Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 June 2008farm in farm out completion▲ GoodMajor
The Pine Brook deal closed on 26 June 2008, as expected by end-June. COI's US projects went into Comet Ridge Resources for 43.75%; Pine Brook put in US$7m cash plus the Strike Oil Rocky Mountain assets bought for US$2m for 56.25%. US staff now work for CRR; Florence drilling starts this weekend.
29 Apr 2008drilling scheduled▲ Good
Colorado granted drilling permits for four Florence wells. The initial program is cut to two wells, Golden and Apache, from one pad, with the rig due in early May. About 3,000 acres were added north of Florence. Further drilling depends on initial results.
20 Mar 2008drilling scheduled● Neutral
Xtreme Coil Drilling was contracted for the initial three Florence wells (Golden 33-20, Apache 33B-20, Bull 42-4). Drilling is now expected in early May, later than the late March target, pending permits and joint venture approvals. Comet Ridge is operator.
19 Mar 2008farm in farm out agreement▲ GoodMajor
Letter of intent with Freedom Natural Resources: Freedom would fund a new Tow Creek crest well (start by 1 July) and a Peltier 11-12 re-entry, and become operator. Comet and Strike's combined interests would fall to 20% (Tow Creek) and 12.5% (Bear River). Closing expected by 28 March.
19 Feb 2008farm in farm out completion▲ Good
The Chehalis deal with Oklaco closed on 15 February as scheduled. US$463,000 was received and St. Helens now holds 10% of over 140,000 acres, free-carried through 5 wells. Drilling is still anticipated in Q2 2008.
6 Feb 2008farm in farm out agreement▲ GoodMajor
St. Helens signed a deal with Oklaco's consortium on Chehalis: it sells 75% of its 40% interest (keeping 10%), gains 10% of another 65,000 acres, and gets US$463,064 cash plus a free carry on 5 wells. Drilling is expected in Q2 2008, resolving the earlier Vader delay.
18 Jan 2008drilling scheduled▲ Good
2008 outlook: Comet Ridge plans at least 10 wells this year, starting with three to five at Florence from late March targeting 3.5 million barrels gross. Grays Harbor seismic starts in April, and two Tow Creek wells depend on finding a farm-out partner.
15 Jan 2008farm in farm out completion● NeutralMajor
Transfers to Orion Petroleum of an initial 30% of PEL 427 and 20% of PEL 428 (Gunnedah Basin) from Comet Ridge were registered on 24 December 2007, under a 3 October 2007 deed. Orion has options to earn a further 45% and 40%. This is the sell-down of the Gunnedah interest.
9 Nov 2007drilling scheduled▲ Good
Florence is finalising an inventory of 10 well locations to be permitted for drilling in the New Year, with an initial program likely of three wells. Pierre Formation targets are 100,000-300,000 barrels per well. Drilling awaits Colorado permits and a rig.
10 Sept 2007drilling result▼ BadMajor
The Tow Creek Coal View 31-4 sidetrack was abandoned after the drill string became irretrievably stuck following almost a week of rig repairs. It is plugged for a later sidetrack with another rig. Oil and gas shows remain untested; partners must reassess the way forward.
5 Sept 2007drilling progress report▼ Bad
No progress on the Tow Creek sidetrack for a week: it remains at 1,707m after extensive repairs to Badger Rig 2, which is now operational. The main Niobrara target at about 1,829m has still not been reached.
29 Aug 2007drilling progress report● Neutral
The Coal View 31-4 sidetrack is at 1,707m, paused for rig repairs, with elevated gas readings in the shallowest Niobrara target. The main second-bench target is expected at about 1,829m. Comet Ridge pays 50% of costs to earn 37.5%.
22 Aug 2007drilling progress report● Neutral
Badger Rig 2 is on location at Tow Creek and being rigged up, with sidetrack drilling due to start within days. The target is still 200,000-500,000 barrels of oil. Shares on issue now shown as 105 million.
14 Aug 2007drilling progress report● Neutral
Tow Creek Coal View 31-4 sidetrack work began 8 August, with the old open hole plugged and a drilling rig due mid-week. The sidetrack targets 200,000-500,000 barrels of recoverable oil and is expected to take under 10 days.
