Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2019capital raising announcement● NeutralMajor
Raises $10m via placement at $0.19 (10% discount to 5-day VWAP), about 52.6m shares, plus a share purchase plan of up to $3m at the same price. Funds Mahalo North, Mahalo pre-FID work and Albany testing. Follows cash of $9.4m at 30 Sep.
22 Nov 2019material agreement▲ GoodMajor
Non-binding letter of intent with Denison Gas to explore processing and transport of up to 10 TJ/d from Mahalo North via its pipeline, targeting early 2021 gas. Drilling expected before mid 2020 once approvals come. Not yet a binding deal.
20 Nov 2019investor presentation● Neutral
AGM presentation repeats known strategy: Mahalo first gas targeted late 2021 (842 PJ gross 3P+3C), Mahalo North, and Albany stimulation in December. Shows share price $0.205 (19 Nov), market cap $149m and cash $9.4m at 30 Sep 2019.
20 Nov 2019other● Neutral
Chairman's AGM address recaps the year: Mahalo North won, Mahalo progress, Albany drilled and stimulation due in weeks, and the strategic review due by end Q1 2020. Says 76% of shares were voted. Mostly repeats known facts.
12 Nov 2019regulatory community update▲ Good
The new Mahalo North block has been numbered ATP 2048, with the Environmental Authority work under way and grant expected in 3 to 4 months. Drilling is expected in Q2 2020. The company says the Mahalo coal fairway continues into the block and gas could use the Mahalo plant.
11 Nov 2019other● NeutralMajor
The board is starting a strategic review, with a decision due in the first quarter of 2020. The ATO has given in-principle agreement that demerger tax relief is available for the Galilee and Gunnedah exploration assets, subject to a final Class Ruling. No demerger has been decided.
7 Nov 2019joint venture update▲ Good
Vintage calls the two-well Albany appraisal highly successful, saying structure, gas presence and reservoir continuity are confirmed with porosity up to 15%. Condor is expected on site early to mid December for stimulation. Cites the certified 153 PJ gross 2C and Vintage's 30% stake. Largely repeats known results.
30 Oct 2019asset acquisition disposition▲ GoodMajor
Comet Ridge is preferred tenderer for the 450 km2 Mahalo North block, which it would hold 100% and operate, next to the Mahalo project where it holds 40%. Gas sales MOUs are signed, some with development funding options. Drilling is expected in Q2 2020. Mahalo reserves were also reviewed.
29 Oct 2019drilling progress report▲ Good
Vintage's update: Albany-1 sidetrack logs confirm gas in multiple sands, and casing is set to 2,822 m. Condor's stimulation unit is expected the first week of December, with flow test results anticipated in January 2020.
29 Oct 2019drilling progress report▲ Good
Albany 1-ST logging is complete, 4.5in casing is cemented through the reservoir and the rig is released, ending the drilling campaign. Stimulation and flow testing are planned from early December. The partners say the full 130 m of sandstone is now available to test.
22 Oct 2019drilling result▲ Good
Vintage's update: Albany-1 sidetrack reached 2,822 m, with strong gas shows in multiple zones, including the B sand that flowed 230,000 scf/d in 2018 and deeper sands not reached before. Logging begins next. Repeats Comet Ridge's result.
22 Oct 2019drilling result▲ GoodMajor
The Albany 1 sidetrack reached total depth of 2822 m, with strong gas shows through all four thick sandstone packages. This is the full reservoir, versus the 13 m that flowed 230,000 scf/d in 2018. Logging starts next; flow rates are not yet known.
16 Oct 2019director officer appointment▲ GoodMajor
Shaun Scott joins the board as a non-executive director. He was CEO of Arrow Energy until its $3.5 billion sale to Shell and PetroChina in 2010. The chairman says his CSG experience suits the company's move from explorer to producer.
15 Oct 2019drilling progress report● Neutral
Vintage reports the Albany-1 sidetrack has started, with the casing milled out over the weekend. It is now drilling through the Lake Galilee Sandstone target reservoir, with stimulation and flow testing planned later in the year.
