Comet Ridge Ltd · ASX:COI
Comet Ridge — Queensland Petroleum Exploration Association (QUPEX) 2018
29 slides from Comet Ridge's conference presentation, Jul 17, 2018
Slide 1: Galilee Basin – How big can this get?
For personal use only Galilee Basin – How big can this get? Technical Presentation to Queensland Petroleum Exploration Association (QUPEX) 17 July 2018 ASX Code : COI ASX Code : COI www.cometridge.com.au
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer For personal use only This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge). The Presentation and information contained in it is being provided to shareholders and investors for information purposes onl
Slide 3: For personal use only
For personal use only ASX Code : COI www.cometridge.com.au
Slide 4: Galilee Basin Background
Galilee Basin Background ▪ Large area (~250,000km2) covering a For personal use only big part of central western Queensland ▪ Land use is grazing – cattle and sheep on large stations ▪ Historical sandstone exploration - oil targeted and small gas flows ▪ Later basin-wide focus on CSG ▪ One operating
Slide 5: Stratigraphy
Stratigraphy Oil and gas is generated in the underlying Belyando and For personal use only Drummond Basins Oil / Gas CSG • 600 to 1100 metres • GLL’s Glenaras Pilot (online) • Small gas flows to date • COI’s Gunn 2 production test Lake Galilee Sandstones • 2500 to 2800 metres • Small Gas flows 1964
Slide 6: Cross-section
Cross-section Hydrocarbon traps/targets exist at a range of levels For personal use only SW Undrilled ENL Lake Galilee 1 MON Carmichael 1 Undrilled NE Galilee Basin Drummond Basin Basement Belyando Basin? Basement After: Draper and Boreham, 2004 ASX Code : COI www.cometridge.com.au
Slide 7: Koburra Trough – Petroleum System
Koburra Trough – Petroleum System For personal use only ▪ 3 historic petroleum wells within ATP 743 and ATP 744 ▪ All demonstrated moveable hydrocarbons ▪ recovered gas and/or oil from Lake Galilee Sandstone at base of Galilee Basin section ▪ Koburra 1, Carmichael 1 and Lake Galilee 1 flowed gas to
Slide 8: Galilee very underexplored compared to Cooper
Galilee very underexplored compared to Cooper For personal use only Cooper Basin Galilee Basin 92,990 km2 • Galilee Basin has 30 times 1140 wells lower well density than Qld side of Cooper Basin • Few wells near Koburra Trough 270,700 km2 kitchen in northeast where 107 wells the Albany 1 well was dr
Slide 9: Target – Lake Galilee Sandstone
Target 1 – Lake Galilee Sandstone For personal use only ASX Code : COI www.cometridge.com.au
Slide 10: Lake Galilee Sst – Previous Exploration
Lake Galilee Sst – Previous Exploration For personal use only Conventional Exploration ▪ 107 petroleum wells (intersecting Galilee sequence) over 70 years ▪ Targeted Late Carboniferous to Permian sandstones to depths of ~3000m ▪ 3 wells had significant hydrocarbon shows – Koburra Trough inside Comet
Slide 11: Lake Galilee Sst – Results to Date (Lake Galilee 1)
Lake Galilee Sst – Results to Date Lake Galilee 1 – by Exoil NL in 1964 For personal use only ▪ First deep petroleum well in Koburra Trough ▪ Targeted poorly defined 4-way dip closure ▪ >260m gross sandstone over Lake Galilee Sandstone ▪ GTS and oil recovered from DST-5 ▪ 3m light green oil @ 43.1°A
Slide 12: Lake Galilee Sst – Results to Date (Koburra)
Lake Galilee Sst – Results to Date Koburra 1 – by Flinders Petroleum in 1970 For personal use only ▪ First deep petroleum well in northern Koburra Trough ▪ Drilled one-line rollover defined by 1966 6-fold seismic data grid ▪ Trap poorly defined – (not a valid structural test?) ▪ Results: ▪ >120m gro
Slide 13: Lake Galilee Sst – Results to Date (Carmichael)
Lake Galilee Sst – Results to Date Carmichael 1 – by Maple Oil in 1995 For personal use only ▪ First well based on modern seismic - 27km NE of Lake Galilee 1 ▪ Robust NW plunging anticlinal structure on western flank of Koburra Trough ▪ Targeted oil with high mud overbalance ▪ Three drill stem tests
Slide 14: Lake Galilee Sst - Gas Composition
Lake Galilee Sst - Gas Composition Gas Composition – High Quality For personal use only Lake Galilee 1 Carmichael 1 ▪ >88% CH4 in Carmichael ▪ Larger proportion of C2+ in Lake Galilee 1 ▪ <1% CO2 ▪ 3-5% N2 ASX Code : COI www.cometridge.com.au
Slide 15: For personal use only
For personal use only ASX Code : COI www.cometridge.com.au
Slide 16: Albany well flowed gas - late June 2018