7 Aug 2007drilling progress report● Neutral
First Florence 3D seismic data arrived a month early and looks good. The Peltier 11-12 remedial treatment at Bear River failed to lift output, suggesting poor reservoir there. Tow Creek sidetrack resumes this month, Chehalis coring in early September, and Pat Jackson hired as VP Exploration.
4 July 2007drilling progress report● Neutral
Florence 3D seismic is about 85% complete, delayed roughly a week by thunderstorms and wind. Drilling is still expected in Q4 2007. Neighbouring West Florence-1 reportedly has about 25 ft of net gas pay and will be production tested in late July.
28 June 2007drilling progress report● Neutral
Florence seismic is 80% done, with drilling now expected in the fourth quarter. Vader drilling is resuming, Tow Creek sidetrack is set for August, and Peltier 11-12 remedial work is planned for early July. Grays Harbor has a prospect with over 100 BCF (P50), and about 9,500 acres were added.
21 June 2007drilling progress report● Neutral
Florence 3D seismic is about 65% complete and due to finish by end of June. Comet Ridge controls about 7,500 acres over the most prolific part of the field and expects drillable prospects for drilling later in the year.
13 June 2007drilling progress report● Neutral
Florence 3D seismic is about 50% complete, slowed by high winds and rain. Earlier survey timing is slipping, but no change to the overall plan is stated.
6 June 2007drilling progress report● Neutral
Florence 3D seismic is about 32% complete. Mountain Petroleum's neighbouring West Florence 1 has set casing at 6,417 feet, with testing planned for several show intervals. Comet Ridge still expects to drill later this year.
31 May 2007drilling progress report● Neutral
Florence 3D seismic is under way despite heavy rain. Neighbouring Mountain Petroleum's West Florence 1 well reportedly reached 6,420 feet with unspecified shows. Drilling at Florence is still expected later this year.
24 May 2007drilling progress report● Neutral
Seismic crew is on site at Florence, Colorado, and will begin recording an 8 square mile 3D survey within a day or so. It should show the fractures controlling oil flow; drilling is still expected later this year. Continues the Florence work set up in May.
18 May 2007farm in farm out completion▲ GoodMajor
Comet Ridge lifts its Florence interest from 26% to 39% after AJ Lucas Group withdrew from US exploration; Strike Oil also rises to 39%. Increases exposure to the field ahead of 3D seismic and drilling planned late in the third quarter.
11 May 2007drilling result● Neutral
First Vader hole reached 2,680 feet and met 52 feet of coal with elevated gas readings, but coring failed amid rig problems. The operator released the rig and is securing a replacement; drilling resumes once a new rig is found. Gas content results pending.
27 Apr 2007drilling spud● Neutral
Drilling began 25 April on the first Vader coal seam gas hole in Washington (3-36-13-3), planned to 2,570 feet in about seven days. Comet Ridge holds 40% non-operated; this starts the programme targeting a potential 140 BCF (company estimate).
20 Apr 2007drilling scheduled▲ Good
A rig is mobilising to start a 3-well resource assessment at Vader, Washington, with spud expected mid next week; a fourth well is planned at Cedar Creek. Company cites potential of about 140 BCF, with Comet Ridge's 40% share valued at about US$62m (internal estimate).
8 Mar 2007farm in farm out agreement▲ GoodMajor
Comet Ridge farms out its 100%-owned Galilee Basin permit applications ATP 743P and 744P (over 13,000 sq km) to Clark Oil and Gas. Clark can earn up to 40% and carry Comet Ridge through seismic and drilling. Conditional on Clark listing on the ASX later this year.
23 Feb 2007drilling progress report▲ Good
Peltier 11-12 hole conditioning went smoothly, with about 10 barrels of oil in the mud tank and gas seen in the drilling fluid. Pump installation is expected shortly, then a low-rate production test.
20 Feb 2007drilling progress report● Neutral
The completion rig is rigged up at Peltier 11-12. The well is expected on production test by end of week, weather permitting. Nothing new on results.
13 Feb 2007drilling result▼ BadMajor
Efforts to free the stuck pipe at Coal View 31-4 were abandoned. The company plans to re-enter after the spring thaw and redrill the last ~2,000 ft (3-4 days). Pump install at Peltier 11-12 due this week. Resolves the fishing thread negatively.
