Comet Ridge Ltd · ASX:COI
Comet Ridge — Good Oil Conference 2019
20 slides from Comet Ridge's conference presentation, Sep 13, 2019
Slide 1: Comet Ridge - Good Oil Conference, Perth
Comet Ridge Good Oil Conference - Perth 12 September 2019 ASX Code : COI www.cometridge.com.au ASX Code : COI www.cometridge.com.au Tony Ford, RePL operator for TonyFordGeoConPL
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer Disclaimer 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 only. Shareholders and in
Slide 3: Comet Ridge - Corporate Overview
Comet Ridge - Corporate Overview Capital Structure – ASX:COI 12 Month Share Price Performance Share price (12 September 2019 close) $0.26 Share Price and Volume Last 12 months to 10 September 2019 0.45 6,000 Shares on issue 727.9m 0.40 5,000 0.35 Performance rights 5.5m Share Price - $A Volume - '00
Slide 4: Comet Ridge (ASX:COI) – Project Summary
Comet Ridge (ASX:COI) – Project Summary ❑ Mahalo Gas Project – Southern Bowen – CSG • Initial Development Plan (IDP) currently being finalised • JV with Santos (ASX:STO) and APLNG • APLNG upstream operator is Origin Energy (ASX:ORG) ❑ Galilee Basin – CSG, Sandstone and Shale • Albany 1 well, Sandsto
Slide 5: Comet Ridge - Investment Thesis
Comet Ridge - Investment Thesis Corporate Strategy Mahalo CSG Galilee Sandstones (with ASX:STO and ASX:ORG as (with ASX:VEN) upstream operator for APLNG) • Diversified east coast gas • CSG project with • Enormous project scale play with multi-basin, multi- significant appraisal work with 20+ sandsto
Slide 6: Mahalo Gas Project
Mahalo Gas Project • Joint Venture Equity • Comet Ridge (ASX:COI) 40% • Santos (ASX:STO) 30% • APLNG 30% • Origin Energy (ASX:ORG) Upstream Operator for APLNG • Central QLD • between Emerald & Rolleston • Area 911 km2 • Close to pipeline infrastructure (to Gladstone) • Development application (PLAs)
Slide 7: Mahalo – Initial Development Plan (IDP)
Mahalo – Initial Development Plan (IDP) Development concept – Initially Recently submitted Petroleum Lease areas called “Mahalo” and “Humboldt” numbered PLA1083 and PLA 1082 respectively by Queensland Government targeting up to 80 TJ/d production • Modular & simple gas plant (water treatment, dehydr
Slide 8: Mahalo – Development Timetable
Mahalo – Development Timetable • Petroleum Survey Licence application lodged - 65km pipeline connection • Petroleum Lease Application Lodged – PLA numbers issued by government • Initial Development Plan and equipment selection – on going Potential Simple Gas Plant design supplied by Equinox Engineer
Slide 9: Galilee Basin – Targets at multiple levels
Galilee Basin – Targets at multiple levels • Basin covers a large part of central western Queensland (~250,000 km2) • Comet has a massive position in the east portion of the Basin – 9,685 km2 • CSG (Shallows) – Comet Ridge 100% • Sandstone (Deeps) JV • Comet Ridge 70%, Vintage Energy (ASX:VEN) 30% •
Slide 10: Galilee Sandstone – Large Number of Potential Targets
Galilee Sandstone – Large Number of Potential Targets • Significant gross 3C+ resources certified in conventional Sandstones (417PJ gross) in one structure (Albany) • Basin has up to 140m of gross sandstone section • Koburra 336km 2D Seismic programme complete in late 2018 & early 2019 ✓ Data proces
Slide 11: Galilee Sandstone – 2019 Work Programme
Galilee Sandstone – 2019 Work Programme • Current work programme • Albany 2 drilled to TD of 2702m • Observed porosity values up to a maximum of 15% • Preliminary analysis of logs indicates good reservoir quality in a number of sandstones within structural closure • 62m of predominately sandstone co
Slide 12: Galilee Sandstone – Lake Galilee Drilling Target
Galilee Sandstone – Lake Galilee Drilling Target • Originally drilled in 1964 to evaluate hydrocarbon potential • Recovered oil and gas-cut mud • Newly acquired seismic survey shows that Lake Galilee 1 was drilled outside of potential structural closure • Structure covers an area of ~20 km2 with a c
Slide 13: Galilee CSG – recoverable gas estimated 2,173 km2
Galilee CSG – recoverable gas estimated 2,173 km2 • Gunn Project area (COI 100%) extends across southern portion of ATP744 & ATP1015 • 6 individual coal seams • Depth to coal 700 - 1,000m • 16 to 24m net coal deposited over large area • Average gas content 4.3 m3/t (high 7.3 m3/t) • Good to excellen
Slide 14: What a Galilee CSG Pilot could look like…
What a Galilee CSG Pilot could look like… • Initial Pilot Development planning well progressed • Pilot to target 7.5m C1 coal seam located at the Schmitt 1 well, total coal package 21.1m • With a 4 well pilot, outside wells ‘shelter’ the central wells, so the central well ends up producing much less
Slide 15: Potential Galilee Gas Demand – Moranbah / Townsville
Potential Galilee Gas Demand – Moranbah / Townsville • North Queensland Gas Pipeline (NQGP) is an existing 391km pipeline (capacity up to 108 TJ/d) • Moranbah/Townsville market is currently supply constrained • A number of gas customers with significant current and future gas requirements • Proposed
Slide 16: NSW Potential closer than expected
NSW Potential closer than expected • Comet Ridge holds a significant block area with Santos as JV partner over 13,000 km2 in northern NSW • Comet Ridge also holds this area for conventional exploration as operator • Increasing momentum inside NSW for gas development approvals for a state only produc
Slide 17: Comet Ridge – Growth Pipeline
Comet Ridge – Growth Pipeline Moving Resources to Reserves as quickly and capital efficiently as possible Appraisal to Exploration Production Development Galilee Maturity Curve Mahalo Gas Project Gunnedah Sandstone CSG additional land releases ASX Code : COI www.cometridge.com.au 17
Slide 18: Comet Ridge – Key take away messages
Comet Ridge – Key take away messages • Mahalo is one of the east coast’s largest, most productive and proximal to market gas fields not currently in production • Significant upside from Galilee – Proof of concept with successful flow of gas from Albany 1 and Albany 2 drilled with good reservoir qual
Slide 19: Contact
Glossary of Terms EPBC Environment Protection & Biodiversity Conservation Act 1999 EA Environmental Authority (Qld Govt) IDP Initial Development Plan FID Final Investment Decision PL Petroleum Lease (Qld Govt) PJ Peta Joule (measure of energy – 1015 Joule) CSG Coal Seam Gas SCFD Standard Cubic feet
Slide 20: ASX Listing Rule 5 Disclosure
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 (Australasia) Pty Ltd, an inde