Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2012drilling progress report▲ Good
Mahalo 6 (about 9 m net coal) and Mahalo 4 (about 8 m) both hit the main Castor-Pollux seam and were cased. Mahalo 5, the last pilot well, spudded 29 July. Management says two wells show very good to excellent permeability.
27 July 2012farm in farm out agreement▲ GoodMajor
Comet Ridge signed a three-stage farm-in with Queensland Energy Resources to earn up to 75% of an 825 km2 area (Lake Galilee, in ATP 1015P) next to its Gunn Project Area. Stage 1 gives 20% for two wells by 30 November 2012; first Galilee well due to spud in September.
23 July 2012drilling result▲ GoodMajor
Mahalo 3 reached 300 m with about 8 m of net coal, 7 m in the main Castor-Pollux seam. Flow testing showed enough permeability to use it as a pilot production well. Mahalo 6 spudded 22 July after rain changed the drilling order.
12 July 2012drilling spud▲ GoodMajor
Mahalo 3 spudded 10 July 2012, the start of the 2012 Mahalo programme, targeting about 300 m depth in the shallow Bandanna coals. Stanwell covers Comet Ridge's share of cost; the CEO says A$1m per PJ of 2P reserves booked at end 2013 is possible if Stanwell buys the 35%.
28 Dec 2011farm in farm out completion▲ GoodMajor
The Stanwell sale of 5% of Mahalo completed: Comet Ridge receives A$7m cash and drops to 35%. Stanwell carries up to A$8m of costs and holds an option on a further 15% or 35%. First pilot well slips from December 2011 to Q1 2012 because of the wet season.
30 Sept 2011farm in farm out agreement▲ GoodMajor
Comet Ridge agreed to sell 5% of its 40% Mahalo interest to Stanwell for A$7m. Stanwell also gets an option on a further 15% or 35% in return for funding up to A$8m of costs, priced at A$0.80 and A$1.15 per GJ of 2P reserves. Needs partner consent.
26 Sept 2011resource reserve update▲ GoodMajor
First certified gas resource for New Zealand: Greymouth Coalfield, 100% owned, has 65 PJ 1C, 127 PJ 2C and 244 PJ 3C of recoverable contingent resource (NSAI). This is Comet Ridge's fourth certification since October 2010; 2012 drilling targets are being selected.
14 Sept 2011drilling progress report▲ Good
Field work began 13 September on a 280 km 2D seismic survey in the Galilee Basin's Gunn Project Area, run by Geokinetics with another operator, plus a 76 km eastern line. It follows the Q3 delay and should take 25-30 days, to help place pilot wells.
13 May 2011drilling result● Neutral
The New Zealand airborne gravity survey is finished, with about 9,300 line km flown over 2,910 km2 of key Waikato, Buller and Greymouth acreage. Data processing has started to pick drilling targets, with the first drilling still expected before the end of 2011.
15 Apr 2011drilling progress report● Neutral
New Zealand airborne survey is on schedule, with over 6,400 km completed across the Waikato and West Coast permits. The rest is due by end of April, weather permitting. Data analysis is about to begin, and drilling is still planned before the end of 2011.
17 Mar 2011drilling progress report● Neutral
A six-week airborne gravity survey over Comet Ridge's three 100%-owned New Zealand permits (~8,600 km2 held) has started, covering about 2,500 km2. It follows the earlier magnetic survey and is meant to pick drilling targets, with drilling still planned before end-2011.
7 Mar 2011resource reserve update▲ Good
Comet Ridge welcomes operator Eastern Star Gas's first resource estimate for PEL 427 (COI 25%) and PEL 428 (40% once the purchase completes). It highlights the Bellata Trough coals in PEL 427, with seismic and a core hole planned for 1H 2011. Comet Ridge's share is not stated here.
7 Mar 2011resource reserve update▲ GoodMajor
Operator Eastern Star Gas released the first independent resource estimate for PELs 6, 427 and 428; the table lists PEL 427 (COI 25%) and PEL 428 (COI 20%, plus the 20% being acquired). Total contingent resources across the permits are 1,011 PJ and prospective 4,637 PJ, but COI's share is not stated.
25 Nov 2010resource reserve update▲ GoodMajor
First Galilee certification: the 100% owned Gunn Project Area in ATP 744P has 67 PJ 2C and 1,870 PJ 3C contingent resources plus 597 PJ prospective, about 2,500 PJ in total. This follows the 2010 drilling; seismic is likely in 2011 before the next campaign.
