Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (March 2018)
22 slides from Comet Ridge's investor presentation, Mar 13, 2018
Slide 1: Investor Update Presentation March 2018
For personal use only ASX: COI Investor Update Presentation March 2018 ASX Code ASX Code : COI : COI www.cometridge.com.au 1
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: Corporate Overview
Corporate Overview For personal use only Capital Structure – ASX: COI 12 Month Share Price Performance 0.32 6,000 Share price (9 March 2018) $0.295 0.28 5,000 0.24 Shares on issue 673.5m Share Price - $A Volume - '000 4,000 0.20 Performance rights 7.0m 0.16 3,000 0.12 2,000 Market capitalisation $19
Slide 4: Comet Ridge Limited - Summary
Comet Ridge Limited - Summary ▪ Focus on natural gas in eastern Australia For personal use only ▪ Very large blocks & multi-basin presence ✓ Southern Bowen (Mahalo) – Queensland • Significant net 2P+ (172PJ) & 3P+ (374PJ) reserves located 240km west of Gladstone • Targeting FID late calendar 2018 ✓
Slide 5: Comet Ridge – Supply Solutions
Comet Ridge – Supply Solutions Comet Ridge assets can form part of the For personal use only supply solution for eastern gas market ▪ Near term – Mahalo & Galilee Sandstones: ▪ Mahalo one of the larger undeveloped and uncontracted gas reserves on the East Coast - 935 PJ 3P gross + ▪ FID target – cal
Slide 6: Comet Ridge - Strategic East Coast Gas Portfolio
Comet Ridge - Strategic East Coast Gas Portfolio For personal use only Galilee +Reserve (PJ) +Contingent Resource (PJ) Type 1P 2P 3P 1C 2C 3C CSG 67 1,870 Albany (SS) 56 153 417 Mahalo +Reserve (PJ) +Contingent Resource (PJ) Type 1P 2P 3P 1C 2C 3C CSG (40%) 18 172 374 224 385 389 Gunnedah +Reserve (
Slide 7: Comet Ridge – Highlights
Comet Ridge – 12 month Highlights For personal use only Key Objectives achieved – Mahalo reserves upgraded & Galilee about to spud Date Description Status Apr 17 Executed Mahalo agency agreement for Comet Ridge to manage JV subsurface work ✓ Jun 17 Completed $5.3 million Placement ✓ Aug - Nov 17 Mah
Slide 8: Mahalo Project
Mahalo Project For personal use only ASX Code : COI www.cometridge.com.au
Slide 9: Developing into a high quality asset
Developing into a high quality asset ▪ Mahalo is one of the larger undeveloped gas projects on the East Coast with gross 3P For personal use only reserves* of 935 PJ+ ▪ Comet Ridge operated work program in 2017 resulted in significant reserves+ upgrade ▪ 473% increase in 2P to 173 PJ (for COI 40% in
Slide 10: Well productivity has exceeded expectations
Well productivity has exceeded expectations For personal use only ▪ The Mira 6 / 2 horizontal-vertical well combination was brought on-line by APLNG in December 2017 and commenced producing gas after two days ▪ Gas rate has risen to 840 mcf/d (12 March) and continuing on upward trend from 924m horiz
Slide 11: Comet Ridge Managing 2018 Mahalo Program
Comet Ridge Managing 2018 Mahalo Program For personal use only ▪ Agency agreement extended by Santos and Comet Ridge to 31 December 2018 for Comet Ridge to continue to manage appraisal work ▪ Work Program & Budget fully approved by JV ▪ Budget includes environmental and cultural heritage work requir
Slide 12: Development Concept
Development Concept • Comet Ridge to Target FID in late 2018 For personal use only *Development Concept: possible option displayed 1. Conversion of significant 3P to 2P reserve was achieved this month with reserves upgrade • Some further 2P addition may be possible during 2018 at very modest cost 2.
Slide 13: Mahalo likely to be at low end of cost curve
Mahalo likely to be at low end of cost curve ✓ Shallow Only 225 metres to coal For personal use only Lower drilling and completion costs ✓ Permeable Mahalo 7 flowed 1.2 mcfd gas per metre of coal intersected along horizontal well with Mira 6 on trend for similar result Higher flowrates / les
Slide 14: Galilee Basin Sandstones
Galilee Basin Sandstones For personal use only ASX Code : COI www.cometridge.com.au
Slide 15: Galilee Basin – Significant Scale
Galilee Basin – Significant Scale For personal use only ▪ Basin covers a large part of central western Queensland (~250,000km2) ▪ Comet has a massive position in the east portion of the Basin ▪ Land use is grazing on very large stations ▪ Historic oil exploration (1964 & 1995) includes gas flows fro
Slide 16: Galilee Basin – Large Number of Potential Targets
Galilee Basin – Large Number of Potential Targets Galilee Sandstone Leads and Prospects For personal use only ▪ Galilee Basin lightly explored ▪ Previous gas flows from oil exploration wells in Comet blocks ▪ Seismic data set is sparse ▪ Albany has approx. 150m of gross sandstone with approx. 40m of
Slide 17: Sandstone “Deeps” Farm-out to Vintage Energy
Sandstone “Deeps” Farm-out to Vintage Energy For personal use only $8.5 million farm-out programme for Vintage to earn 30% interest in Sandstone reservoir (‘Deeps’). Comet Ridge retains 100% of CSG potential ▪ Vintage Energy farm-out to Sandstone reservoir sequence of Comet Ridge’s ATP743, 744 and 1
Slide 18: Galilee Basin Coals
Galilee Basin Coals For personal use only ASX Code : COI www.cometridge.com.au
Slide 19: Galilee Basin - CSG
Galilee Basin - CSG 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 4.3 m3/t (high 7.3 m3/t) ▪ Go
Slide 20: Comet Ridge – Key messages
Comet Ridge – Key messages ▪ Mahalo is one of the east coast’s For personal use only largest, most productive and proximal to market gas fields not currently in production ▪ Significant upside from Galilee – Albany sandstone to be drilled in May 2018 and CSG target for pilot drilling late in 2018 ▪
Slide 21: 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 22: 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