Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017drilling progress report● Neutral
TDC Rig 8 has been mobilised to the Mira field in the Mahalo Block, with work starting on Mira 5 the next day. It is scheduled to stay about two and a half weeks. This is the start of field work promised for late July.
2 Dec 2015resource reserve update▲ GoodMajor
MHA certified a Mahalo reserve upgrade for Comet Ridge's 40% share: 2P up 36% to 30 PJ and 3P up 77% to 219 PJ, from 22 and 124 PJ in 2014. Contingent resources fell (2C 232 PJ) as volumes moved to reserves. Delivers the upgrade the chairman flagged.
5 Aug 2015resource reserve update▲ GoodMajor
SRK certified a first conventional gas contingent resource for the Carmichael structure in ATP 744 (100% COI): 56 PJ 1C, 153 PJ 2C, 417 PJ 3C. This adds a new resource type in the Galilee Basin, beyond the Gunn coal seam gas. Further drilling is needed to prove flow rates.
14 Nov 2014drilling result▲ GoodMajor
Mahalo 7 reached 775 m total measured depth and intercepted the Mahalo 6 vertical well, after drilling about 360 m of coal. Gas was seen while drilling and conditions were good. Production only follows once Mahalo 6's pump is reinstalled, so gas rates are not yet known.
7 Nov 2014drilling spud▲ GoodMajor
Mahalo 7, the first horizontal well at Mahalo, spudded on 6 November 2014 after the A$8m placement. It will drill about 500 m through coal at roughly 230 m depth to meet the Mahalo 6 well, taking about two weeks. Comet Ridge holds 40%; Santos operates.
28 Aug 2014resource reserve update▲ GoodMajor
First independently certified Mahalo reserves: 22 PJ 2P and 124 PJ 3P (COI net, 40% basis pending JV consent). Contingent resources rise to 208/328/468 PJ (1C/2C/3C) from 83/221/442 PJ. This resolves the long-slipped reserves target; 2P covers under 5% of the block.
13 June 2014drilling result▲ GoodMajor
Harrington 1 reached 1042 m and intersected about 19 m of net coal, with gas seen bubbling from core. It was cased and suspended. This matches the 16-24 m seen in other eastern Galilee wells, supporting coal continuity; core analysis is pending.
22 May 2014drilling spud● Neutral
Harrington 1 appraisal well spudded on 21 May 2014 in ATP 1015P, 24 km northeast of Gunn 2, targeting about 1060 m. Comet Ridge holds 20% through the QER farm-in. It is an appraisal step-out to test coal continuity.
27 Mar 2013drilling result▲ Good
Humboldt Creek 2 reached 483 m and intersected 9.4 m of net coal in the southern part of the block, about 24 km from Mira. The rig prepares to move to Lowesby West 1, the last well in the programme.
18 Mar 2013drilling spud● Neutral
Humboldt Creek 2 spudded 15 March, third step-out core hole, about 24 km south-southeast of Mira, targeting about 500 m. The MD says about four weeks of drilling time have been lost to weather since December.
5 Mar 2013drilling result▲ Good
Turkey's Nest 1 reached 410 m and intersected 9.6 m of net coal, thicker than Scrubber Gully 2's 7.2 m. Rain delayed drilling; the rig will move to Humboldt Creek 2 once roads dry.
19 Feb 2013drilling spud● Neutral
Turkey's Nest 1 spudded 17 February, the second Mahalo step-out core hole, about 5 km southwest of the Mahalo pilot wells, targeting about 420 m. It is meant to extend the area available for reserves booking.
15 Feb 2013drilling result▲ Good
Scrubber Gully 2, first of four Mahalo step-out core holes, hit 7.2 m of net coal at 523 m. It is to be plugged and abandoned. Rig moves to Turkey's Nest 1, extending the area available for reserves booking.
24 Jan 2013drilling spud● Neutral
Scrubber Gully 2 spudded 24 January, the first of four step-out core holes about 5.2 km southeast of Mira, targeting around 500 m. Stanwell's funding now explicitly covers step-out drilling.