25 Oct 2010resource reserve update▲ GoodMajor
Comet Ridge's first certified resource: Mahalo (ATP 337P, 40% with Santos and APLNG) has 83 PJ 1C, 221 PJ 2C and 442 PJ 3C contingent gas net to COI. It aims to establish 2P/3P reserves by late 2011; a Galilee booking is also being worked on.
2 July 2010drilling result▼ BadMajor
Macdonald 6P, the second Greymouth pilot well, reached 822 m with 5.4 m of gassy coal. Permeability was lower than expected and it would not produce commercially, so it is being plugged and abandoned. This contrasts with the encouraging Macdonald 4P result.
7 June 2010drilling result▲ Good
Hergenrother 1 reached 929 m with 16 m of coal and 12 m of shale, with encouraging preliminary gas content after four drill stem tests. Gunn 1 spudded 6 June, 17 km north, to about 980 m. A pilot scheme decision awaits more technical work.
1 June 2010farm in farm out completion▲ GoodMajor
Macdonald 4P is completed for production testing, and Phase 2 farm-in conditions are met. Chartwell NZ's interest in PMP 50100 rises from 20% to 50%, with the extra 30% being released from escrow. Rig now prepares for Macdonald 6P.
17 May 2010drilling result▲ Good
Montani 1 in ATP 744P reached 938 m with 24 m of coal and 22 m of shale, ran one drill stem test, and was plugged as planned. The rig moved to Hergenrother 1, which spudded 14 May to about 900 m.
13 May 2010drilling result▲ GoodMajor
Macdonald 4P, the first Greymouth pilot production well, reached 1,263 m with 18 m of coal in the Brunner and Paparoa formations. It will be completed for production; the rig then moves to Macdonald 6P. Power-generation feasibility studies are under way.
27 Apr 2010drilling spud● Neutral
Montani 1 in ATP 744P started 26 April after a long wet-weather delay, planned to about 950 m over roughly 16 days. In New Zealand, Macdonald 4P was at 290 m, drilling ahead of a deepening to about 1,200 m.
30 Mar 2010drilling spud▲ GoodMajor
Macdonald 6P, the first of two Greymouth pilot production wells, spudded 30 March, targeting up to 1,200 m in the Brunner and Paparoa coals. In the Galilee, the next well is moved to Montani 1 because roads to Tuttle 1 are poor.
1 Mar 2010drilling progress report● Neutral
Galilee drilling remains stalled by cyclone Olga and heavy rain after Shoemaker 1 (about 20 m coal). In New Zealand, pads are being built for pilot wells Macdonald 4P and 6P, to be drilled in March under the Phase 2 farm-in toward 50%.
2 Feb 2010drilling result▲ GoodMajor
Shoemaker 1 reached 698 m, found about 20 m of coal in the Betts Creek Beds and ran two drill stem tests. Lab analysis follows. Rig released 29 January; the move to Tuttle 1 is delayed by cyclone Olga rain.
15 Jan 2010drilling spud● Neutral
Shoemaker 1, the second Galilee well and first in ATP 744P, started on 15 January to about 900 m. Wet weather blocked access to Catalina 1, so the rig was redirected here.
5 Jan 2010drilling result▼ BadMajor
Skiff 1 finished at 1,414.3 m in the mid Betts Creek coals. Deteriorating hole conditions meant wireline logs and drill stem tests could not be run, so data is limited to coal depth and gas content. Rig moves to Catalina 1.
17 Dec 2009drilling progress report● Neutral
Skiff 1, the first of eight Galilee core holes in ATP 743P, was at 1,365 m and coring ahead in the Betts Creek coals, its main target. Catalina 1 is the next well. No result yet.
30 Nov 2009drilling result● NeutralMajor
Macdonald 5C finished and the rig was released on 28 November. It cut about 3.5 m of Main Brunner coal and was drill-stem tested, but drilling problems at 806 m stopped it short of the planned 1,170 m. It is suspended as an observation well; pilot wells follow in early 2010.
23 Nov 2009drilling spud▲ GoodMajor
Skiff 1, the first of eight Galilee core holes, started on 22 November in ATP 743 (100% Comet). Planned to 1,250 m to core the Permian Betts Creek coals, it was at 154 m. Results feed the 36 TCF gas-in-place estimate.
17 Nov 2009drilling progress report● Neutral
Macdonald 5C was at 804 m, coring the upper Paparoa Formation, on the way to about 1,170 m. The first Galilee well, Skiff 1 in ATP 743 (planned 1,250 m), is due to start later this week as the rig mobilises.
