Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Mar 2019drilling progress report● Neutral
Vintage's version of the Koburra seismic completion: 336 km acquired 2 March, with processing alongside 619 km of older seismic. Rig 932 is due to leave Moomba by end of March, delayed by rain. Repeats Comet Ridge's announcement.
5 Mar 2019drilling progress report● Neutral
The Koburra 2D seismic survey finished on 2 March at 336 km, slightly above the planned 325 km, with good-quality raw images. Albany 2 pad work starts next week; Rig 932 move is about two to three weeks late because of rain. Interpretation is due in the June quarter.
30 Jan 2019contract award▲ GoodMajor
Per Vintage, Comet Ridge as operator signed Ensign Rig 932 for Albany 2 and Albany 1 sidetrack: two firm wells plus two contingent wells, starting March 2019 after the wet season. This resolves the open rig search and commits both parties to Stage 2.
23 Jan 2019investor presentation● Neutral
Corporate update presentation dated 23 January 2019. Capital structure shows 727.9m shares, $0.32 share price, $233m market cap and $24.9m cash at 30 September 2018. Remainder of text is truncated; it appears to restate known Mahalo reserves (172 PJ 2P).
22 Jan 2019auditor change● Neutral
COI is replacing Pitcher Partners, its auditor for over 10 years, with PricewaterhouseCoopers after a competitive tender. Pitcher Partners resigned with ASIC consent. The appointment needs shareholder ratification at the next AGM. The company ties the change to moving from explorer to developer.
9 Jan 2019drilling result▲ GoodMajor
Sirius Road 2 was drilled to 1,990 m with 1,437 m in the Castor seam (96% in seam), and the rig demobilised, completing the five-well Mahalo drilling. Memooloo 2 testing meets expectations; Struan 2 and Sirius Road 1 testing starts shortly.
2 Jan 2019drilling scheduled● Neutral
A 325 km 2D seismic program across the Galilee permits began 30 December, run by Synterra. It should finish by early February, with data ready late in the March 2019 quarter. It aims to define drill targets beyond Albany 1 and 2.
24 Dec 2018drilling spud● Neutral
Sirius Road 2 spudded 21 December as a single lateral targeting the 3.3 m Castor seam, not both seams. The thin Pollux seen in Sirius Road 1 is not considered representative, so Pollux testing is deferred to a future well.
19 Dec 2018drilling result● Neutral
Sirius Road 1 vertical well reached 506 m with 6.9 m net coal. The Castor seam was 3.3 m, as expected, but the Pollux was only 0.9 m, thinner than predicted. Sirius Road 2 is due to spud 21 December.
18 Dec 2018well test result▲ Good
Memooloo 2 production testing, running since 23 November, shows rising water rates with minimal pressure draw down, which the company calls encouraging. No gas rate is given. Testing continues and lab analysis is under way.
10 Dec 2018drilling result▲ GoodMajor
Struan 3, the first dual lateral well at Mahalo, was drilled: 822 m in the Pollux (88% in seam) and 1,512 m in the Castor (95%), over 2.3 km combined. The MD expects this to be a main production well design. Rig moves to Sirius Road 1.
26 Nov 2018farm in farm out completion● NeutralMajor
Vintage says documents transferring a 15% interest in the Galilee Deeps joint venture from COI are fully executed, completing Stage 1. Vintage books 23 PJ 2C for Albany. COI is now 85% with Vintage 15%, ahead of Stage 2.
21 Nov 2018farm in farm out agreement▲ GoodMajor
Vintage says Stage 2 of its Galilee farm-in starts December: a $3.5m gross 300-420 km 2D seismic survey. Vintage funds 50% of a $10m program to earn another 15% (30% total, leaving COI 70%). Long-lead items for Albany 2 and Albany 1 re-entry are being bought.
21 Nov 2018investor presentation● Neutral
Managing Director's AGM presentation. It restates known highlights: 172 PJ net 2P, Mira 6 at 1.4 mmcf/d, the Vintage farm-out, Albany 1 gas flow and the $17.4m placement. The Mahalo program's third well is being drilled. Text is truncated.
