Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2007drilling scheduled▲ GoodMajor
Operator Cascadia has secured a rig for a three-well Vader programme in Washington, expected to start before the end of March. Wells will be 1,600-2,700 ft deep; permits are expected by early March. Comet Ridge holds 40%.
6 Feb 2007drilling progress report● Neutral
Fishing at Coal View 31-4 extends two more days with the pipe stuck at 5,317 ft. Peltier 11-12 had a perforated liner run to total depth, was drilled under budget, and awaits a completion rig. Updates move to Tuesdays.
2 Feb 2007drilling result▲ GoodMajor
Peltier 11-12 reached 6,700 ft on 31 January; all three Niobrara targets appear fractured with oil and gas shows, including free oil in the mud. Coal View 31-4 remains stuck. Drilling resumes in the second quarter.
30 Jan 2007drilling progress report▼ Bad
Drill pipe is stuck at 5,300 ft in Coal View 31-4 above the first reservoir, though over 10 barrels of oil have circulated up. The well may be suspended if fishing fails. Peltier 11-12 is at 5,684 ft with minor shows.
23 Jan 2007drilling progress report● Neutral
Coal View 31-4 completion slipped another day to 23 January because of equipment availability. Peltier 11-12 was drilling ahead at 4,022 ft, building angle to 40 degrees, with 7-inch casing planned at 5,000 ft.
19 Jan 2007drilling progress report● Neutral
Coal View 31-4 completion is expected to restart 22 January, weather permitting, as cold shut down several Rockies rigs. Peltier 11-12 was preparing to run 9 5/8-inch casing at 3,750 ft.
16 Jan 2007drilling progress report▼ Bad
Coal View 31-4 completion was delayed by extreme cold, with temperatures of -37°C at the Peltier site. Peltier 11-12, spudded 12 January, was drilling at 1,833 ft toward a 6,540 ft target of up to 500,000 barrels.
12 Jan 2007drilling progress report● Neutral
Completion of Coal View 31-4 has begun, with the pump and perforated casing due to be finished over the weekend. Peltier 11-12 at Bear River spuds 12 January to 6,540 ft, targeting up to 500,000 barrels. It is the second proof-of-concept well.
3 Jan 2007drilling progress report● Neutral
A workover rig will complete Coal View 31-4 early next week with perforated pipe and a pump, without stimulation; flow will be started slowly at tens of barrels a day. Peltier 11-12, targeting up to 500,000 barrels, spuds mid-week; it completes Strike's earning requirements.
29 Dec 2006drilling result▲ GoodMajor
Coal View 31-4 reached 6,600 ft on 25 December with oil and gas shows in the two reservoir intervals reached. The main target, the second Niobrara bench, showed gas readings over 245 ft and looks moderately to intensely fractured, so it will be completed in January. No flow rate yet.
22 Dec 2006drilling progress report● Neutral
Coal View 31-4 had set 7-inch casing at 4,795 ft after drilling to 4,885 ft at 40 degrees. The first reservoir target is expected near 5,100 ft, with the rig set to move to Peltier 11-12 next. A major winter storm continued to affect operations.
15 Dec 2006drilling progress report● Neutral
Coal View 31-4 was drilling at 4,328 ft after 9 5/8-inch casing was set at 2,944 ft to counter mud losses. The first reservoir interval is expected early next week near 5,150 ft; the rig then moves to Peltier 11-12, four miles away.
8 Dec 2006drilling progress report● Neutral
A rig component failed and took 5 days to replace, but drilling has resumed, with total depth of 6,600 ft now expected by Christmas. A Routt County permit received 6 December means Peltier 11-12 at Bear River will follow immediately.
1 Dec 2006drilling progress report● Neutral
Coal View 31-4 was drilling at 2,758 ft, with open fractures having slowed the upper hole through mud losses, though rates improved with depth. The first Niobrara reservoir is now expected around 5,200 ft, with total depth of 6,600 ft about two weeks away.
24 Nov 2006drilling progress report▼ Bad
Coal View 31-4 was drilling at 1,050 ft. Fracture zones caused mud losses and once a stuck drill string, so some time was lost. Next casing is planned near 4,900 ft, with the first Niobrara reservoir expected around 5,200 ft.
