Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (September 2021)
20 slides from Comet Ridge's investor presentation, Sep 10, 2021
Slide 1: Placement completed and commencement of Mahalo North Work Programme
For personal use only Placement completed and commencement of Mahalo North Work Programme 10 September 2021
Slide 2: Important notice and disclaimer
COMET RIDGE | A compelling east coast gas play Important notice and disclaimer For personal use only Disclaimer Future performance This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge This Presentation contains certain “forward-looking statement
Slide 3: Agenda
COMET RIDGE | A compelling east coast gas play For personal use only Agenda 1. Overview 2. Mahalo Hub Work Programme 3. Placement 4. Mahalo Acquisition Appendices: A. Loan Facility - Pure Asset Management B. Gas Reserves and Contingent Resources Page 3
Slide 4: Overview
COMET RIDGE | A compelling east coast gas play Page 4 Section 1 Overview For personal use only
Slide 5: Overview
COMET RIDGE | A compelling east coast gas play Overview For personal use only ✓ Acquisition of APLNG’s Mahalo interest* provides platform to unlock the Mahalo Gas Hub • Comet Ridge appraisal operator of Mahalo (under Santos agency) • Comet Ridge’s 100% owned Mahalo North and Mahalo East blocks being
Slide 6: Mahalo Hub Work Programme
COMET RIDGE | A compelling east coast gas play Page 6 Mahalo Hub Work Programme Section 2 For personal use only
Slide 7: Mahalo Gas Project – strong project fundamentals
COMET RIDGE | A compelling east coast gas play Mahalo Gas Project – strong project fundamentals For personal use only ✓ Significantly appraised project with proven flow rates • Over 20 CSG appraisal wells • Mira 6 lateral pilot well flowed 1.4 MMcfd from 924m in coal • Development wells will be up t
Slide 8: Mahalo Gas Hub – next steps
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – next steps For personal use only • Next step for Mahalo Gas Hub is to undertake appraisal of the high productivity fairway in Comet Ridge’s two 100% owned blocks to the north of Mahalo Gas Project. • Work programme to comprise: • Mahalo
Slide 9: Placement
COMET RIDGE | A compelling east coast gas play Page 9 Placement Section 3 For personal use only
Slide 10: Placement overview
COMET RIDGE | A compelling east coast gas play Placement overview For personal use only Terms Details Offer Structure Placement of 64.5 million new shares (New Shares) (8.1% of current shares on issue) Issue Price $0.0825 per share (discount of 12% to 20-day VWAP and 15% to 5-day VWAP) Placement amo
Slide 11: Funding plan - next months
COMET RIDGE | A compelling east coast gas play Funding plan - next 12 months For personal use only Funding for Mahalo acquisition and Mahalo Hub work programme Source of funds $m Use of funds $m Cash at 30 June 2021 3.4 Corporate costs (FY22) 4.5 Pure Asset Mgt – Tranche 1 loan* 6.5 Loan arrangement
Slide 12: Mahalo Acquisition Overview and Santos Arrangements
COMET RIDGE | A compelling east coast gas play For personal use only Section 4 Mahalo Acquisition Overview and Santos Arrangements Page 12
Slide 13: Funded acquisition of APLNG's 30% interest in Mahalo Gas Project
COMET RIDGE | A compelling east coast gas play Funded acquisition of APLNG’s 30% interest in Mahalo Gas Project For personal use only Transformational acquisition built on compelling metrics and Mahalo JV alignment Comet Ridge has executed a binding agreement to acquire APLNG’s 30% interest in the M
Slide 14: Back-to-back Santos arrangements
COMET RIDGE | A compelling east coast gas play Back-to-back Santos arrangements For personal use only • Arrangements with Santos provide for equity alignment across the Mahalo Gas Hub permits • Santos providing loan of up to $13.15m to fund upfront APLNG consideration and stamp duty costs • Santos h
Slide 15: Key highlights
COMET RIDGE | A compelling east coast gas play Key highlights For personal use only 1 Comet Ridge acquiring APLNG’s 30% interest in Mahalo Gas Project JV partner Santos providing a loan package to fund the upfront consideration in exchange for an 2 option for increased equity in the Mahalo Gas Proje
Slide 16: Appendices
For personal use only Appendices
Slide 17: Appendix A – Term Loan Facility with Pure Asset Management
COMET RIDGE | A compelling east coast gas play Appendix A – Term Loan Facility with Pure Asset Management For personal use only Two tranche term loan, with detached $10m; comprising $6.5m for Tranche 1 and Facility structure Facility size warrants following each loan drawdown $3.5m for Tranche 2 12%
Slide 18: Appendix B – Certified Gas Reserves and Contingent Resources
COMET RIDGE | A compelling east coast gas play Appendix B – Certified Gas Reserves and Contingent Resources For personal use only Comet Ridge Limited (PJ's) Gas Reserves Contingent Gas Resources 1 Mahalo Gas Project, Bowen Basin (QLD) 1P 2P 3P 1C 2C 3C COI current 40% interest 0 106 183 53 89 154 Po
Slide 19: Appendix B – Competent Person Statement
COMET RIDGE | A compelling east coast gas play Appendix B – Competent Person Statement For personal use only Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The estimate of Reserves and Contingent Resources for the Mahalo Gas Project provided in this
Slide 20: For more information
For personal use only FOR MORE INFORMATION Telephone: +61 7 3221 3661 Email: info@cometridge.com.au Level 3, 410 Queen Street Brisbane Queensland 4000 cometridge.com.au