Past year: ▼ 41%(7.70c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2025resource reserve update▲ GoodMajor
Mahalo East received its first independent reserves certification: 51.8 PJ of 2P and 118.5 PJ of 3P, as at 30 June 2025. This converts earlier contingent resources (2P is 67% above prior 2C) and lifts Comet Ridge's net reserves to nearly 250 PJ 2P and 530 PJ 3P.
11 Nov 2024drilling result▲ GoodMajor
Mahalo East drilling finished: the ME2 lateral intercepted ME1 and drilled 1,338 m in the Aries coal seam, and core gas desorption is strong. Production testing is expected early in the new year, aiming for a first Mahalo East reserves booking.
21 Oct 2024drilling result▲ GoodMajor
Mahalo East 1 reached 362 m, intersecting 7.2 m of net coal with higher-than-expected permeability in the lower two seams. The Mahalo East 2 lateral well spudded 20 October, targeting the Aries Seam. Gas flow rates from the lateral are not yet reported.
10 Oct 2024drilling spud● Neutral
Mahalo East 1 vertical well spudded in ATP 2061, the first fieldwork under the $5m Queensland grant. It targets up to 400 m, will be cored, and will serve as the intercept for the Mahalo East 2 lateral well to be drilled next.
20 Dec 2023resource reserve update▲ GoodMajor
Sproule raised Mahalo North 3P Reserves by 39 PJ (35%) to 149.2 PJ, from five new areas added in pre-FEED design work. The 1P (11.9 PJ) and 2P (42.9 PJ) figures are unchanged, so only the most speculative category grew.
19 Dec 2022resource reserve update▲ GoodMajor
Sproule certified Mahalo East (100% COI) at 31 PJ 2C and 122 PJ 3C contingent resources, delivering the year-end certification expected. If appraisal converts them to reserves, COI's net 3P across Mahalo would be nearly 500 PJ. A pilot test is still required first.
2 Nov 2022resource reserve update▲ GoodMajor
First independently certified reserves for 100%-owned Mahalo North: 1P 11.9 PJ, 2P 42.9 PJ, 3P 110.2 PJ. This resolves the targeted certification and adds 28% to COI's net 2P and 42% to net 3P reserves. A development decision awaits transport arrangements and petroleum lease approval.
26 Sept 2022farm in farm out completion● NeutralMajor
Santos exercised its option to take 12.86% of the Mahalo Gas Project, cutting COI from 70% to 57.14%. The $13.15m Santos loan falls by $5.14m to $8.01m, to be repaid 28 September. Santos takes $3.43m of the $8m deferred payment to APLNG.
22 Dec 2021drilling progress report▲ Good
Mahalo North 1 pump and tubing were installed by 20 December and two 1.4 ML water tanks are in place. Final surface equipment goes in early January 2022, with production testing starting straight after, back on track after the weather delay.
8 Dec 2021drilling progress report● Neutral
Mahalo North production testing is delayed a few weeks by the heaviest wet-season start since 2011. A workover rig is due the following week, with surface equipment now early in the new year. High fluid losses in Mahalo North 2 prompted a larger pump and more water storage.
15 Nov 2021drilling result▲ GoodMajor
Mahalo North 2 dual lateral completed: second lateral drilled to 1152m, giving over 2100m of lateral with almost 1900m in coal. High fluid losses point to a natural fracture network. The rig is released; production testing is expected to start in December.
8 Nov 2021drilling progress report▲ Good
Mahalo North 2's first lateral reached 1735m along hole, intersecting Mahalo North 1 and exposing about 1300m of coal. Fluid losses suggest good natural fractures. The second lateral is next, with production testing expected next month.
26 Oct 2021drilling spud▲ GoodMajor
Mahalo North 2 dual lateral well spudded 25 October 2021, 450m from Mahalo North 1. It is designed to hit the target coal at ~250m depth, intersect MN1, and expose over 2000m of coal across two laterals.
25 Oct 2021drilling result▲ GoodMajor
Mahalo North 1 reached 314m, intersecting 9.03m net coal, with a ~7m Castor-Pollux package as predicted. A short flow test measured permeability of 250 millidarcies, which management calls high-end. Mahalo North 2 spud was planned later that day; lab results are months away.
