Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2004)
21 slides from Comet Ridge's shareholder meeting presentation, Nov 18, 2004
Slide 1: Comet Ridge AGM Presentation and Chairman's Address
no Comet Ridge 18" November 2004 Australian Stock Exchange Ltd Via Electronic Lodgement Dear Sir AGM Presentation and Chairman's Address Please find attached the Chairman's Address and Activities Review to be presented at the Annual General Meeting to be held this afternoon. Yours faithfully } LE we
Slide 2: Chairman's Address to the Annual General Meeting
COMET RIDGE LIMITED (ABN 47 106 092 577) CHAIRMAN’S ADDRESS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF COMET RIDGE LIMITED HELD AT THE PRESIDENTS ROOM, CELTIC CLUB 48 ORD STREET, PERTH, WESTERN AUSTRALIA ON THURSDAY 18 NOVEMBER 2004 AT 3.30PM | am pleased to offer this Chairman’s address at wh
Slide 3: Chairman's Address: Tipton West and outlook
In the Tipton West project area, where Comet Ridge has interests ranging between 20 and 36.67%, considerable progress has been made in establishing the economic viability of the project. A pilot production scheme has been in operation since March 2004. The objective of the pilot is to dewater the co
Slide 4: Annual General Meeting: Activities Review
IN Comet Ridge Annual General Meeting November 18, 2004 Activities Review — Andy Lydyard — Managing Director
Slide 5: Strategy
QD Comet Ridge Strategy = Create shareholder value by: — Identifying and capturing quality coal seam gas projects — Accelerating the commercialisation process — Proving up reserves and establishing cash flow — Providing shareholders with a strategic interest in a currently undervalued, clean burning
Slide 6: Location of Assets
aX Comet Ridge Location of Assets Mahalo Project (Earning 40%) (Includes Tipton W. & Meenawarra) (20 - 36.7%) WECM Project Bo Comet Ridge Comet Ridge Interests
Slide 7: Coal seam gas exploration process
IN Comet Ridge Coal thickness & continuity ——_ Exploration Well locations ( CONCEPT i Logs to define resource A fo Gas content, gas saturation, permeability Well Design Production characteristics Observation Wells RISK ‘(PRODUCTION Increase Dewatering , TEST Well Design Reserves & Economics, gas con
Slide 8: The CSG Exploration and Commercialisation Process
IN Comet Ridge The CSG Exploration and Commercialisation Process i —w ( CONCEPT ‘PRODUCTION Test / RISK aa DEVELOPMENT 4+ years for our competitors & PRODUCTION RESOURCE RESERVES TIME
Slide 9: Walloon Coal Measures Project
yw Comet Ridge Ae |] Comet Ridge Walloon Coal Measures Project WCM Project {Includes Tipton West & Meenawarra) (20 - 36.7%) Comet Ridge Interests |
Slide 10: Location of Comet Ridge interests in the Walloon Coal Measures Project
Ie Comet Ridge Location of Comet Ridge interests in the Walloon Coal Measures Project in SE Queensiand acc | Berwyndale South Pilot | Arrow Energy aan North Pitot | en" ATP 683P Mulmerran (30%) ‘Arrow Energy Hinton West Pilot ateyeas ATP 689P- (30%)
Slide 11: Tipton West Pilot: Location of New Wells
Ie Comet Ridge Tipton West Pilot Location of New Welis [EI comer riage Permits | @ Gas Resource Tipton West Pitot Monitored Response Pilot Production Welt Proposed Pilot Well aT New wells QI Monitoring Weti Cora Weil > Potroieum Welt km
Slide 12: QGC's Berwyndale Pilot
QD Comet Ridge QGC’s Berwyndale Pilot 1,400 BUG: | -- ------------------------ ------ 72 2-2 2-2 25 --- --- === == ---- ah ------ 1-300 $9,500 [----------- --- 2-2 2-2 22 ono nn nnn nnn nen ee nen ne ee nee nnn ao 4,200 yao0g | --------------------------------------------------------- fF} -FF---- --
Slide 13: The Walloon Coals in an opencut mine
bee Comet Ridge The Walloon Coals in an opencut mine
Slide 14: Tipton West Pilot Water Table Draw-down
y Comet Ridge Tipton West Pilot Water Table Draw-down -———_ Area of Tipton West Pilot wiper iearbuaneigaceusceaetunecina nen tye Adsorbed Gas Volume = ——____> Schematic Adsorption Isotherm ~ Tipton West Undersaturation roa Water Le ~“@ Voasured Gas Content Amount the pressure needs to be lowered for
Slide 15: Tipton West Project
QD Comet Ridge Tipton West Project = Significant certified gas resource = 3 customers — 10.2 PJ pa starting in 2006 = “commercial gas rate” > 200mcfd from 1 well = 7 well pilot undergoing production testing — Initial 4 wells shown to be impacting a large area — 3 wells added in September to accelera
Slide 16: Location of Assets: Mahalo Project
aX Comet Ridge Location of Assets Mahalo Project (Earning 40%) Comet Ridge Comet Ridge Interests
Slide 17: Mahalo Project
wn Comet Ridge ‘Nagtieen Deion Trough Mahalo Project 2 « Previously Comet Ridge Project * Earning 40% in part of ATP 337P a 2 wells drilled — a Bandanna Fm coals gas bearing & permeable « Significant resource (~500 BCF) UN « Target coals @ 200 to 300 metres age Trough siemeiiterte | « Inferred free
Slide 18: Mahalo-1 and Somerby-1 wells
DQ Comet Ridge Mahalo -1 Strong gas shows unable to test safely Somerby -1 Coais gassy, formation test indicates coals are permeable but damaged by drilling fluids Locations being considered for Phase 2 drilling
Slide 19: Other plays
IN Comet Ridge Other plays = Gunnedah Basin —~ Renewed PEL’s 428.& 427 = Galilee Basin — lengthy award process — Requires Indigenous Land Use Agreement prior to award
Slide 20: Future Outlook
Ie Comet Ridge Future Outlook Project Timing ATP 689P drilling (2 wells) November 2004 Tipton West Reserves Year end 2004 Tipton West development* 1st half 2005 Mahalo drilling (3 wells) Q1 2005 Meenawarra (2 — 3 wells) Q2 2005 PEL 427/428 seismic Q2 2005 * Operator projects 100+ wells
Slide 21: Future Direction
Ie Comet Ridge Future Direction « Maintain efforts on existing projects and upon expanding the asset portfolio of the company " Focus is on quality operated projects — Control — timing and priorities — Leverage management's operational capabilities « Widen search — Same focus on quality & proximity