Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2024investor presentation● Neutral
RBC Energy Forum presentation by the Managing Director repeating known positions: net 2P+2C of 406 PJ and 3P+3C of 827 PJ at the Mahalo Gas Hub, with Mahalo East pilot testing noted. No new results evident. Text is truncated.
31 Oct 2024quarterly activities report● Neutral
September 2024 quarter: Mahalo JV select phase done, with JV investment committee approval of Upstream FEED scheduled for November. Jemena submitted a 10-inch pipeline FEED offer. Cash fell to $11.4m (from $16.8m), including $1.2m of one-off extra spending. Mahalo North EPBC still pending.
21 Oct 2024drilling result▲ GoodMajor
Mahalo East 1 reached 362 m, intersecting 7.2 m of net coal with higher-than-expected permeability in the lower two seams. The Mahalo East 2 lateral well spudded 20 October, targeting the Aries Seam. Gas flow rates from the lateral are not yet reported.
10 Oct 2024drilling spud● Neutral
Mahalo East 1 vertical well spudded in ATP 2061, the first fieldwork under the $5m Queensland grant. It targets up to 400 m, will be cored, and will serve as the intercept for the Mahalo East 2 lateral well to be drilled next.
3 Oct 2024agm notice● Neutral
Annual General Meeting set for 3:00pm on 25 November 2024. Director nominations close 11 October 2024. Administrative notice only.
25 Sept 2024annual report● Neutral
FY2024 annual report: underlying loss after tax $7.17m (2023: $6.57m), cash $16.8m at 30 June 2024. Reports 580 PJ 2P+2C, the $15m placement and the CleanCo gas agreement, with Mahalo North approvals progressing. Text is truncated.
25 Sept 2024other● Neutral
Appendix 4G, a standard form keying the company's corporate governance disclosures to ASX recommendations for the year to 30 June 2024. Administrative, no new substance.
25 Sept 2024other● Neutral
Annual corporate governance statement dated 23 September 2024, saying practices substantially follow ASX recommendations except as explained. States there were no new board appointments in the last 12 months. Administrative; text is truncated.
17 Sept 2024joint venture update● Neutral
Santos completed the select phase for upstream Mahalo JV components, but an independent assurance step must finish before a FEED decision; Comet Ridge says it is concerned about the time taken. Mahalo East drilling is planned for October; Mahalo North FEED is at least 80% complete.
6 Aug 2024regulatory community update▲ GoodMajor
Queensland awarded the Environmental Authority for Mahalo North (PLA 1128), the first development approval for its 100% assets, after about two years' work. Petroleum Lease 1128 is expected next; federal EPBC approval, referred October 2023, is still outstanding.
31 July 2024quarterly activities report● Neutral
June 2024 quarter: cash $16.8m (from $19.6m). Mahalo North state environmental approval expected in August; federal EPBC still ongoing. Mahalo East pilot drilling to start; Santos JV still finalising design before FEED. Net 2P+2C 406 PJ. Text is truncated.
22 July 2024asset acquisition disposition▲ GoodMajor
The Mahalo Far East Extension block, where Comet Ridge was preferred tenderer in June, was formally awarded as ATP 2072: 66 km2, 100% Comet Ridge as operator, six-year initial term, no domestic supply obligation. This resolves the June approval caveat.
19 June 2024investor presentation● Neutral
Managing Director's Gold Coast Investment Showcase presentation pitches the Mahalo Gas Hub, east coast gas market pressure, the $12/GJ price cap extended to June 2025 with small-producer exemption, and the May 2024 Future Gas Strategy. No new results evident. Text is truncated.
17 June 2024asset acquisition disposition▲ GoodMajor
Comet Ridge was selected as preferred tenderer for a new 66 km2 gas block, called Mahalo Far East Extension, on a 100% basis with no domestic supply obligations. Formal award still needs environmental approval and Native Title arrangements.
10 May 2024contract award▲ GoodMajor
Comet Ridge won a $5m Queensland Government Frontier Gas Exploration grant to drill and test a lateral pilot at its 100%-owned Mahalo East (ATP 2061), which holds 31 PJ 2C and 122 PJ 3C of contingent resources. Operations are planned to start next quarter.
