Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2021drilling progress report● Neutral
Mahalo North production testing is delayed a few weeks by the heaviest wet-season start since 2011. A workover rig is due the following week, with surface equipment now early in the new year. High fluid losses in Mahalo North 2 prompted a larger pump and more water storage.
16 Nov 2021investor presentation● Neutral
MD's AGM presentation covering Mahalo Gas Hub development, Galilee permits and gas markets. Cites certified gross Mahalo 2P reserves of 266 PJ and the APLNG acquisition metrics ($0.25/GJ 2P). Largely repeats known facts. Text is truncated.
15 Nov 2021drilling result▲ GoodMajor
Mahalo North 2 dual lateral completed: second lateral drilled to 1152m, giving over 2100m of lateral with almost 1900m in coal. High fluid losses point to a natural fracture network. The rig is released; production testing is expected to start in December.
8 Nov 2021drilling progress report▲ Good
Mahalo North 2's first lateral reached 1735m along hole, intersecting Mahalo North 1 and exposing about 1300m of coal. Fluid losses suggest good natural fractures. The second lateral is next, with production testing expected next month.
1 Nov 2021other● Neutral
Statutory JobKeeper disclosure: COI received $66,000 in FY2020 and $247,200 in FY2021, and made no voluntary repayments. Administrative notice.
26 Oct 2021drilling spud▲ GoodMajor
Mahalo North 2 dual lateral well spudded 25 October 2021, 450m from Mahalo North 1. It is designed to hit the target coal at ~250m depth, intersect MN1, and expose over 2000m of coal across two laterals.
25 Oct 2021drilling result▲ GoodMajor
Mahalo North 1 reached 314m, intersecting 9.03m net coal, with a ~7m Castor-Pollux package as predicted. A short flow test measured permeability of 250 millidarcies, which management calls high-end. Mahalo North 2 spud was planned later that day; lab results are months away.
18 Oct 2021drilling spud▲ GoodMajor
Mahalo North 1 vertical core well spudded 16 October 2021 in ATP 2048 (100% COI) using Silver City Rig 23, on schedule with the mid-October target. Planned depth 310m; it will provide the intercept well for Mahalo North 2.
28 Sept 2021other● Neutral
Appendix 4G key to corporate governance disclosures, dated 23 September 2021, pointing to the company website. Administrative filing with no new information.
28 Sept 2021other● Neutral
2021 Corporate Governance Statement, dated 23 September 2021, says practices substantially followed the ASX 4th Edition recommendations except where explained. Administrative disclosure with no new operational or financial information. Text is truncated.
28 Sept 2021annual report● Neutral
FY2021 annual report: underlying loss after tax $6.96m (2020: $10.39m) and cash of $3.39m at 30 June 2021. Highlights the APLNG 30% Mahalo acquisition (to 70%), the PURE loan and placement, with two Mahalo North wells planned for 2Q FY22. Text is truncated.
27 Sept 2021drilling scheduled▲ Good
COI has over $15m available cash for Mahalo North drilling: Silver City Rig 23 is contracted, with Mahalo North 1 core hole targeted to spud mid-October and a dual lateral well (Mahalo North 2) to follow. COI also opened gas sales negotiations with CleanCo.
10 Sept 2021capital raising announcement● NeutralMajor
COI raised $5.3m gross ($5.0m net) via a placement of 64.5m shares at $0.0825, a 12% discount to the 20-day VWAP, about 8.1% of issued capital. Funds support Mahalo North appraisal drilling; pro-forma cash is $14.7m including the $6.5m PURE tranche.
What it means for a shareholder
64.5m new shares at A$0.0825 to raise about A$5.3m. That's 7.5% dilution: every existing holder's slice gets 7.5% smaller. If you held A$1,000 of shares (12,121 at the issue price), your slice goes from 0.00152% to 0.00141% of the company. To keep it you'd need 983 more shares - about A$81 at the issue price.
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10 Sept 2021investor presentation● Neutral
Presentation on the placement and Mahalo North work programme: a dual lateral pilot well targeting over 2000m in coal plus one core hole, with a rig secured and spud planned next month. Repeats the placement and acquisition already announced. Text is truncated.
3 Aug 2021investor presentation● Neutral
Investor presentation on the APLNG 30% Mahalo acquisition and Santos arrangements, restating the $20m price, Santos loan funding and 70% post-completion interest announced the same day. No new facts evident. Text is truncated.