17 Nov 2006drilling spud▲ GoodMajor
Coal View 31-4 was spudded at 3:30 pm on 16 November, after delays from a winter storm. It is the first well of the Tow Creek program, expected to take about 30 days to drill and 5-10 to complete. Weekly Friday updates are promised.
10 Nov 2006drilling progress report▼ Bad
Rig 16 is on location at Coal View 31-4 and rigging up, but spud slipped to early next week because of trucking shortages, soft ground and a steep access climb. The 6,600 ft well targets 200,000-500,000 barrels.
7 Nov 2006drilling progress report● Neutral
Rig 16 is being moved to Coal View 31-4, with drilling expected to start by end of week and take about 35 days. It is the first of three 'proof of concept' wells, targeting 200,000-500,000 barrels at an estimated $1.8m cost.
1 Nov 2006farm in farm out completion● NeutralMajor
Strike Oil and AJ Lucas both took up their full options in Florence, so Comet Ridge keeps a 26% interest and stays operator, down from the 78% bought on 3 October. 3D seismic is expected to start in December, with the first well required by 1 August 2007.
6 Oct 2006drilling progress report● Neutral
A spudder rig drilled the surface hole for Coal View 31-4 on 28 September and set casing at 60 feet. The well now awaits a full-size rig, with three contractors indicating availability within a month. Target is 200,000-400,000 barrels at 6,600 ft.
26 Sept 2006drilling scheduled▲ Good
Comet Ridge's own 26 September Tow Creek/Bear River update, forwarded by Strike Oil: first permit received for Coal View State 31-4 (37.5%), six more applications in process, key landowner agreement concluded, leases over 16,000 acres, and a 2-3 well program expected in October. Repeats the earlier announcement.
26 Sept 2006drilling scheduled▲ GoodMajor
First Tow Creek drilling permit received for the Coal View Unit State 31-4 well (37.5%), with surface hole to start this week. It costs US$1.7 million and targets 200,000-500,000 barrels recoverable. A two or three well program is expected in October; leases now exceed 16,000 acres.
6 Sept 2006drilling result▼ BadMajor
Mahalo 2 reached 234m but showed no measurable gas or water flow, suggesting low permeability or drilling damage, which contrasts with Mahalo 1's gas influx. Comet Ridge still earned its 40%, with Santos and Origin at 30% each. Pressure data will be analysed.
25 Aug 2006drilling scheduled● Neutral
Mahalo 2 due to spud 26 August, with about four days to drill to 233 metres and then an open-hole flow test. Completion gives Comet Ridge 40%. Tow Creek drilling preparations continue, and approval of the Coal View Unit is expected within days.
15 Aug 2006drilling scheduled▲ Good
Tow Creek/Bear River now has 11 drilling locations in permitting, with drilling expected to start in September. Grassy Creek well now makes about 8 barrels a day after repairs, up from 1-2. Grays Harbor seismic reprocessing is under way.
8 Aug 2006drilling scheduled▲ GoodMajor
Mahalo 2, previously delayed, is due to spud by the end of August. It is the final well Comet Ridge must drill to earn a 40% interest, with Santos and Origin keeping 30% each. Resolves the delay flagged earlier.
20 July 2006drilling scheduled▼ BadMajor
Tow Creek and Bear River drilling, earlier expected by end of May, is delayed to late August/September 2006 because landowner access negotiations are taking longer. Plan is four wells, three at Tow Creek and one at Bear River, seeking 200-400 thousand barrels each.
21 Feb 2006drilling result▲ Good
Mira 1 (252m) and Humboldt 1 (253m) core holes at Mahalo were drilled, intersecting 8m and about 4.5m of Bandanna coal. Initial drill stem tests indicate permeability. Gas content results are expected in coming months, and Mahalo 2 is still due mid-2006.
14 Feb 2006drilling spud● Neutral
Drilling began on 10 February 2006 on Mira-1, the first Mahalo Phase II core hole; it reached total depth and testing began. Mahalo 2 is delayed to mid-year because Santos says a different rig is needed. Completing all three wells would give Comet Ridge 40%.
12 Jan 2006drilling scheduled● Neutral
The Mahalo Phase II three-well earning program, operated by Santos, is due to restart in early February 2006 after delays from rig availability, holidays and weather. Comet Ridge holds 20% and is earning a further 20%. Operator's most likely gas in place is over 400 Bcf.
