Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2009drilling spud● NeutralMajor
Macdonald 5C core well started at Greymouth (PMP 50100) on 30 October, planned to about 1,170 m over roughly 20 days. Part of the Phase 2 farm-in, which would lift Comet's stake from 20% to 50%. It may be plugged or kept as an observation well.
10 Sept 2009drilling spud● Neutral
Drilling began on a two-well program at Florence, Colorado, expected to finish by mid to late September. The release says Comet holds 20% of Comet Ridge Resources LLC through its subsidiary, consistent with earlier dilution. Phase II drilling follows the earlier plan.
23 July 2009drilling result▲ GoodMajor
Scrubber Gully 1 reached 486 m and was plugged and abandoned as planned, with about 4.5 m of net coal in the Bandanna Formation. Management calls gas content good and permeability fair; the partners will plan the next Mahalo appraisal. COI holds 40%.
14 July 2009drilling spud● Neutral
Scrubber Gully 1 core well started on 14 July in Mahalo (ATP 337), operated by Santos. About 11 days to a planned 445 m, testing coal in an area aimed at firming up contingent resources. COI holds 40%.
30 Apr 2009drilling progress report● Neutral
ESG's bimonthly report confirms Kurrabooma-1 reached 439 m with about 4.6 m of gassy coal and was plugged and abandoned as planned. The rest covers ESG's Narrabri wells. COI holds 20% of PEL 428.
20 Apr 2009drilling result● Neutral
Kurrabooma-1 reached 438.7 m on 17 April with about 4 m of net coal and visible free gas. Gas volumes will be measured over coming months. This completes the two-well Gunnedah program; COI holds 20% of PEL 428.
15 Apr 2009drilling progress report● Neutral
Eastern Star Gas's bimonthly report is mostly about its own Narrabri wells. It notes Kurrabooma-1 coring ahead at 362 m in PEL 428, where COI holds 20%. No new result for COI.
14 Apr 2009drilling progress report● Neutral
Kurrabooma-1 in PEL 428 is waiting on wet weather at 336.7 m, with a planned depth of 430 m. No result yet. COI holds 20%.
6 Apr 2009drilling spud● Neutral
Kurrabooma-1 corehole in PEL 428 started on 3 April and was setting surface casing at 64 m. It is a 400 m well and the first real test of this area. COI holds 20%; ESG pays.
6 Apr 2009drilling spud● Neutral
Greenpower, which holds 20% of PEL 428 alongside COI's 20%, announces Kurrabooma-1 drilling has started. A third-party repeat of known information, with no new result.
31 Mar 2009drilling result● Neutral
Moree-4 reached 495 m with about 5 m of net coal and gas freely desorbing, but a drill stem test recorded no gas blow. Orion says the coals were thinner than expected. COI holds 25% of PEL 427. Kurrabooma-1 is next.
23 Mar 2009drilling progress report● Neutral
Moree-4 was coring at 394 m on 22 March, with only minor coal so far. Operational problems since 16 March are fixed. Total depth of 500 m is expected in 2-3 days. COI holds 25%.
20 Mar 2009drilling result▼ Bad
Chartwell's Painkiller Creek-1C was plugged and abandoned at 507 m because the Brunner coal measures were not developed. A second dry well for the merger partner, which is not yet part of Comet Ridge. Data will be analysed over coming weeks.
9 Mar 2009drilling progress report● Neutral
Orion says Moree-4 in PEL 427 began drilling on 8 March after wet-weather delays; a 500 m well. Kurrabooma-1 in PEL 428 follows with the same rig. COI holds 25% and 20% respectively. No result yet.
9 Mar 2009drilling spud● Neutral
Cover note passing on that merger partner Chartwell spudded Painkiller Creek-1C in New Zealand's South Island on 7 March, planned to 540 m, targeting Brunner coal measures. Chartwell holds 60%. Not yet a Comet Ridge asset.
