Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2020asset acquisition disposition● NeutralMajor
Comet Ridge is investigating selling part of its 40% Mahalo interest to fund the equity share of development, so it can focus on 100% Mahalo North. The JV has agreed a 60 TJ/d facility target but no FID or first-gas date. Text is truncated.
7 July 2020regulatory community update▲ GoodMajor
Mahalo Gas Project was granted Petroleum Leases 1082 and 1083 for 30 years, the final regulatory approval needed to move toward production. COI holds 40%. FID has not yet been set, but the approvals thread from the context is now resolved.
1 July 2020director officer appointment● Neutral
Phil Hicks, a chartered accountant and previous adviser to Comet Ridge, became CFO from 1 July 2020 on a part-time contract. He fills the role vacated by Peter Harding-Smith in May.
12 June 2020other● Neutral
S&P Dow Jones Indices quarterly rebalance of the S&P/ASX indices, effective 22 June 2020. The visible text does not show Comet Ridge, and the list is truncated. No company-specific substance.
9 June 2020regulatory community update▲ Good
Mahalo received Queensland state environmental approval, so all federal and state environmental requirements are met. Only the Petroleum Leases remain before full regulatory clearance. Environmental fieldwork for 100%-held Mahalo North is planned for spring/summer.
26 May 2020regulatory community update▲ Good
The Mahalo Gas Project (COI 40%) received Commonwealth EPBC environmental approval, the first of two environmental steps. The Queensland state approval is still being assessed and could come within months. This advances the approvals expected mid-2020.
22 May 2020director officer appointment● Neutral
CFO Peter Harding-Smith left the company effective 22 May 2020. The board said the role is more cost effectively filled part-time, and other senior staff and contractors have reduced hours focused on Mahalo North. A replacement will be announced later.
30 Apr 2020asset acquisition disposition▲ GoodMajor
Comet Ridge was formally awarded ATP 2048 (Mahalo North), 450 km2 at 100%, after the Environmental Authority and Native Title agreement were completed. This converts the October 2019 preferred-tenderer win into granted tenure. Modelling still suggests up to 20 TJ/d.
31 Mar 2020other▼ BadMajor
Strategic review concludes: keep Galilee/Gunnedah and Mahalo assets together (so no demerger) and prioritise 100% Mahalo North. Because of COVID-19 and low oil prices, Albany stimulation is suspended, staff pay cut 30-50% and directors take fees in shares. Cash to exceed $8m at end of March, runway late into 2021.
11 Mar 2020half year report● Neutral
Half-year to 31 December 2019 shows a loss of $2.595m (prior year $2.894m). The report repeats the Mahalo reserve downgrade and mid-year approvals expectation. Text is truncated, so cash and balance sheet figures are not shown.
26 Feb 2020material agreement▲ Good
Non-binding MOU with LogiCamms to study a 65-70 km pipeline from Mahalo North, carrying 20-50 TJ/d net to Comet Ridge, possibly including its 40% Mahalo share. The study also covers debt funding. An additional option beside Denison Gas, not a binding deal.
18 Feb 2020drilling progress report▼ Bad
Because of the wet season, Comet Ridge is demobilising its equipment from the Albany site to avoid standby charges. The wet season historically runs to April. It will review Albany 2 data to refine the Albany 1ST stimulation, so testing is delayed.
13 Feb 2020regulatory community update▲ GoodMajor
Mahalo North work programme is planned to start in Q2 2020 after tenure award. Modelling suggests dual lateral wells could flow 2-3 million scf/d and the block up to 20 TJ/d. Mahalo North is named a high priority within the strategic review.
6 Feb 2020other● Neutral
1,600,000 unlisted performance rights expired unvested on 31 January 2020. Capital structure is now 789,000,030 shares and 4,100,000 performance rights. Administrative notice only.
4 Feb 2020joint venture update● Neutral
Vintage says Albany operations remain suspended by flooding, with Albany 1 ST1 stimulation delayed and no restart date. Vintage is ending its regular weekly updates. No new results.
