Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2022regulatory community update▲ GoodMajor
Galilee Basin ATP 743 and 744, held with Vintage Energy, were renewed for 12 years. Six Potential Commercial Areas covering about 4,700 km2 were awarded for 15 years, resolving the renewal and PCA applications pending since 2021. ATP 1015 is expected to follow later in 2022.
8 Sept 2022capital raising announcement▲ GoodMajor
COI raised $24m through a placement of about 137m shares at $0.175, a 20% discount to the 5-day VWAP. Funds: $8.6m for Mahalo North/East drilling, $8.2m for loan repayment, $5.0m working capital, plus reserves certification.
8 Sept 2022investor presentation● Neutral
Placement presentation supporting the $24m raising at $0.175, with funds to speed appraisal of the 100% held Mahalo North and East blocks. Repeats known facts on the APLNG purchase and Mahalo North results. Text is truncated.
7 Sept 2022investor presentation● Neutral
Managing Director's presentation at the RIU Good Oil & Gas conference largely repeats known points: the APLNG purchase, Mahalo North's record pilot flow and expected initial reserves. Shows 860m shares and a $194m market value at $0.225. Text is truncated.
31 Aug 2022well test result▲ GoodMajor
The Mahalo North 1 pilot test is being scaled down, with site work ending that week, as COI says it has the data it needs. Focus turns to reserves certification and a Petroleum Lease application. Management cites gas buyer interest.
26 Aug 2022production update▲ GoodMajor
Mahalo North 1 gas passed 1.7 MMcfd, the highest from any pilot well in the Mahalo Gas Hub area. COI says this confirms the high-productivity fairway extends into its 100% Mahalo North block, and aims to file a Petroleum Lease application by year end.
15 Aug 2022production update▲ Good
Mahalo North 1 gas passed 1.25 MMcfd, up 65% in three weeks, with water at about 1,180 barrels a day or less. Bottomhole pressure is still well above target, which management reads as a positive sign for development wells.
28 July 2022quarterly activities report▲ Good
June 2022 quarter: APLNG acquisition completed 28 June, lifting COI to 70% of Mahalo. Mahalo North 1 gas reached 760 Mcfd, the CleanCo negotiation was extended to 31 December 2022, and cash was $7.4m. Text is truncated.
26 July 2022production update▲ Good
Mahalo North 1 gas passed 760 Mcfd, with water down to about 1,000 barrels a day. Management notes productive coal over 15 km from the Mira 6 well and plans further appraisal at Mahalo East.
5 July 2022production update▲ Good
Mahalo North 1 gas passed 530 Mcfd, up 71% in two weeks from 310 Mcfd. Water is slowly declining from the 1,560 barrel a day peak to about 1,440.
29 June 2022asset acquisition disposition▲ GoodMajor
COI completed buying APLNG's 30% of Mahalo on 28 June, lifting its interest from 40% to 70%. Net 2P reserves rise 80 PJ to 186 PJ and 3P by 138 PJ to 321 PJ. Santos has a six-month option over 12.86%.
24 June 2022material agreement● Neutral
The CleanCo gas sales negotiation period, started by COI in September 2021, is extended to the earlier of a signed agreement or 31 December 2022. Talks are ongoing; no agreement has been reached yet.
21 June 2022production update▲ Good
Mahalo North 1 gas rose to over 310 Mcfd, almost fourfold since the larger pump restarted on 26 May (85 Mcfd before). Water is steady at about 1,560 barrels a day. Management says the well drains a large area.
14 June 2022asset acquisition disposition▲ GoodMajor
The APLNG deal to buy its 30% of Mahalo is now unconditional, resolving the last open condition. The remaining $11m of the $12m upfront payment is due by 28 June, lifting COI from 40% to 70%, funded by a $13.15m Santos loan.
30 May 2022production update▲ Good
Mahalo North pilot paused a week to fit a bigger pump and gas separator, restarting 26 May. Before the pause gas was 85 Mcfd and rising, with water at about 735 barrels a day. A water filtration unit is also being commissioned.
29 Apr 2022quarterly activities report▲ Good
March 2022 quarter: cash $7.6m. Government conditions for the APLNG 30% purchase are satisfied; completion is still pending. Mahalo North 1 moved from dewatering to gas production, and the Iro biofuel gas MOU was signed. Text is truncated.
28 Apr 2022production update▲ Good
Mahalo North 1 gas production is steadily increasing, with water steady at about 800 barrels a day. No gas rate is given. Management says early analysis points to the Mahalo high productivity fairway extending into Mahalo North.
11 Apr 2022well test result▲ GoodMajor
Mahalo North 1 reached critical desorption pressure and moved into the gas production phase, with gas pressure bled off to commission the flare. A steadily rising gas flow is expected. Management says it verifies the reservoir quality, ahead of reserves certification.
31 Mar 2022debt financing● Neutral
COI drew the $3.5m PURE Tranche 2 loan, fully using the $10m facility, and will issue 26.5 million further warrants to PURE. Funds support Mahalo Gas Hub development. Context had listed 14.6m tranche 2 warrants, so this figure differs.
30 Mar 2022asset acquisition disposition▲ GoodMajor
Both government approvals for buying APLNG's 30% of Mahalo are now done: a separate environmental authority and indicative ministerial approval of the transfer. Only the joint venture documentation condition remains before completion, taking COI to 70%.
23 Mar 2022material agreement▲ Good
Non-binding MOU with Iro Resources to supply up to 5.5 PJ a year of Mahalo gas for ten years from first half 2025 to a proposed Gladstone biofuel project. It depends on a binding gas supply agreement being signed.
22 Mar 2022well test result▲ Good
Mahalo North 2/1 pump held at 450 rpm since 10 March, giving a steady 750 barrels of water a day with downhole pressure still falling. Material gas is still expected to take months to develop.
11 Mar 2022half year report● Neutral
Half-year to 31 December 2021: loss $2.49m (prior period $2.96m), lower mainly on staff costs and a smaller CleanCo liability charge, partly offset by PURE loan finance costs. Cash was $7.2m with $3.5m undrawn. Text is truncated.
1 Mar 2022well test result▲ Good
Mahalo North 2/1 was producing about 508 barrels of water a day at end-February as the pump speed was raised. A third, larger water tank is installed. Material gas is expected to take a number of months to develop.
10 Feb 2022investor presentation● Neutral
MD presentation at the Bell Potter conference says the company is fully funded for the APLNG acquisition, Mahalo North appraisal and working capital. Largely repeats known facts, including the January start of Mahalo North testing. Text is truncated.
27 Jan 2022quarterly activities report▲ Good
December 2021 quarter: cash $7.2m and $3.5m undrawn facilities. APLNG acquisition (to 70%) is on track, with environmental authority done pending security and transfer approval still awaited. Mahalo North production test began 14 January. Text is truncated.
17 Jan 2022well test result▲ Good
Mahalo North production testing began 14 January 2022, with the pump at low speed producing about 110 barrels of water a day. Measurable gas is not expected for several weeks while the coal dewaters, ending the weather delay.
22 Dec 2021drilling progress report▲ Good
Mahalo North 1 pump and tubing were installed by 20 December and two 1.4 ML water tanks are in place. Final surface equipment goes in early January 2022, with production testing starting straight after, back on track after the weather delay.
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.
