27 Sept 2019admin correction● Neutral
Amended Appendix 4G governance checklist, re-lodged 27 September. Appears to be a re-lodgement of the 23 September filing; the text does not say what changed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2019drilling progress report● Neutral
Vintage's update: fishing recovered only part of the stuck logging tool, with the rest left below the casing now being run in Albany-2. Rig then moves to Albany-1; Condor will stimulate both wells, with flow testing later in the year.
24 Sept 2019drilling progress report● Neutral
Fishing recovered only part of the stuck logging tool; the rest stays below the production casing now being run in Albany 2. Rig then moves to Albany 1 for the sidetrack, with Condor contracted to stimulate both wells before testing.
23 Sept 2019admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative filing with no new substance.
23 Sept 2019annual report● Neutral
Comet Ridge's annual report for the year to 30 June 2019 recaps the year: Mahalo development plan progress, Albany 1 gas flow of 230,000 scf/d, the Koburra seismic, the Stanwell deed renegotiation and the $17.4m placement. Text is truncated, so financial figures are not seen.
23 Sept 2019annual report● Neutral
Comet Ridge's 2019 Corporate Governance Statement, dated 18 September 2019, says practices substantially follow the ASX 3rd Edition recommendations. It plans to move to the 4th Edition for the year to June 2020. Administrative, no new business information.
17 Sept 2019drilling progress report● Neutral
Vintage's update: Albany-2 logs show 12-15% porosity and gas, but a logging tool is stuck and being fished. Rig move to the Albany-1 sidetrack is delayed to late the next week. Repeats Comet Ridge's update.
17 Sept 2019drilling progress report● Neutral
Albany 2 logs show good reservoir quality, gas in several sandstone sections and porosity up to 15%. A logging tool got stuck and is being fished out, which may delay the rig move to the Albany 1 sidetrack to late the following week. Casing and Q4 evaluation follow.
13 Sept 2019investor presentation● Neutral
Comet Ridge's Good Oil Conference presentation in Perth, with a corporate overview. It gives share price $0.26, market cap $189m and cash of $13.0m at 30 June 2019. Mostly repeats known project information.
12 Sept 2019regulatory community update▲ GoodMajor
The Mahalo JV lodged two Petroleum Lease Applications covering the initial northern development area, the first step to converting exploration tenure to a lease. If granted, leases run 30 years with production required within two years. Comet Ridge holds 40%; this advances the July development plan.
10 Sept 2019drilling result▲ GoodMajor
Albany 2 reached total depth of 2702 m. Preliminary logs show the top 13 m of reservoir with 12-15% porosity, which Comet Ridge says exceeds pre-drilling expectations and is better than Albany 1. Flow rates are not yet known; rig moves to Albany 1 next.
10 Sept 2019drilling progress report● Neutral
Vintage's update: Albany-2 reached 2,702 m on 6 September; quick-look logs indicate gas and pressure measurements are under way. Rig heads to the Albany-1 sidetrack later this week. Largely repeats Comet Ridge's update.
3 Sept 2019drilling progress report▲ GoodMajor
Albany 2 at 2605 m with 62 m of core, mostly sandstone with gas shows and signs of permeability; no flow rates yet. Vintage reached 30%, so Comet Ridge is 70%, with its share of Albany contingent resource now 39/107/292 PJ (1C/2C/3C). Total unchanged.
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.
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.
31 July 2019quarterly activities report● Neutral
June quarter: Mahalo development plan elements agreed (FID June 2020, first gas before end 2021), as already announced. New: deep lateral Mahalo wells performed poorly, so those areas are outside the plan, while Memooloo 2 was pleasing. Galilee seismic and APA MOU also recapped.
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.