29 Jan 2020joint venture update● Neutral
Vintage update: heavy rain (~200 mm) suspended Albany operations. Albany 2 flowback finished, recovering 3,548 bbls of 3,867 bbls injected, and the well is shut in. Albany 1 ST1 stimulation is delayed. Rest covers Vintage's other wells.
29 Jan 2020drilling progress report● Neutral
Albany 2 site suspended after about 200 mm of rain. Flowback had finished, and the well is shut in with pressure build-up monitored. Gas seen during flowback reached ~100 psi at the wellhead. No test result yet.
21 Jan 2020drilling progress report● Neutral
Albany 2 flowback has restarted with nitrogen lifting, over 50% of stimulation fluid recovered. Gas sample is comparable to Albany 1. Albany 1 ST stimulation expected by end of January. (Vintage's release of the same day cites 63%.)
21 Jan 2020joint venture update● Neutral
Vintage update: Albany 2 has recovered 63% of stimulation fluid, and its gas is comparable to Albany 1 with CO2 under 1%. Albany 1 ST1 stimulation still expected by end of month. Rest covers Vintage's Cooper and Otway wells.
14 Jan 2020joint venture update● Neutral
Vintage update repeats Comet Ridge's Albany news: Albany 1 ST1 stimulation, now down casing, is targeted by end of month. Rest covers Vintage's Otway (65 m gas column at Nangwarry-1) and Cooper Basin (Vali-1 ST1 gas) wells, not Comet Ridge assets.
14 Jan 2020drilling progress report● Neutral
Testing of the two Albany wells resumed 9 January. Albany 2 flowback continues with more nitrogen due. Albany 1 ST will now be stimulated down casing, not by the coiled tubing method Vintage reported last week; extra equipment arrives next week. No flow results yet.
7 Jan 2020joint venture update● Neutral
Vintage update: the Albany 1 sidetrack stimulation crew mobilises this week for a four-stage program. No new Albany results; the rest of the release covers Vintage's Otway and Cooper Basin wells.
31 Dec 2019joint venture update● Neutral
Vintage update: Albany 1 sidetrack stimulation is targeted to start 8 January, a four-stage program with a larger coiled tubing unit. Albany 2 has recovered about 32% of stimulation fluid with gas detected. Flow tests come after.
24 Dec 2019admin correction● Neutral
Vintage re-released its operations update to correct the formation name for its Vali-1 well in the Cooper Basin. It has no change to the Albany content and no impact on Comet Ridge.
24 Dec 2019joint venture update● Neutral
Vintage's operations update repeats that Albany 2 stimulation is complete and fluid is flowing back with gas detected, about 22% recovered. Flow testing is expected late January. Mostly repeats Comet Ridge's own release; also covers Vintage's other wells.
24 Dec 2019drilling progress report● Neutral
Albany 2 stimulation is done in two stages across three zones, the first such treatment in the Lake Galilee Sandstone. A deeper stage was skipped because pressure would exceed the wellhead rating. Albany 1 stimulation follows in early January.
17 Dec 2019capital raising announcement● Neutral
Share purchase plan closed with $1,613,500 of applications at $0.19, well short of the $3m cap, with no scale back. Together with the $10m placement, the raising totals about $11.6m. Shares issue 19 December.
17 Dec 2019drilling progress report● Neutral
Stimulation of the two Albany wells starts this week, Albany 2 first, then Albany 1. Completions are due in early January, with flow testing from mid-January for two to four weeks. This is the next step after the drilling, with results expected around then.
9 Dec 2019other▲ Good
New director Shaun Scott bought 600,000 shares on market at $0.19, about $114,000, after the placement. The chairman calls it a vote of confidence and hopes it encourages share purchase plan take-up.
2 Dec 2019capital raising announcement● Neutral
Formal offer documents for the share purchase plan are sent out: eligible holders can buy $2,000 to $30,000 of shares at $0.19, capped at $3m and not underwritten. Administrative step in the raising announced 27 November.