Lake Galilee Sst - Albany 1 well flowed gas - late June 2018 < Initial 13 metre section of Sandstone produces For personal use only stabilised gas flow of 230,000 scf/d Vintage Energy recently farmed-in as < Most significant hydrocarbon flow recorded from part of Sandstone “Deeps” project Galilee Ba
Slide 17: Sandstone Targets - Drilling Opportunities
Sandstone Targets - Drilling Opportunities Seismic Line CAR82-25R For personal use only Betts A Seam Lake Galilee Sst Base Galilee Unc Intra- Drummond Mk2 Belyando Basin Basement ▪ Closures exist near Lake Galilee 1 as a result of basement involved faults ▪ Onlap plays exist to the west of Lake Gali
Slide 18: Lake Galilee Sst – Drilling Opportunities
Lake Galilee Sst – Drilling Opportunities ▪ Opportunities require additional For personal use only seismic to firm up – planning for 2H Two Way Time Structure (secs) – Lake Galilee Sandstone 2018 ▪ Lake Galilee Sandstone Targets ▪ Preliminary review identifies 20+ opportunities ▪ From small up to 75
Slide 19: Galilee Basin – Summary Target – Coal Seam Gas
Galilee Basin – Summary Target 2 – Coal Seam Gas For personal use only Summary ▪ Nearly 100 years of exploration yet basin remains under explored ▪ Large area with significant CSG and sandstone contingent resources ▪ CSG development progressing in two key areas with one working pilot and lateral wel
Slide 20: Galilee Basin – CSG Exploration
Galilee Basin – CSG Exploration For personal use only ▪ Glenaras 1 drilled 51 years ago highlighted CSG potential of Galilee Basin “no significant hydrocarbon shows were encountered. Observed methane gas associated with coals” ▪ 1993-1995: Enron drilled early CSG wells with potential at Rodney Creek
Slide 21: Galilee Coals – recoverable gas over 1,865 km2
Galilee Coals – recoverable gas over 1,865 km2 For personal use only Gunn Project area and ATP 1015 area (COI 100%) coals contain recoverable gas over an estimated 1,865 km2 ▪ 6 individual coal seams ▪ Depth to coal 700 - 1,000m ▪ 16 to 24m net coal deposited over large area ▪ Average gas content 4.
Slide 22: CSG – Gunn Project Area
CSG – Gunn Project Area For personal use only C1 Reservoir - Gunn wells ▪ Avg. gas content 4.74m3/t ▪ >99% CH4 ▪ 40-50mD perm ▪ 91% saturation ▪ 4.30m net coal ▪ Seam isolated above and below by impermeable mudstone ▪ Excellent master cleat development (roof to floor) ▪ Gas Saturation ▪ Key risks: ▪
Slide 23: CSG – Gunn Extended Production Test
CSG – Gunn 2 Extended Production Test ▪ Perforated over 4m interval - C1 coal seam only For personal use only ▪ First well in the basin to test whether case and perforation provided sufficient connection to coal permeability without stimulation ▪ Seam isolated above and below by impermeable mudstone
Slide 24: CSG – C1 Reservoir – Schmitt well
CSG – C1 Reservoir – Schmitt 1 well ▪ Avg. gas content 4.73m3/t For personal use only ▪ >99% CH4 ▪ 76% saturation ▪ 6.5mD perm ▪ 7.55m net coal ▪ Excellent master cleat development ▪ Suspended as an appraisal well for production testing ▪ Strong pilot candidate for 2H 2018 Master Schmitt-1: Image lo
Slide 25: Target – Shale Gas & Oil
For personal use only Target 3 – Shale Gas & Oil ASX Code : COI www.cometridge.com.au
Slide 26: Galilee Basin – Potential Marine Shale Targets
Galilee Basin – Potential Marine Shale Targets Seismic Line CAR82-23R For personal use only Betts Creek A Seam Lake Galilee Sst Top Drummond Basin Top Belyando Basin Basement ▪ basal Drummond Basin & Belyando Basin Marine Shale targets shallow on eastern side of permits ASX Code : COI www.cometridge
Slide 27: This basin could become a significant producer
This basin could become a significant producer ▪ Galilee is a massive onshore basin not yet For personal use only connected into the east coast market, with a very large contingent resource in sandstone and CSG, and (as yet) no 2P and 3P reserves ▪ Overlies an active petroleum system sourced from th
Slide 28: Contact
For personal use only Contact Telephone: +61 7 3221 3661 Facsimile: +61 7 3221 3668 Email info@cometridge.com.au Level 3 GPO Box 798 www.cometridge.com.au 283 Elizabeth Street Brisbane 4001 ASX Code : COI Brisbane 4000 www.cometridge.com.au
Slide 29: ASX Listing Rule Disclosure
For personal use only ASX Listing Rule 5 Disclosure Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The Contingent Resource for the Albany Structure located ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Austral
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