Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (October 2012)
25 slides from Comet Ridge's investor presentation, Oct 18, 2012
Slide 1: Presentation to Major Gas Users Group, Brisbane
For personal use only Presentation to Major Gas Users Group, Brisbane Comet Ridge Eastern Australia Gas Resources 18 October 2012 Tor McCaul Managing Director www.cometridge.com.au ASX Code : COI www.cometridge.com.au
Slide 2: Contents
For personal use only Contents 1. Comet Ridge Limited 2. Market 3. Eastern Australia Assets 4. Summary & Conclusions ASX Code : COI www.cometridge.com.au 2
Slide 3: Section 1: Comet Ridge Limited
For personal use only Section 1: Comet Ridge Limited ASX Code : COI www.cometridge.com.au 3
Slide 4: Introduction
For personal use only Introduction Appreciate being asked to present today Large acreage position and large resource base established in Eastern Australia Focus on conversion to reserves Galilee Basin over 13,000 km2 and 100% equity New Galilee Basin farm-in to expand further Mahalo bloc
Slide 5: Net Gas Resources
For personal use only Net Gas Resources Significant independent Resource bookings in four areas Following the completion of current NSW transaction – 5400 PJ resources east Aus Comet Ridge Limited – Net Recoverable Resources COI Contingent Prospective Project Interest Location Resource 3C (PJ) R
Slide 6: Section 2: Market
For personal use only Section 2: Market ASX Code : COI www.cometridge.com.au 6
Slide 7: Gas Pricing & Volumes
For personal use only Gas Pricing & Volumes Historically, Eastern Australia has had some of the cheapest gas in the world Due to relatively small market size in comparison to reserves Gladstone LNG schemes have significantly shifted the market dynamic for gas in Eastern Australia LNG schemes
Slide 8: Market
For personal use only Market LNG manufacturers have insufficient gas for expansion Takeovers of Eastern Star Gas and Bow Energy means 4 large LNG consortia control almost 90% of 2P CSG gas reserves in Eastern Australia This will put intense pressure on domestic gas supply Resultant intensify
Slide 9: 2P Gas Reserves Consolidation
For personal use only 2P Gas Reserves Consolidation Concentration of Ownership: LNG Proponents 89% AGL 7% Other 4% Acquisition of ESG and Bow have continued the trend of Gas Reserves consolidation in CSG ASX Code : COI www.cometridge.com.au 9
Slide 10: 3C Gas Resources by Company
For personal use only 3C Gas Resources by Company Concentration of Ownership: LNG Proponents 74% Comet Ridge 5% Other 21% Comet Ridge has a material and expanding 3C Resource position with approx. 5% of East Australian Total • COI is well positioned to start the conversion of Contingent Resources to
Slide 11: Section 3: Eastern Australia Assets
For personal use only Section 3: Eastern Australia Assets ASX Code : COI www.cometridge.com.au 11
Slide 12: Bowen Basin – ATP 337P Mahalo
For personal use only Bowen Basin – ATP 337P Mahalo Equity participants – COI 35%, Stanwell 5%, Australia Pacific LNG 30% and Santos 30%. Mahalo 4-spot pilot drilling concluded in July 4 wells drilled - good continuity and thickness of coal Very good permeability demonstrated - JV planning c
Slide 13: ATP 337P Mahalo Agreement with Stanwell
For personal use only ATP 337P Mahalo Agreement with Stanwell Sale to Stanwell Corporation of COI interest in ATP 337P Mahalo: ― 5% interest for $7 million; ― Stanwell funding up to $8 million of 2012 drilling programme expenditure ― Stanwell option to pay $1M per PJ of 2P reserves booked (to buy-
Slide 14: Galilee Basin – background
For personal use only Galilee Basin – background Large area covering a big part of central western Queensland Approx 250,000 km2 Overlain by Eromanga Basin and underlain by Drummond Basin Key towns include Longreach, Barcaldine, Blackall, Winton, Hughenden and particularly for Comet Ridge, A
Slide 15: Galilee Basin – Greater Gunn Project Area
For personal use only Galilee Basin – Greater Gunn Project Area 100% interest in 13,000 km2 plus Lake Galilee Farm-in Area, operated by COI 5 wells and 2D Seismic acquisition programme completed 1,870 PJ of 3C Contingent Resource Considerable upside in ATP 744P still untested Lake Galilee
Slide 16: Galilee Basin – Commercial Options
Galilee Basin – Commercial Options For personal use only Different market segments emerging for commercial development: Coal mine users Power producers LNG market Coal Mining Other domestic/industrial consumers Projects Adani Stage 1 Development: Power for Coal Vale Mines / Local generat
Slide 17: Gunnedah Basin – background
For personal use only Gunnedah Basin – background Large area covering central northern NSW Overlain by Surat Basin in north Key towns include Narrabri, Moree and Gunnedah Land use is grazing, forestry and cropping: Cotton, wheat, sorghum and other Oil recoveries and conventional gas flow
Slide 18: Gunnedah Basin
For personal use only Gunnedah Basin After a long period of uncertainty, NSW Government released a number of policies last month after significant consultation and consideration Exploration and Production companies subject to an unprecedented level of scrutiny and regulation Santos / TruEnergy
Slide 19: Gunnedah Basin – PELs 6, 427 & 428
For personal use only Gunnedah Basin – PELs 6, 427 & 428 Comet Ridge substantial position of 13,000 km2 40% PEL 428 25% PEL 427 Recently announced acquisition of further interests in these permits. On completion Comet Ridge’s interest will be: 60% PEL 428 50% PEL 427 22.5% PEL 6 This
Slide 20: Section 4: Summary & Conclusions
For personal use only Section 4: Summary & Conclusions ASX Code : COI www.cometridge.com.au 20
Slide 21: QLD Activities Schedule – FY2012/13
For personal use only QLD Activities Schedule – FY2012/13 ASX Code : COI www.cometridge.com.au 21
Slide 22: Galilee & Gunnedah Basins
For personal use only Galilee & Gunnedah Basins Large basins with extremely large petroleum exploration blocks After current acquisition in NSW, Comet Ridge will hold approx 32,000 km 2 Lightly explored to date Permian coals are the main targets and are significantly deeper than shallower aq
Slide 23: Comet Ridge Extremely Well Positioned
For personal use only Comet Ridge Extremely Well Positioned Comet Ridge has a large resource base and exposure to significant upside in two key east Australian basins where there is increasing demand for gas, significant new markets and prices moving upwards ASX Code : COI www.cometridge.com.au 23
Slide 24: 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 25: Comet Ridge Limited
Comet Ridge Limited For personal use only www.cometridge.com.au Address Level 1 283 Elizabeth Street Brisbane 4000 & GPO Box 798 Brisbane 4001 Telephone: +61 7 3221 3661 Facsimile: +61 7 3221 3668 Email: info@cometridge.com.au ASX Code : COI www.cometridge.com.au 25