8 Oct 2019drilling progress report● Neutral
Rig 932 has moved to Albany 1 and is plugging the old open hole before milling through casing about 128 m above the reservoir. Sidetrack drilling through the 287 m sandstone zone to a planned 2788 m should start later this week.
8 Oct 2019drilling progress report● Neutral
Vintage's update: rig fully rigged up at Albany-1, the 2018 bridge plug has been milled out, and cement plugs and a whipstock are next. Sidetrack expected to start later this week. Repeats Comet Ridge's update.
1 Oct 2019drilling progress report● Neutral
Vintage reports 4.5in casing cemented in Albany-2 at 2,599 m and the rig moved to Albany-1, where the sidetrack starts within days. Condor will stimulate both wells later this year. Repeats Comet Ridge's earlier update.
27 Sept 2019admin correction● Neutral
Amended Appendix 4G governance checklist, re-lodged 27 September. Appears to be a re-lodgement of the 23 September filing; the text does not say what changed.
24 Sept 2019drilling progress report● Neutral
Vintage's update: fishing recovered only part of the stuck logging tool, with the rest left below the casing now being run in Albany-2. Rig then moves to Albany-1; Condor will stimulate both wells, with flow testing later in the year.
24 Sept 2019drilling progress report● Neutral
Fishing recovered only part of the stuck logging tool; the rest stays below the production casing now being run in Albany 2. Rig then moves to Albany 1 for the sidetrack, with Condor contracted to stimulate both wells before testing.
23 Sept 2019admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new substance.
23 Sept 2019annual report● Neutral
Comet Ridge's annual report for the year to 30 June 2019 recaps the year: Mahalo development plan progress, Albany 1 gas flow of 230,000 scf/d, the Koburra seismic, the Stanwell deed renegotiation and the $17.4m placement. Text is truncated, so financial figures are not seen.
23 Sept 2019annual report● Neutral
Comet Ridge's 2019 Corporate Governance Statement, dated 18 September 2019, says practices substantially follow the ASX 3rd Edition recommendations. It plans to move to the 4th Edition for the year to June 2020. Administrative, no new business information.
17 Sept 2019drilling progress report● Neutral
Vintage's update: Albany-2 logs show 12-15% porosity and gas, but a logging tool is stuck and being fished. Rig move to the Albany-1 sidetrack is delayed to late the next week. Repeats Comet Ridge's update.
17 Sept 2019drilling progress report● Neutral
Albany 2 logs show good reservoir quality, gas in several sandstone sections and porosity up to 15%. A logging tool got stuck and is being fished out, which may delay the rig move to the Albany 1 sidetrack to late the following week. Casing and Q4 evaluation follow.
13 Sept 2019investor presentation● Neutral
Comet Ridge's Good Oil Conference presentation in Perth, with a corporate overview. It gives share price $0.26, market cap $189m and cash of $13.0m at 30 June 2019. Mostly repeats known project information.
12 Sept 2019regulatory community update▲ GoodMajor
The Mahalo JV lodged two Petroleum Lease Applications covering the initial northern development area, the first step to converting exploration tenure to a lease. If granted, leases run 30 years with production required within two years. Comet Ridge holds 40%; this advances the July development plan.
10 Sept 2019drilling result▲ GoodMajor
Albany 2 reached total depth of 2702 m. Preliminary logs show the top 13 m of reservoir with 12-15% porosity, which Comet Ridge says exceeds pre-drilling expectations and is better than Albany 1. Flow rates are not yet known; rig moves to Albany 1 next.
10 Sept 2019drilling progress report● Neutral
Vintage's update: Albany-2 reached 2,702 m on 6 September; quick-look logs indicate gas and pressure measurements are under way. Rig heads to the Albany-1 sidetrack later this week. Largely repeats Comet Ridge's update.
3 Sept 2019drilling progress report▲ GoodMajor
Albany 2 at 2605 m with 62 m of core, mostly sandstone with gas shows and signs of permeability; no flow rates yet. Vintage reached 30%, so Comet Ridge is 70%, with its share of Albany contingent resource now 39/107/292 PJ (1C/2C/3C). Total unchanged.
