Comet Ridge Ltd · ASX:COI
Comet Ridge — PESA Queensland Symposium 2014
24 slides from Comet Ridge's conference presentation, Sep 25, 2014
Slide 1: ASX announcement: Queensland Appraisal Update – PESA Symposium presentation
24 September 2014 For personal use only The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre Level 4 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement RE: QUEENSLAND APPRAISAL UPDATE – PESA QLD SYMPOSIUM PRESENTATION 2014 Comet Ridge Managing Director, Mr Tor Mc
Slide 2: Queensland Appraisal Update – PESA Symposium 2014
www.cometridge.com.au For personal use only Queensland Appraisal Update PESA Symposium 2014 Tor McCaul Managing Director 25 September 2014 ASX Code : COI www.cometridge.com.au
Slide 3: Company Snapshot
For personal use only Company Snapshot Upstream energy company focusing on exploration and appraisal of CSG from its Queensland and Northern NSW assets Exposure to significant upside with near term potential to supply gas to domestic and Gladstone LNG markets characterised by increasing demand a
Slide 4: Comet Ridge – Corporate Overview
For personal use only Comet Ridge – Corporate Overview Capital structure (ASX:COI) 6 month trading history $0.20 1,800 Share price (as at 22-Sep-14) $0.16 $0.18 1,600 $0.16 1,400 Shares on issue 458.7m $0.14 1,200 $0.12 1,000 $0.10 Market capitalisation1 $73.4 800 $0.08 600 $0.06 Cash (as at 30-Jun-
Slide 5: Focus on Queensland
For personal use only Focus on Queensland Strategic CSG assets Recent independent certification of maiden 2P reserves Large contingent resource base and equity positions Domestic and export market opportunities Tightening east Australian gas market Mahalo Two pilot schemes operating at the
Slide 6: Tightening Eastern Australia Gas Market
Tightening Eastern Australia Gas Market 4 large LNG consortia control For personal use only Qld domestic gas demand and projected approximately 90% of 2P CSG gas demand for LNG exports reserves in Eastern Australia Intensifying competition for future gas reserves, driven by LNG growth Increasi
Slide 7: Net Gas Reserves and Resources
Net Gas Reserves and Resources Initial independent Reserve certification for Mahalo Gas Project in August 2014 For personal use only Significant independent Resource bookings in four areas Comet Ridge Limited – Net Recoverable Reserves and Resources Location Project COI Reserve (PJ) 1 Contingent
Slide 8: Mahalo Gas Project – Background
Mahalo Gas Project – Background Located in the Denison Trough (Bowen ATP 337P For personal use only Basin), 240km west of Gladstone (COI 40%*, APLNG 30%, Santos 30%) Close to infrastructure linking to Gladstone LNG market with significant gas supply requirement and rising prices JV partners AP
Slide 9: Maiden Reserve Booking at Mahalo
For personal use only Maiden Reserve Booking at Mahalo COI Net Equity Share* – Mahalo Reserves and Resources August 2014 Reserve Statement demonstrates commerciality of Mahalo Project Represents initial independently certified reserves and material upgrade to contingent resources ‒ +150% at 1C l
Slide 10: Galilee Basin – Background
Galilee Basin – Background Galilee Basin - Background For personal use only Large area (~250,000km2) covering a big part of central western Queensland Land use is grazing – cattle and sheep on large stations Historical exploration - oil recovered and gas flows from multiple wells Recent basi
Slide 11: Galilee Basin – CSG Resources
Galilee Basin – CSG Resources ATP 743P, ATP 744P and ATP 1015 (CSG) For personal use only Large acreage position – approx. 9,500km2 (0.5% of QLD) 100% equity in ATP 743P and ATP 744P 20% equity in ATP1015P 12 year term from late 2009 Strategically placed in the east enhancing commercial op
Slide 12: Systematic Path towards CSG Reserves
For personal use only Systematic Path towards CSG Reserves t Harrington 1 ASX Code : COI www.cometridge.com.au
