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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
31 July 2006quarterly activities report● Neutral
Cash flow report: cash at 30 June 2006 was $4.12 million, up from $3.26 million, helped by $2.53 million raised from shares. No debt. $2.05 million of exploration spending is forecast for next quarter.
26 July 2006quarterly activities report● Neutral
June quarter report: Grays Harbor 420,000-acre option closed and a further 15,000 acres secured at Cedar Creek. Tow Creek drilling is delayed by land access issues, with the aim now to drill by end of September. Mahalo drilling is due next quarter.
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.