18 Oct 2021drilling spud▲ GoodMajor
Mahalo North 1 vertical core well spudded 16 October 2021 in ATP 2048 (100% COI) using Silver City Rig 23, on schedule with the mid-October target. Planned depth 310m; it will provide the intercept well for Mahalo North 2.
27 Sept 2021drilling scheduled▲ Good
COI has over $15m available cash for Mahalo North drilling: Silver City Rig 23 is contracted, with Mahalo North 1 core hole targeted to spud mid-October and a dual lateral well (Mahalo North 2) to follow. COI also opened gas sales negotiations with CleanCo.
18 Feb 2020drilling progress report▼ Bad
Because of the wet season, Comet Ridge is demobilising its equipment from the Albany site to avoid standby charges. The wet season historically runs to April. It will review Albany 2 data to refine the Albany 1ST stimulation, so testing is delayed.
29 Jan 2020drilling progress report● Neutral
Albany 2 site suspended after about 200 mm of rain. Flowback had finished, and the well is shut in with pressure build-up monitored. Gas seen during flowback reached ~100 psi at the wellhead. No test result yet.
21 Jan 2020drilling progress report● Neutral
Albany 2 flowback has restarted with nitrogen lifting, over 50% of stimulation fluid recovered. Gas sample is comparable to Albany 1. Albany 1 ST stimulation expected by end of January. (Vintage's release of the same day cites 63%.)
14 Jan 2020drilling progress report● Neutral
Testing of the two Albany wells resumed 9 January. Albany 2 flowback continues with more nitrogen due. Albany 1 ST will now be stimulated down casing, not by the coiled tubing method Vintage reported last week; extra equipment arrives next week. No flow results yet.
24 Dec 2019drilling progress report● Neutral
Albany 2 stimulation is done in two stages across three zones, the first such treatment in the Lake Galilee Sandstone. A deeper stage was skipped because pressure would exceed the wellhead rating. Albany 1 stimulation follows in early January.
17 Dec 2019drilling progress report● Neutral
Stimulation of the two Albany wells starts this week, Albany 2 first, then Albany 1. Completions are due in early January, with flow testing from mid-January for two to four weeks. This is the next step after the drilling, with results expected around then.
29 Oct 2019drilling progress report▲ Good
Vintage's update: Albany-1 sidetrack logs confirm gas in multiple sands, and casing is set to 2,822 m. Condor's stimulation unit is expected the first week of December, with flow test results anticipated in January 2020.
29 Oct 2019drilling progress report▲ Good
Albany 1-ST logging is complete, 4.5in casing is cemented through the reservoir and the rig is released, ending the drilling campaign. Stimulation and flow testing are planned from early December. The partners say the full 130 m of sandstone is now available to test.
22 Oct 2019drilling result▲ Good
Vintage's update: Albany-1 sidetrack reached 2,822 m, with strong gas shows in multiple zones, including the B sand that flowed 230,000 scf/d in 2018 and deeper sands not reached before. Logging begins next. Repeats Comet Ridge's result.
22 Oct 2019drilling result▲ GoodMajor
The Albany 1 sidetrack reached total depth of 2822 m, with strong gas shows through all four thick sandstone packages. This is the full reservoir, versus the 13 m that flowed 230,000 scf/d in 2018. Logging starts next; flow rates are not yet known.
15 Oct 2019drilling progress report● Neutral
Vintage reports the Albany-1 sidetrack has started, with the casing milled out over the weekend. It is now drilling through the Lake Galilee Sandstone target reservoir, with stimulation and flow testing planned later in the year.
8 Oct 2019drilling progress report● Neutral
Rig 932 has moved to Albany 1 and is plugging the old open hole before milling through casing about 128 m above the reservoir. Sidetrack drilling through the 287 m sandstone zone to a planned 2788 m should start later this week.
8 Oct 2019drilling progress report● Neutral
Vintage's update: rig fully rigged up at Albany-1, the 2018 bridge plug has been milled out, and cement plugs and a whipstock are next. Sidetrack expected to start later this week. Repeats Comet Ridge's update.
1 Oct 2019drilling progress report● Neutral
Vintage reports 4.5in casing cemented in Albany-2 at 2,599 m and the rig moved to Albany-1, where the sidetrack starts within days. Condor will stimulate both wells later this year. Repeats Comet Ridge's earlier update.