Slide 13: CSG – Gunn Project Area
CSG – Gunn Project Area Gunn Project Area For personal use only 6 individual coal seams depth to coal 700-1,000m >16m net coal average gas content 4.3 m3/t (high 7.3 m3/t) good to excellent permeability within target coals Gunn Project area and Farm- in area coals contain recoverable gas o
Slide 14: Gunn Appraisal Well
Gunn 2 Appraisal Well Gunn 2 Appraisal Well For personal use only Twin to Gunn 1 exploration well 16.2m net coal Four coal intervals tested – demonstrated good to excellent productivity Construction Timeline Oct 2012 – well drilled Nov 2012 – completed for production Nov & Dec 2012 – sur
Slide 15: Gunn – Extended Production Test (EPT)
Gunn 2 – Extended Production Test (EPT) Gunn 2 – EPT results For personal use only Coal perforated at 952m to 956m Water rate progressively increased over several weeks Stabilised water production rate of 400 bwpd Reached limit of pumping equipment Pressure analysis indicate four meter coa
Slide 16: Galilee Basin – Significant Additional Potential
Galilee Basin – Significant Additional Potential Conventional and Unconventional Potential For personal use only 3 historic petroleum wells within ATP 743 and ATP 744 recovered oil and/or gas from Lake Galilee Sandstone at base of Galilee Basin Koburra 1, Carmichael 1 and Lake Galilee 1 flowed g
Slide 17: Galilee Basin – Conventional Gas
Galilee Basin – Conventional Gas Koburra Trough – in ATP 743P and ATP744P For personal use only GTS* - Flare from Early conventional wells drilled to blooey line – no DST# test Late Carboniferous - Permian sediments of Galilee Basin Deep wells (2,500m) drilled on poorly constrained structures
Slide 18: Galilee Basin – Conventional: Carmichael Prospect
Galilee Basin – Conventional Carmichael Prospect For personal use only Robust NW plunging anticlinal structure on western flank of Koburra Trough Defined by modern 2D seismic grid Primary target: Late Carboniferous Lake Galilee Sandstone 2 sub-culminations Aerial closure of ~35km2 ~33m v
Slide 19: Galilee Basin – Conventional: Carmichael-1
Galilee Basin – Conventional Carmichael - 1 For personal use only Well drilled in 1995 targeting oil with high mud overbalance Three drill stem tests flowed gas to surface at low rates 150m gross sandstone with 50m net pay showing hydrocarbon saturation and porosities up to 13%. Two key 35m
Slide 20: Galilee Basin – Conventional: Koburra Trough
Galilee Basin – Conventional Koburra Trough For personal use only Well developed tight structures in the east with broad structures in the west Tight reservoir - fracture stimulation and lateral drilling completion may change economics Regional scale seismic coverage is sparse 120km Large ex
Slide 21: Galilee Basin – Commercial Options
Galilee Basin – Commercial Options Galilee Basin market opportunities For personal use only Different market segments emerging for commercial development: coal, power, LNG Development option 1: Power for coal mines / local generation Development option 2: Gas supply to LNG projects at Gladston
Slide 22: Important Notice and Disclaimer
For personal use only 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 onl
Slide 23: Important Notice and Disclaimer: Competent Person Statement
For personal use only Important Notice and Disclaimer Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The contingent resource estimates for ATP 774P and PMP 50100 provided in this statement (refer to page 6) are based on and fairly represent, informat
Slide 24: Contact
Comet Ridge Limited For personal use only Contact Level 3 GPO Box 798 Telephone: +61 7 3221 3661 283 Elizabeth Street Brisbane 4001 Facsimile: +61 7 3221 3668 Brisbane 4000 Email info@cometridge.com.au www.cometridge.com.au ASX Code : COI www.cometridge.com.au 23