3 Sept 2019drilling progress report● Neutral
Vintage's update: Albany-2 coring is finished with 62 m of core cut and gas shows seen, now drilling ahead at 2,605 m toward a planned 2,752 m. Repeats Comet Ridge's 3 September update; no flow rates yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Sept 2019farm in farm out completion● NeutralMajor
Vintage completed its Stage 2 farm-in, reaching the $10m gross funding point and lifting its Galilee Deeps JV interest from 15% to 30%. Costs now split 70:30. Vintage's net Albany contingent resource is 16/43/116 Bcf (1C/2C/3C).
27 Aug 2019drilling progress report● Neutral
Vintage's update: first 27 m core cut at Albany-2 with 100% recovery, predominantly sandstone. Repeats Comet Ridge's update.
27 Aug 2019drilling progress report▲ Good
First 27 m core cut at Albany 2 (2455-2482 m) with 100% recovery, predominantly sandstone. It is the first core from the Albany field. Lab analysis and further coring are still to come.
20 Aug 2019drilling progress report● Neutral
Albany 2 reached 2452 m, just into the top of the Lake Galilee Sandstone, and intermediate casing was being cemented. Coring of about 300 m is to follow. Stimulation remains planned for Q4 2019.
20 Aug 2019drilling progress report● Neutral
Vintage's update: Albany-2 casing at 2,452 m being cemented ahead of coring the Lake Galilee Sandstone. Repeats Comet Ridge's update.
13 Aug 2019drilling progress report● Neutral
Vintage's weekly update: Albany-2 drilling ahead at 1848 m toward the 2,430 m casing point. No new result.
12 Aug 2019drilling progress report● Neutral
Albany 2 drilling ahead at 1795 m, with surface casing set and cemented. Still planned to reach 2752 m in 31 days. No new result.
6 Aug 2019drilling progress report● Neutral
Vintage's weekly update: Albany-2 drilling ahead at 853 m after surface casing set at 708 m. No new result.
5 Aug 2019regulatory community update▲ GoodMajor
APA has been granted a Survey Licence for the proposed Galilee Moranbah Pipeline, and stakeholder engagement begins, with a joint field visit planned later in August. This advances the non-binding May MOU; no binding transport agreement exists yet.
5 Aug 2019regulatory community update● Neutral
APA's own release of the Survey Licence grant for the Galilee Moranbah Pipeline, about 240 km long and to be built and owned by APA. It repeats Comet Ridge's announcement, adding the pipeline length.
30 July 2019drilling spud▲ GoodMajor
Albany 2 spudded 30 July 2019 on Ensign Rig 932, after the wet-season delays. Planned depth 2752 m over 31 days, 7.5 km from Albany 1. Mud-based drilling means no instant gas rates; stimulation is now expected in Q4 2019.
30 July 2019drilling spud● Neutral
Vintage's version of the Albany-2 spud on 30 July: 2752 m planned depth, Lake Galilee Sandstone target at about 2,430 m, coring planned. Vintage holds 15%, rising to 30% on completing Stage 2. It cites a net 2C of 23 PJ for its initial 15%.
18 July 2019investor presentation● Neutral
Noosa Mining Conference presentation, 18 July 2019. Shows 727.9m shares, $0.25 price (17 July), $182m market cap and $16.3m cash at 31 March. Rest is truncated and appears to restate known Mahalo and Galilee material.
12 July 2019drilling result▲ GoodMajor
First-pass seismic interpretation confirms a closed structure at Lake Galilee, about 20 km2 with ~60 m closure, 24 km south of Albany. Four new leads were added, and Lake Galilee-1 appears drilled on the structure's edge. More seismic is needed for several leads. No well drilled yet.
12 July 2019drilling result▲ Good
Vintage's version of the seismic results: four new leads take the total to 27, and the main Lake Galilee lead is upgraded to 'drill ready'. Lake Galilee structure is about 20 km2. Repeats Comet Ridge's update, with the added drill-ready status.