3 Aug 2021debt financing● NeutralMajor
COI signed a $10m four-year loan facility with PURE Asset Management: $6.5m drawn immediately, $3.5m available later. Interest is 12% before FID and 10% after, with warrants at 16.5 cents (83% premium) on 39.4m shares for tranche 1. This is COI's first debt after being debt-free.
3 Aug 2021asset acquisition disposition▲ GoodMajor
COI agreed to buy APLNG's 30% of the Mahalo Gas Project for $20m ($12m at completion, $8m deferred), lifting its stake from 40% to 70%. Santos lends $13.15m for the upfront cost and gains an option on 12.86% plus negotiating rights. This resolves the JV pathway thread.
10 May 2021asset acquisition disposition▲ GoodMajor
Mahalo Far East was formally granted as ATP 2063, 100% COI and operator, 338 km2, six-year term, after the September 2020 preferred-tenderer win and native title and environmental approvals. COI's three 100% Mahalo blocks now total 885 km2.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020 shows a loss of $2.960m (prior year $2.595m). The company focused on Mahalo Gas Hub studies; 100% Mahalo blocks still have no certified contingent resources, and Mahalo Far East ATP is expected in 2Q 2021. Text is truncated.
11 Feb 2021investor presentation● Neutral
Bell Potter conference presentation. Cites share price A$0.077, market cap $60.9m, 791.2m shares and pro forma cash $5.1m. It values COI's 106 PJ net Mahalo 2P reserves at $0.53/GJ versus Origin's Ironbark deal at $1.79/GJ. Text is truncated.
1 Feb 2021security holder rights change● Neutral
1,350,000 performance rights expiring 31 January 2021 lapsed unvested. Shares on issue are now 791,211,719 and rights 10,230,000, which includes larger tranches expiring July 2021 and 2022. Administrative notice.
27 Nov 2020investor presentation● Neutral
AGM presentation by the Managing Director restating the Mahalo Gas Hub strategy: 40% of Mahalo (JV planning 60-80 TJ/d plant), 100% Mahalo North with first gas targeted FY22, and Mahalo East/Far East. No new facts evident. Text is truncated.
6 Oct 2020regulatory community update▲ Good
Petroleum Survey Licence 2048 was issued for two years over 1,962 km2 of the Mahalo area, resolving the pending application. COI also signed a non-binding-style MOU on compressed gas supply of Mahalo North pilot gas; appraisal funding is still under discussion (equity, farm-in or prepayment).
1 Oct 2020regulatory community update▲ Good
Santos' Narrabri Gas Project won NSW planning approval; COI is not a participant but holds neighbouring Gunnedah permits (CSG 29.55-68.42%, sandstone 97.5-100%). Renewals are lodged, and COI expects to return to exploration, with the last well drilled in 2010.
28 Sept 2020asset acquisition disposition▲ GoodMajor
Mahalo East was formally granted as ATP 2061, 100% COI and operator, 97 km2, six-year term, a week after the preferred-tenderer win. Appraisal is planned around end of Q1 2021, subject to funding. Mahalo Far East ATP will take months.
24 Sept 2020annual report● Neutral
Appendix 4G, the checklist pointing to the 2020 corporate governance statement, lodged by the Company Secretary. Administrative filing with no business substance.
24 Sept 2020security holder rights change● Neutral
250,000 unlisted performance rights lapsed because the employee holder left. Rights on issue fall to 3,850,000, against 789,000,030 ordinary shares. Administrative capital-structure notice.
24 Sept 2020annual report▼ Bad
FY2020 annual report: statutory net loss $10.4m including a $5.6m write-off of capitalised exploration costs; underlying loss $4.8m. Cash was $4.6m at 30 June 2020, with $1.3m of R&D tax incentives received after year end. Text is truncated.
24 Sept 2020annual report● Neutral
Annual Corporate Governance Statement for the year to 30 June 2020, approved by the board on 22 September 2020. It says practices substantially follow ASX recommendations, with some explained exceptions. Administrative disclosure; no new business information.
21 Sept 2020asset acquisition disposition▲ GoodMajor
Comet Ridge was named preferred tenderer for two more 100% blocks east of Mahalo North: Mahalo East (97 km2) and Mahalo Far East (338 km2). They become ATPs after environmental and native title approvals, expanding the Mahalo Gas Hub footprint.