21 Jan 2013drilling result▲ GoodMajor
Mira 2 reached 320 m with about 9.1 m of net coal, completing the four-well Mira pilot programme. The Mahalo JV will run two pilot schemes (Mahalo and Mira) aimed at early reserves certification. Four step-out core holes follow, starting with Scrubber Gully 2.
15 Jan 2013drilling spud● Neutral
Mira 2 spudded 14 January, the fourth and final Mira pilot well, central to the other three and to be cored through the reservoir. Four step-out core holes follow to extend the area available for booking reserves.
14 Jan 2013drilling result▲ Good
Mira 5 reached 320 m with 8.7 m of coal in four intervals, productive and consistent with the earlier Mira wells. It is cased and suspended as a pilot well. The rig moves to Mira 2, the final cored pilot well.
10 Jan 2013drilling spud● Neutral
Mira 5 spudded 8 January, the third of four Mira pilot wells, about 500 m east of Mira 4, targeting roughly 310 m. Third well of the eight-well Mahalo programme.
8 Jan 2013drilling result▲ Good
Mira 4 reached 310 m with 8.7 m of coal in four intervals, consistent with Mira 3. It is cased and suspended as a future pilot well. The rig moves to Mira 5.
4 Jan 2013drilling spud● Neutral
Mira 4 spudded 3 January, the second of four Mira pilot wells, about 500 m southwest of Mira 3, targeting roughly 310 m. Second well of the eight-well Mahalo programme.
2 Jan 2013drilling result▲ Good
Mira 3 reached 320 m, intersecting 8.9 m of coal in four intervals, all tested as good to excellent productivity. It is cased and suspended as a future pilot well, to be completed in January. This supports the Mira pilot, the second Mahalo pilot area.
21 Dec 2012drilling spud● Neutral
Mira 3 spudded 21 December, first of an eight-well Mahalo programme (four Mira pilot wells, four core holes) running into January 2013. It targets the Castor Pollux seam to about 310 m. Stanwell's A$8m expenditure carry continues to fund COI's share.
20 Dec 2012drilling progress report▲ Good
The four Mahalo pilot wells are now completed for production with tubing, pumps and pressure gauges, awaiting surface facilities. The company intends reserves certification in 2013, continuing the pilot work started in July 2012.
10 Dec 2012drilling progress report▲ Good
Workover rig is completing the four Mahalo pilot wells drilled in July 2012; Mahalo 3 and 4 flowed water and gas on short tests. Surface facilities start this month and Mira 3 drilling is due shortly. Early signs only; longer-term productivity is untested.
26 Nov 2012drilling result▲ GoodMajor
Cernan 1 reached 875 m with 20.6 m of net coal and was cased and suspended. The Gunn Project Area's eastern edge is still undefined. This completes Stage 1 of the QER farm-in and the 2012 Galilee programme, earning 20% of the 825 km2 farm-in area.
13 Nov 2012drilling spud● Neutral
Cernan 1 spudded 12 November in ATP 1015P, the third and final well of the campaign, targeting about 930 m. Together with Schmitt 1 it completes Stage 1 of the QER farm-in, earning 20%. It tests a new play next to Gunn.
12 Nov 2012drilling result▲ GoodMajor
Schmitt 1 reached 1,005 m with about 22 m of net coal. Early gas readings and testing show the Gunn Project Area extends east into the farm-in block, in excess of 1,400 km2. Cased and suspended as a future producer; Cernan 1 spuds next.
26 Oct 2012drilling spud● Neutral
Schmitt 1 spudded 25 October in ATP 1015P, the second well of the Galilee campaign, targeting about 955 m with coring. It is the first of two wells needed for Stage 1 of the QER farm-in, which earns 20%.
11 Oct 2012drilling spud▲ GoodMajor
Gunn 2 spudded 10 October 2012 in 100%-owned ATP 744P, targeting about 1,050 m, starting the three-well Galilee campaign. Schmitt 1 and Cernan 1 in the Lake Galilee farm-in area follow. The spud is a month later than the September guided earlier.
1 Aug 2012drilling result▲ GoodMajor
Mahalo 5 finished the four-well pilot programme, with 6.8 m of net coal in the Castor-Pollux seam and very good permeability; all four wells showed good coal continuity. Pilot facilities are to be built for commissioning in late 2012, then the Mira pilot and four core holes follow.