20 Nov 2018drilling progress report● Neutral
Struan 2 reached 510 m and Struan 3, the first dual lateral well, spudded 17 November. Memooloo 2 completion is run and being readied for production testing. Sirius Road 1 and 2 follow.
12 Nov 2018drilling spud● Neutral
Struan 2 vertical well spudded 9 November, second of the five-well Mahalo program, with planned depth about 550 m and full coring. It will be intersected by Struan 3, the program's first dual lateral well.
5 Nov 2018drilling result▲ Good
Memooloo 2 reached 300 m with 7.2 m net coal, good to excellent permeability on short wireline tests, and results in line with expectations. About two months of production testing follows once pump is installed; rig moves to Struan 2.
29 Oct 2018drilling spud▲ GoodMajor
Memooloo 2 vertical well spudded 28 October 2018, first of the 5-well Mahalo program, with target depth about 290 m. It will be cored to confirm gas content in the shallowest part of the block, then production tested for about two months.
19 Oct 2018annual report● Neutral
Annual report for the year to 30 June 2018, now including the audited remuneration report. It repeats the earlier statutory report's highlights, including 2P reserves of 172 PJ and Mira 6/2 at 1.4 mmscf/d. Financials are not visible in the text provided.
19 Oct 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative only, with no new business information.
19 Oct 2018other● Neutral
Annual corporate governance statement dated 19 September 2018. It says practices substantially follow ASX recommendations, with exceptions such as no formal agreements with non-executive directors. Administrative only.
12 Oct 2018drilling scheduled▲ Good
Mahalo well pad construction starts within days, with Rig 20 mobilising the week of 22 October and spud expected the week of 29 October 2018. First wells are Memooloo 2, Struan 2 and Struan 3, the first dual lateral well.
21 Sept 2018capital raising announcement● Neutral
Routine paperwork: COI issued 51,225,437 placement shares at $0.34, completing the $17.4m placement announced on 14 September. The notice confirms compliance with disclosure rules.
21 Sept 2018annual report● Neutral
Statutory annual report for the year to 30 June 2018, calling it an outstanding year. It repeats known highlights: 2P reserves up 473% to 172 PJ, Mira 6/2 at 1.4 mmscf/d, the Vintage farm-in and Albany 1's 230,000 scf/d. Financials are not visible in the text provided.
14 Sept 2018capital raising announcement▲ GoodMajor
COI raised $17.4m through an institutional placement at $0.34 per share, about 51.2m shares (7.6% of capital), backed by new cornerstone institutions. Funds go to the Mahalo 2018 program, Albany 1 completion, Albany 2 and seismic, plus working capital.
What it means for a shareholder
51.2m new shares at about A$0.3398 to raise about A$17.4m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (2,943 at the issue price), your slice goes from 0.000435% to 0.000404% of the company. To keep it you'd need 223 more shares - about A$76 at the issue price.
Create a free account to see this worked out for your own holding.
13 Sept 2018other● Neutral
ASX paused trading in COI pending a further announcement. No reason is given in the notice; the next announcement shows it preceded a capital raising.
6 Sept 2018investor presentation● Neutral
MD presentation at the ASX Sydney conference. It shows 676.7m shares, $11.5m cash at 30 June 2018, a $0.36 share price and $243.6m market cap. Text is truncated; it appears to restate known Mahalo and Galilee material.
4 Sept 2018material agreement● NeutralMajor
Stanwell's Mahalo gas option deadline for a final investment decision moves 11 months, from 20 October 2018 to 30 September 2019. The parties will negotiate a new market-priced gas sales agreement by 15 July 2019, with Stanwell's volume still up to 40 PJ.
15 Aug 2018contract award▲ GoodMajor
Comet Ridge signed Silver City Drilling's Rig 20, the rig that drilled Mira 6 in 2017, for a 5-well Mahalo program. Spud is expected mid to late September 2018, finishing November/December. COI says it is fully funded for its share.
19 July 2018investor presentation● Neutral
Noosa Mining Conference presentation. It shows 676.7m shares, 4.4m performance rights, cash of $13.4m at 31 March 2018, a $0.385 share price on 17 July and a $260.5m market cap. Otherwise it restates known Mahalo and Galilee facts.