26 Apr 2024quarterly activities report● Neutral
March 2024 quarter: cash rose to $19.6m after the $15m placement. A $0.5m partial repayment was made on the PURE debt facility from warrant proceeds. Mahalo North environmental approvals are still in process, which the company calls misaligned with the need for new gas. Text is truncated.
12 Mar 2024half year report● Neutral
Half-year to 31 December 2023: loss of $5.745m (prior period $3.668m), which the report attributes mainly to non-cash movements in financial liabilities at fair value. Cash was $7.77m, boosted afterwards by the $15.0m placement. Roughly 6% of 2P+2C is contracted. Text is truncated.
1 Mar 2024other● Neutral
S&P Dow Jones Indices' March 2024 rebalance lists Comet Ridge as an addition to the All Ordinaries index, effective 18 March 2024. The rest is a list of other companies' changes. Text is truncated.
14 Feb 2024investor presentation● Neutral
Capital raising presentation accompanying the $15m placement, recapping the Mahalo Gas Hub's progress and net 2P+2C of 406 PJ and 3P+3C of 827 PJ. It repeats known facts. Text is truncated.
14 Feb 2024capital raising announcement● NeutralMajor
Comet Ridge raised $15m through a placement of 88.5m shares at $0.17, a 12.8% discount to last close, lifting pro-forma cash from $7.8m to $22.8m. Funds go to Mahalo North, its share of Mahalo JV FEED costs and working capital.
What it means for a shareholder
88.5m new shares at A$0.170 to raise about A$15.0m. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held A$1,000 of shares (5,882 at the issue price), your slice goes from 0.000579% to 0.000533% of the company. To keep it you'd need 513 more shares - about A$87 at the issue price.
Create a free account to see this worked out for your own holding.
31 Jan 2024quarterly activities report● Neutral
December 2023 quarter: cash fell to $7.8m (from $9.6m). CleanCo approval and the Mahalo North 3P upgrade to 149 PJ are recapped; Mahalo North approvals are progressing and the Santos JV is in Concept Select before FEED. More gas sales talks continue. Text is truncated.
20 Dec 2023resource reserve update▲ GoodMajor
Sproule raised Mahalo North 3P Reserves by 39 PJ (35%) to 149.2 PJ, from five new areas added in pre-FEED design work. The 1P (11.9 PJ) and 2P (42.9 PJ) figures are unchanged, so only the most speculative category grew.
15 Dec 2023material agreement▲ GoodMajor
CleanCo's shareholding Ministers approved the seven-year, 3 PJ a year gas sales agreement signed in September, clearing that approval condition. Supply is still to start in the 1 July 2025–30 June 2026 window and remains conditional on project steps such as FID.
22 Nov 2023investor presentation● Neutral
Managing Director's AGM presentation recaps the Mahalo Gas Hub's progress, the extended $12/GJ price cap with small-producer exemption, the executed CleanCo agreement and the path to production and project funding. No new results evident. Text is truncated.
22 Nov 2023agm notice● Neutral
All resolutions at the 22 November 2023 AGM passed on a poll, with 1,010,373,085 shares on issue. Vote percentages are in an attached schedule not shown here. Pitcher Partners' ratification was due at this AGM, but the text does not list the resolutions.
22 Nov 2023agm notice● Neutral
Chairman's AGM address recaps FY2023 highlights already reported, including the 1.75 MMcfd pilot, certified reserves, the $24m placement and the CleanCo agreement, which now awaits Shareholding Ministers' approval. No new information.
27 Oct 2023quarterly activities report● Neutral
September 2023 quarter: cash $9.6m (from $11.7m). A Mahalo North Petroleum Lease application and state and federal environmental applications were lodged in October. Project funding due diligence continues, along with Orica and other gas sale talks. Text is truncated.
3 Oct 2023agm notice● Neutral
The 2023 AGM will be held on 22 November 2023, with director nominations closing 10 October. Administrative notice only.
21 Sept 2023other● Neutral
Appendix 4G governance checklist for the year to 30 June 2023, pointing to the corporate governance statement on the website. Administrative filing with no new business information.
21 Sept 2023other● Neutral
Annual corporate governance statement dated 19 September 2023, saying practices substantially follow the ASX principles apart from stated exceptions. Compliance document with no new business information. Text is truncated.
