Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2020regulatory community update▲ Good
Santos' Narrabri Gas Project won NSW planning approval; COI is not a participant but holds neighbouring Gunnedah permits (CSG 29.55-68.42%, sandstone 97.5-100%). Renewals are lodged, and COI expects to return to exploration, with the last well drilled in 2010.
28 Sept 2020asset acquisition disposition▲ GoodMajor
Mahalo East was formally granted as ATP 2061, 100% COI and operator, 97 km2, six-year term, a week after the preferred-tenderer win. Appraisal is planned around end of Q1 2021, subject to funding. Mahalo Far East ATP will take months.
24 Sept 2020annual report● Neutral
Appendix 4G, the checklist pointing to the 2020 corporate governance statement, lodged by the Company Secretary. Administrative filing with no business substance.
24 Sept 2020security holder rights change● Neutral
250,000 unlisted performance rights lapsed because the employee holder left. Rights on issue fall to 3,850,000, against 789,000,030 ordinary shares. Administrative capital-structure notice.
24 Sept 2020annual report▼ Bad
FY2020 annual report: statutory net loss $10.4m including a $5.6m write-off of capitalised exploration costs; underlying loss $4.8m. Cash was $4.6m at 30 June 2020, with $1.3m of R&D tax incentives received after year end. Text is truncated.
24 Sept 2020annual report● Neutral
Annual Corporate Governance Statement for the year to 30 June 2020, approved by the board on 22 September 2020. It says practices substantially follow ASX recommendations, with some explained exceptions. Administrative disclosure; no new business information.
21 Sept 2020asset acquisition disposition▲ GoodMajor
Comet Ridge was named preferred tenderer for two more 100% blocks east of Mahalo North: Mahalo East (97 km2) and Mahalo Far East (338 km2). They become ATPs after environmental and native title approvals, expanding the Mahalo Gas Hub footprint.
31 July 2020quarterly activities report● Neutral
June quarter report recaps the ATP 2048 award and the three Mahalo approvals, and notes a Petroleum Survey Licence application for the Greater Mahalo area. New third-party seismic means a further seismic survey is likely unnecessary. Albany work stays suspended. Text is truncated.
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.
30 Apr 2020quarterly activities report● Neutral
March quarter report confirms ATP 2048 was signed off 29 April and repeats the LogiCamms pipeline MOU. Mahalo FID will not occur in mid-2020 as planned, with revised timing to come. Albany stimulation testing remains suspended due to COVID-19. Text is truncated.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report recaps Mahalo North (ATP 2048, 100%) work, the Denison Gas letter of intent, and the October Mahalo reserve downgrade. Environmental approvals for Mahalo are expected by mid-year. Largely repeats known facts; the text is truncated.
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.
