Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2018drilling result▲ GoodMajor
Struan 3, the first dual lateral well at Mahalo, was drilled: 822 m in the Pollux (88% in seam) and 1,512 m in the Castor (95%), over 2.3 km combined. The MD expects this to be a main production well design. Rig moves to Sirius Road 1.
26 Nov 2018farm in farm out completion● NeutralMajor
Vintage says documents transferring a 15% interest in the Galilee Deeps joint venture from COI are fully executed, completing Stage 1. Vintage books 23 PJ 2C for Albany. COI is now 85% with Vintage 15%, ahead of Stage 2.
21 Nov 2018farm in farm out agreement▲ GoodMajor
Vintage says Stage 2 of its Galilee farm-in starts December: a $3.5m gross 300-420 km 2D seismic survey. Vintage funds 50% of a $10m program to earn another 15% (30% total, leaving COI 70%). Long-lead items for Albany 2 and Albany 1 re-entry are being bought.
20 Nov 2018drilling progress report● Neutral
Struan 2 reached 510 m and Struan 3, the first dual lateral well, spudded 17 November. Memooloo 2 completion is run and being readied for production testing. Sirius Road 1 and 2 follow.
12 Nov 2018drilling spud● Neutral
Struan 2 vertical well spudded 9 November, second of the five-well Mahalo program, with planned depth about 550 m and full coring. It will be intersected by Struan 3, the program's first dual lateral well.
5 Nov 2018drilling result▲ Good
Memooloo 2 reached 300 m with 7.2 m net coal, good to excellent permeability on short wireline tests, and results in line with expectations. About two months of production testing follows once pump is installed; rig moves to Struan 2.
29 Oct 2018drilling spud▲ GoodMajor
Memooloo 2 vertical well spudded 28 October 2018, first of the 5-well Mahalo program, with target depth about 290 m. It will be cored to confirm gas content in the shallowest part of the block, then production tested for about two months.
12 Oct 2018drilling scheduled▲ Good
Mahalo well pad construction starts within days, with Rig 20 mobilising the week of 22 October and spud expected the week of 29 October 2018. First wells are Memooloo 2, Struan 2 and Struan 3, the first dual lateral well.
25 June 2018drilling progress report▼ Bad
Albany 1 is at 2,581 m, in the top of the Lake Galilee Sandstone, after a week of delays from a hammer bit failure and a nitrogen booster failure on 24 June. Drilling should resume with about 200 m left.
18 June 2018drilling progress report● Neutral
Albany 1 casing was cemented successfully at 2,470 m, just above the target sandstone. Nitrogen equipment is being pressure tested, with drilling of the Lake Galilee Sandstone section due to start later that day. TD is about 2,775 m.
12 June 2018drilling progress report● Neutral
Albany 1 reached 2,470 m, the base of the Jericho Formation just above the target Lake Galilee Sandstone. 7 inch casing is about to be run and cemented, then the final section will be drilled with nitrogen. TD is still about 2,775 m.
4 June 2018drilling progress report● Neutral
Albany 1 is at 1,888 m, drilling ahead in 8-1/2 inch hole part-way through the Jericho Formation, up from 1,336 m. Total depth is still about 2,775 m. No reservoir results yet.
28 May 2018drilling progress report● Neutral
Albany 1 is at 1,336 m, drilling ahead in 8-1/2 inch hole through the Jochmus Formation after setting surface casing at 747 m. Total depth is still prognosed at about 2,775 m. No reservoir results yet.
21 May 2018drilling spud▲ GoodMajor
Albany 1 spudded on 19 May 2018 and was at 711 m by 21 May. It is programmed to reach about 2,775 m in roughly 25 days. It is 220 m from Carmichael 1 and is the first well in Vintage's farm-in.
14 May 2018drilling progress report● Neutral
Rig 101 has been released from its other job and is moving to Albany 1, with first loads arriving that afternoon. Spud is expected late this week, possibly over the weekend. No well results yet.
7 May 2018drilling scheduled● Neutral
Rig 101 is about to move to Albany 1, with spud expected next week. The well targets roughly 40 m of interpreted net pay in about 140 m of sandstone, drilled with nitrogen. Certified contingent resource is 56/153/417 PJ (1C/2C/3C).