8 July 2019joint venture update▲ GoodMajor
Mahalo partners agreed an initial development: mostly dual-lateral wells in the northern Castor and Pollux seams, an 80 TJ/d modular plant, a ~65 km pipeline up to 120 TJ/d, and FID in June 2020. Comet expects first gas before end of 2021. This sets a later FID than the earlier Sept 2019 date.
25 June 2019drilling scheduled● Neutral
Vintage reports Rig 932 is moving from Moomba, with the Albany-2 pad and camp complete. Spud is now expected early July 2019, slipping from late June. Albany-2 will appraise a 61 km2 structure about 7 km from Albany-1, with stimulation later in 2019.
17 June 2019material agreement● NeutralMajor
Stanwell option deed amended and extended to 30 Sep 2022. Stanwell's GSA-or-cash choice is removed, and volume is fixed at 20-30 PJ at a market price. If no GSA is agreed, Comet pays $20m (CPI-indexed from March 2014) by 8 Nov 2021. This replaces the Sept 2019 FID deadline.
30 May 2019material agreement▲ Good
Vintage's release of the new MOU with APA Group and Comet Ridge: APA will do route surveys, early environmental studies and a Pipeline Survey Licence application for a Galilee-to-east-coast pipeline. A framework to negotiate a gas transportation agreement is agreed; no binding deal yet.
30 May 2019material agreement▲ GoodMajor
Comet Ridge replaces its 2016 APA MOU, now including Vintage. APA will do route planning, surveys and apply for a Pipeline Survey Licence for a Galilee-to-Moranbah pipeline. It is still non-binding, so the open binding transport agreement remains unresolved.
28 May 2019drilling scheduled● Neutral
Vintage's version of the operator's update: rig mobilisation early to mid-June, Albany-2 spud expected late June, and Condor chosen for stimulation. Repeats Comet Ridge's announcement, adding that Albany-2 will be cored. Vintage stays at 15%, rising to 30% on completing Stage 2.
28 May 2019joint venture update● Neutral
Albany 2 pad work resumed 7 May and should finish this week. Rig 932 move from Moomba is expected early to mid-June, then about two weeks to rig up. Condor Energy Services is preferred stimulation contractor, with stimulation late in Q3 2019. Spud is later than the 'early May' earlier flagged.
11 Apr 2019investor presentation● Neutral
Taylor Collison East Coast Gas Day presentation, 11 April 2019. Shows 727.9m shares, $0.29 price, $211m market cap and $23.3m cash at 31 December 2018. Rest is truncated and appears to restate known Mahalo reserves.
5 Apr 2019drilling scheduled● Neutral
Vintage repeats the operator's update: Albany 2 spud delayed until at least early May by rain, and early seismic views show possible leads near Lake Galilee-1. Vintage's stake stays 15%, rising to 30% on completing Stage 2.
5 Apr 2019drilling scheduled● Neutral
Albany 2 spud is delayed to early May at the earliest because of heavy rain and road closures. Early seismic processing shows several possible leads near Lake Galilee-1 and a new anticline about 25 km north, similar in relief to Albany, needing more data.
13 Mar 2019director officer appointment● NeutralMajor
Martin Riley, a roughly 35-year industry veteran who led the upstream part of the APLNG project to final investment decision, joins as non-executive director. Mike Dart resigns after taking a full-time executive role elsewhere.
12 Mar 2019half year report● Neutral
Half-year to 31 December 2018: loss of $2.894m, up from $1.777m a year earlier. Reserve and resource table repeats the known figures (Mahalo 172 PJ 2P). PwC is now listed as auditor. Cash figure not visible in the truncated text.
8 Mar 2019other● Neutral
S&P index notice: Comet Ridge is added to the All Ordinaries index from 18 March 2019. The text says nothing else about the company.
6 Mar 2019well test result▲ Good
First Mahalo gas shows: Struan 3/2 and Sirius Road 2/1 are producing gas at low rates, with water at 20-36 barrels a day across the three tests. No gas rates are given. Memooloo 2 core gas content is in line with expectations.