6 Mar 2009drilling spud● Neutral
Eastern Star Gas is about to spud Moree-4 in PEL 427, the first of three farm-in coreholes it funds. COI holds 25% of PEL 427. ESG's own estimate is a high-side 3,500 PJ across the three permits. Third-party notice.
2 Mar 2009drilling result▼ Bad
Chartwell's Matata-1C in New Zealand was plugged and abandoned at 472 metres because the Waikato coal measures appear not sufficiently developed there. A dry first well for the merger partner, which is not yet part of Comet Ridge. The rig moves to Painkiller Creek-1C.
18 Feb 2009drilling spud● Neutral
Chartwell, the proposed merger partner, spudded Matata-1C in New Zealand's North Island, planned to 375 metres. Rig then moves to Painkiller Creek-1C in the South Island. Chartwell operates both permits with 60%. Not yet a Comet Ridge asset.
19 Jan 2009drilling scheduled● Neutral
Partner Orion says the two Gunnedah coreholes, Moree-4 in PEL 427 and Kurrabooma-1 in PEL 428, start in February, run by Eastern Star Gas. Comet Ridge holds 25% of PEL 427 and 20% of PEL 428. Third-party notice; no new result.
16 Sept 2008drilling result▼ Bad
Bull 42-4 was temporarily abandoned at 4,267 feet with casing set at 2,998 feet, because water flow from the Dakota Sands prevented drilling deeper. Oil was seen in Codell core. It is the first Florence setback after three wells with shows.
9 Sept 2008drilling progress report▲ Good
Bull 42-4 shows oil in core across the Codell Formation. The crew is trying to run 7-inch casing to 4,267 feet, and a smaller string may be needed if hole conditions require.
3 Sept 2008drilling progress report● Neutral
Bull 42-4 is at 3,792 feet after cutting five cores, about to resume drilling toward 4,530 feet. No hydrocarbon indications so far. COI's CRR equity is now stated as 27.18%.
26 Aug 2008drilling progress report● Neutral
Rainbow #23-20 reached its planned 3,700 feet total depth and was cased for production testing. Testing of Golden, Apache and Rainbow was due in early September, and the fourth well, Bull 42-4, was drilling ahead at 646 feet.
19 Aug 2008drilling progress report▲ Good
Rainbow #23-20 is drilling ahead at 2,983 feet toward 3,700 feet, with elevated gas readings and oil observed in the reserve pit.
12 Aug 2008drilling result▲ Good
Apache #33B-20 drilled trouble-free to 3,517 feet, with oil seen in the reserve pit, and is cased for production testing. The rig moves to the third well, Rainbow #23-20.
5 Aug 2008drilling spud● Neutral
Golden's liner is installed and awaiting testing. The second Florence well, Apache #33B-20, spudded on 2 August and is setting surface casing at 693 feet, with a planned vertical depth of 3,500 feet.
29 July 2008drilling result▲ GoodMajor
Golden #33-20 stopped early at 3,606 feet, short of the 4,926 feet plan, because of difficult drilling conditions and strong oil shows in the Pierre Formation. Liner is being run for production testing. Pine Ridge has now earned its 97.25% Florence interest.
22 July 2008drilling progress report● Neutral
Golden #33-20 deviated from its planned course and was sidetracked; now drilling at 1,485 feet. Oil and gas shows were found in the original hole, with controlled flows of flammable gas flared at surface.
15 July 2008drilling progress report● Neutral
Golden #33-20 reached 3,248 feet, then paused for rig repairs with drilling to resume within 36 hours. No hydrocarbon indications reported at this stage.
8 July 2008drilling spud● NeutralMajor
First Florence well, Golden #33-20, is drilling at 696 feet toward a 4,926 feet target after a few days' delay from Colorado rig-moving restrictions. No hydrocarbon indications yet. CRR pays all costs; COI holds 43.75% of CRR, which holds 97.25% of Florence.
