme targeting a potential 140 BCF (company estimate).
26 Apr 2007quarterly activities report● Neutral
March quarter report: Peltier 11-12 makes about 15 barrels a day, below expectation; Coal View 31-4 sidetrack now this summer; Florence seismic permitting about 60% done; Vader drilling due; Grays Harbor has 39 leads on 438,000 acres, with US$12-15m budget to mid-2008.
26 Apr 2007other● Neutral
Strike Oil weekly update, mostly about its own Texas wells (McGall 1 completion abandoned). Notes Peltier 11-12 testing continues at 15 barrels of oil a day. Nothing new on Comet Ridge.
24 Apr 2007well test result▼ Bad
Peltier 11-12 restarted production test on 20 April after weeks shut in, making about 15 barrels of oil a day intermittently. It will be shut in again on 25 April for pressure testing to see if productivity can be improved. Still low rate.
24 Apr 2007other● Neutral
Strike Oil's cover note forwarding Comet Ridge's 24 April Peltier 11-12 update of about 15 barrels a day. States Strike holds 33.75% of Bear River and 8.4% of Comet Ridge. Nothing new on Comet Ridge.
20 Apr 2007drilling scheduled▲ Good
A rig is mobilising to start a 3-well resource assessment at Vader, Washington, with spud expected mid next week; a fourth well is planned at Cedar Creek. Company cites potential of about 140 BCF, with Comet Ridge's 40% share valued at about US$62m (internal estimate).
19 Apr 2007investor presentation● Neutral
MD Lydyard's Open Briefing restates strategy and company-view potential: Grays Harbor P50 around 1.7 TCF, Vader over 100 BCF, Tow Creek/Florence 5-10 MMBO net, Mahalo 40%. Says Vader drilling starts within weeks. Pre-drill estimates, not results.
21 Mar 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 19 March Peltier news. Also reports significant gas shows in its McGall 1 well and a 15% Cooper Basin interest in ATP633P. Nothing new on Comet Ridge.
20 Mar 2007well test result● Neutral
Peltier 11-12 stays shut in. Pressure is building steadily, which the company says shows oil is flowing in from a fracture system. Schlumberger is modelling whether fractures are plugged. Regular weekly reports on the well will stop.
15 Mar 2007half year report● Neutral
Half-year report to 31 December 2006. Tow Creek and Bear River drilling overran by about US$1m to Comet Ridge. Coal View 31-4 will be redrilled after the thaw, and the third Tow Creek well is delayed until summer. A$7.7m was raised in the period. Financial figures are truncated.
14 Mar 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 13 March Peltier news, with the well shut in and flow low. Also covers McGall 1 at 13,421 ft. Nothing new on Comet Ridge.
13 Mar 2007well test result▼ BadMajor
Peltier 11-12 produced clean new oil but at low rates, and is shut in for a pressure build-up test. The company says this is inconsistent with logs and suggests the fractures may be plugged near the well bore. Remedial options are described as inexpensive.
9 Mar 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 6 March Peltier news of low inflow. Also covers McGall 1 at 12,015 ft and a move to Wednesday reporting.
8 Mar 2007farm in farm out agreement▲ GoodMajor
Comet Ridge farms out its 100%-owned Galilee Basin permit applications ATP 743P and 744P (over 13,000 sq km) to Clark Oil and Gas. Clark can earn up to 40% and carry Comet Ridge through seismic and drilling. Conditional on Clark listing on the ASX later this year.
6 Mar 2007well test result▼ Bad
Peltier 11-12 has recovered nearly all load oil and drilling fluid, but inflow into the well bore is minimal at 400 psi. Testing will continue at lower pressures. The first sign of disappointing productivity.
2 Mar 2007other● Neutral
Strike Oil's weekly update forwarding Comet Ridge's 27 February news. Confirms Strike has earned its 33.75% in Bear River. Also covers Strike's McGall 1 casing in Texas.
27 Feb 2007well test result● Neutral
Peltier 11-12 is on production test, recovering load oil at a deliberately low rate. Bear River earning requirements are complete, with both Comet Ridge and Strike at 33.75%. Additional locations are being permitted for later this year.
23 Feb 2007drilling progress report▲ Good
Peltier 11-12 hole conditioning went smoothly, with about 10 barrels of oil in the mud tank and gas seen in the drilling fluid. Pump installation is expected shortly, then a low-rate production test.