Comet Ridge Ltd · ASX:COI
Comet Ridge — Good Oil Conference 2017
22 slides from Comet Ridge's conference presentation, Sep 14, 2017
Slide 1: Good Oil Conference 2017
Comet Ridge Limited ASX: COI For personal use only Good Oil Conference 2017 Tor McCaul Managing Director Perth, 14 September 2017 ASX Code : COI www.cometridge.com.au
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: Comet Ridge Limited
Comet Ridge Limited For personal use only ASX listed - based in Brisbane Focus on natural gas in eastern Australia Very large blocks & multi-basin presence: Galilee – Queensland • Significant resource base northwest of Gladstone (over 2200 PJ 3C)+ Southern Bowen (Mahalo) – Queensland • Coa
Slide 4: Corporate Overview
Corporate Overview For personal use only Capital Structure – ASX: COI 12 Month Share Price Performance Share price (13 September 2017) $0.145 Shares on issue 617.7m Performance rights 5.0m Diluted market cap $90.3m Cash (30 June 2017) $6.0m 28 years in business Geologist with 12 years in oil & J
Slide 5: Eastern Australia – More Gas Required
Eastern Australia – More Gas Required For personal use only Substantial green activism against gas despite the significant contribution gas makes to industry & the national economy Some (MOST) states and territories – limiting gas supply as demand increases dramatically ! Queensland and South
Slide 6: Comet Ridge – Supply Solutions
Comet Ridge – Supply Solutions For personal use only Comet Ridge assets can form part of the supply solution for eastern gas market Near term – Mahalo: Complete current programme to substantially increase 2P reserves base Develop asset with JV partners (Santos 30% & APLNG 30%) Medium term
Slide 7: Comet Ridge - Strategic East Coast Gas Portfolio
Comet Ridge - Strategic East Coast Gas Portfolio For personal use only +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 67 1870 Albany Structure 56 153 417 +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 30 219 112 232 372 +Reserve (PJ) +Contingent Resource (PJ) Type 2
Slide 8: Mahalo Project
Mahalo Project For personal use only ASX Code : COI www.cometridge.com.au
Slide 9: Mahalo Production Performance
Mahalo Production Performance Overall performance of For personal use only JV Equity: horizontal well and Mahalo Pilot has been very Scale up of short Comet Ridge 40% Mahalo 7 horizontal pleasing Santos 30% well to longer development wells is APLNG 30% Gas flowrate 426 mcfd logical and achieva
Slide 10: Mira Production Performance – Mira 3, 4 & 5
Mira Production Performance – Mira 3, 4 & 5 Well production enhancement process For personal use only Coal (fractures plugged by fines) is removed from around wellbore Provides easier pathway for gas and water to flow to well Drilling tool run inside casing with expandable arms Tool placed
Slide 11: Mahalo – Comet Ridge Managing Subsurface Work
Mahalo – Comet Ridge Managing Subsurface Work Target – move significant volume of For personal use only 219 PJ 3P+ across to 2P this year March - Executed agency agreement for Comet Ridge to manage subsurface April - Work Program and Budget approved by Santos and APLNG August - Field work
Slide 12: Mahalo Development Concept
Mahalo Development Concept For personal use only Significant analysis work completed – examining the most efficient and effective way to move the northern pilot schemes into production via available export pipeline capacity and field infrastructure Three Step Process: 1. Conversion of existing 3P to
Slide 13: The Right Ingredients For Development
The Right Ingredients For Development Shallow Mahalo Pilot 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 Higher flowrates / less wells Low water rates Mahalo
Slide 14: Galilee Basin
Galilee Basin For personal use only ASX Code : COI www.cometridge.com.au
Slide 15: Galilee Basin – Significant Scale
Galilee Basin – Significant Scale Basin covers a large part of central western For personal use only Queensland (~250,000km2) Comet has a massive position in the east at 100% Land use is grazing on very large stations Historic oil exploration (1964 & 1995) includes gas flows from Sandstones
Slide 16: Galilee Basin – Sandstones
Galilee Basin – Sandstones Koburra Trough For personal use only 3 historic petroleum wells recovered oil gas & flowed gas from Lake Galilee Sandstone - all now in Comet Ridge acreage Koburra 1, Carmichael 1 and Lake Galilee 1 flowed gas to surface at low rates - active petroleum system 120km H
Slide 17: Galilee Basin – Sandstone Leads & Prospects
Galilee Basin – Sandstone Leads & Prospects Galilee Sandstone Targets For personal use only Galilee Basin lightly explored Previous gas flows from oil exploration wells in this area Seismic data set is sparse No targets (yet) in areas of no seismic Albany has approx. 150m of gross sandston
Slide 18: Galilee Basin - CSG
Galilee Basin - CSG Gunn Project Area For personal use only 6 individual coal seams depth to coal 700-1,000m >16m net coal deposited over large area average gas content 4.3 m3/t (high 7.3 m3/t) good to excellent permeability within target coals Gunn-2 Production Test perforated single
Slide 19: Galilee Basin – Forward View
Galilee Basin – Forward View For personal use only Comet Ridge Work Programme to be funded by gas pre-sale or equity farm-in (process underway) A structurally short east coast market is now looking to the Galilee Basin for gas volume Comet Ridge’s eastern position with large gas resources will
Slide 20: Comet Ridge - Summary
Comet Ridge - Summary For personal use only Mahalo Production enhancement at Mira completed Single step-out corehole completed Planning for horizontal well commenced Major reserves upgrade targeted this year Galilee Well planning for drilling finalised Various pipeline options under
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 ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Australasia) Pt