24 Apr 2018drilling scheduled● Neutral
Albany 1 contracts, including Easternwell Rig 101, are in place and the drill site is built, but spud has slipped to mid-May until the rig finishes another job. Earlier target was mid-March to early April. Vintage earns 15% by funding the first well.
6 Mar 2018resource reserve update▲ GoodMajor
Independent certifier MHA lifts COI's net Mahalo 2P reserves 473% from 30 PJ to 172 PJ and 3P 71% to 374 PJ, with a maiden 1P of 18 PJ. The 334 PJ gross trigger is passed, so COI can cash call Santos for $1.348m of 2017 costs.
1 Mar 2018farm in farm out completion▲ GoodMajor
All conditions are met for Vintage Energy's farm-in to the Galilee 'Deeps' (sandstone below the coals); the joint venture and co-ordination agreements are finalised. Vintage's roughly $8.5m earns up to 30%, and Albany 1 is expected to spud next month. COI keeps 100% of the coal 'Shallows'.
22 Nov 2017drilling progress report▲ Good
The Mira 2 pump was installed on 21 November and the 2017 field work is finished. Management expects the three-step program to cost under the $5m approved JV budget. Mira 2 is to be reconnected by APLNG; no new gas results yet.
14 Nov 2017drilling result▲ GoodMajor
Mira 6 finished at 1,283 m along the well, with about 920 m in coal (99.6% in coal), and the rig is released. Mira 2 will be pumped again within a week. Built in 11.2 days against a 12-14 day plan, the well adds drainage to the Mira pilot.
10 Nov 2017drilling result▲ GoodMajor
Mira 6 intercepted the Mira 2 vertical well. It reached 777 m along-hole, with about 415 m of coal drilled and the well path 100% in coal. Drilling continues south-southeast to lengthen the horizontal section.
7 Nov 2017drilling progress report● Neutral
Mira 6 build section was drilled to 362.6 m at 82 degrees inclination at the top of the Castor seam, and 7-inch casing was cemented. The crew is preparing to steer along the seam towards Mira 2. Progress update with no production result yet.
3 Nov 2017drilling spud▲ GoodMajor
The Mira 6 horizontal well spudded on 2 November 2017, as delayed from October. Surface hole was drilled to 42 m and cased. It is designed to intersect the Mira 2 vertical well and speed up gas and water production, using Silver City Rig 20.
1 Nov 2017farm in farm out agreement▲ GoodMajor
Private firm Vintage Energy agreed to fund about $8.5m of an up-to-$15m program to earn 30% of the deep sandstone targets in Comet Ridge's three Galilee permits, starting with the Albany 1 well. Subject to conditions within 12 weeks, including Vintage raising funds. Comet keeps 100% of the coal.
5 Oct 2017drilling result▲ GoodMajor
Pressure tests show under-reaming cut damage around the Mira 3, 4 and 5 wells: skin values fell from 74, 56 and 41 to 2.5, 7.7 and 3.0. Mira 5 is making steadily rising gas. Mira 6 is still due to spud in October.
7 Sept 2017drilling result▲ GoodMajor
Humboldt South 1 reached 326 m, hit about 8.4 m of net coal with gas bubbling from core and measured permeability, and was within budget. The three under-reamed Mira wells are back online. The Mira 6 horizontal well is expected to spud in October.
28 Aug 2017drilling spud▲ GoodMajor
Humboldt South 1 corehole spudded on 26 August 2017, 6 km east-northeast of Mira, with casing cemented at 131 m. It targets about 280 m depth to gather data for an updated Mahalo 2P/3P reserves assessment. It is the first well Comet Ridge has drilled as Santos's agent.
17 Aug 2017drilling progress report▲ Good
Under-reaming of Mira 4 and Mira 3 is complete, and a short workover on Mira 2 is under way to prepare it for the horizontal well intercept. The Humboldt South 1 corehole is expected to spud next week.
10 Aug 2017drilling progress report▲ Good
Mira 5 under-reaming is complete, with about 15 cubic metres of coal recovered, and Mira 4 is under way. The JV also approved a Mira 6 horizontal well to follow the Humboldt South 1 corehole, adding to the original program.
