Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (January 2019)
20 slides from Comet Ridge's investor presentation, Jan 23, 2019
Slide 1: Corporate Update
Comet Ridge For personal use only Corporate Update 23 January 2019 ASX Code : COI www.cometridge.com.au ASX Code : COI www.cometridge.com.au
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer For personal use only 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 3: Corporate Overview
Comet Ridge - Corporate Overview For personal use only Capital Structure – ASX: COI 12 Month Share Price Performance Share Price and Volume Last 12 months to 22 January 2019 Share price (22 January 2019 close) $0.32 0.45 6,000 0.40 5,000 Shares on issue 727.9m 0.35 Share Price - $A Volume - '000 0.3
Slide 4: Summary
Comet Ridge - Summary For personal use only ✓ Mahalo Gas Project – Southern Bowen – CSG • Significant net to Comet 2P+ (172PJ) & 3P+ (374PJ) reserves located 240 km west of Gladstone • Production testing on 5 well evaluation programme • JV with Santos and APLNG ✓ Galilee Basin – CSG, Sandstone and S
Slide 5: 2018 Achievements
Comet Ridge – 2018 Achievements ✓ 2018 work programme resulted in significant Reserves and For personal use only Resources Upgrade for Mahalo – 172 PJ 2P + net to Comet Ridge ✓ Re-appointed Exploration Agent for Mahalo by Santos, with Comet managing 2018 drilling programme ✓ Mira 6 (short single lat
Slide 6: 2019 activities and expected news flow
2019 activities and expected news flow Mahalo For personal use only ✓ Production testing data from Memooloo 2, Struan 2 and Sirius Road 1 ✓ Project definition for the development of Mahalo, leading to FID ✓ Lodgement of Environmental applications with Federal and State governments ✓ Lodgement of Pet
Slide 7: Strategic East Coast Gas Portfolio
Comet Ridge - Strategic East Coast Gas Portfolio For personal use only +Reserve (PJ) +Contingent Resource (PJ) Mahalo Type 1P 2P 3P 1C 2C 3C (QLD) CSG 18 172 374 224 385 389 +Reserve (PJ) +Contingent Resource (PJ) Type 1P 2P 3P 1C 2C 3C Galilee (QLD) CSG 67 1,870 Sandstone * 48 130 354 +Reserve (PJ)
Slide 8: Mahalo Project
Mahalo Project For personal use only • Joint Venture Equity • Comet Ridge 40% • Santos 30%* • APLNG 30%# • Central QLD • between Emerald & Rolleston • Area 911 km2 • Close to pipeline infrastructure (to Gladstone) • Great well productivity • Low end of the cost curve • Near term production potential
Slide 9: Mahalo – Summary of lateral wells
Mahalo – Summary of lateral wells Evolution of various lateral well styles to feed into project definition/FID For personal use only Production Lateral Well Mahalo 7 Mahalo 6 Rates / Design Basis Depth 0.43 mmscf/d Confirm lateral well 361m Coal Seam ~225 m concept over short distance in Mahalo Mira
Slide 10: Mahalo - likely to be at low end of cost curve
Mahalo - likely to be at low end of cost curve Mahalo will get development priority because: For personal use only ✓ Only 225 to 500 metres to coal ❑ Shallow ✓ Lower drilling and completion costs ❑ Permeable ✓ Mahalo 7 and Mira 6 flowed 1200 to 1500 scfd per metre of coal intersected ✓ Higher flowra
Slide 11: Mahalo - Development Concept
Mahalo - Development Concept * Development Concept: possible option For personal use only displayed Development concept – Targeting up to 100 to 120 TJ/d production ❖ Phase 1 • 50 to 60 TJ/d modular plant targeting the northern part of the block, • 12 inch Gas Export Pipeline (120 TJ/d capability),
Slide 12: Galilee Basin – Targets at multiple levels
Galilee Basin – Targets at multiple levels For personal use only • Basin covers a large part of central western Queensland (~250,000 km2) • Comet has a massive position in the east portion of the Basin – 9,685 km2 • CSG (Shallows) – Comet 100% • Sandstone (Deeps) JV • Comet Ridge 85%, Vintage Energy
Slide 13: Galilee Sandstone – Large Number of Potential Targets
Galilee Sandstone – Large Number of Potential Targets ▪ Significant gross 3C+ resources For personal use only certified in conventional Sandstones (417PJ) in one structure (Albany) ▪ Previous gas flows from oil exploration wells in Comet blocks ▪ Seismic is sparse, therefore likely other unidentifie
Slide 14: Galilee Sandstone – Albany well
Galilee Sandstone – Albany 1 well For personal use only ✓ Initial 13 metre section of Sandstone produced stabilised gas flow of 230,000 scf/d ✓ Drilling suspended due to wellbore difficulties ✓ Approximately 100 metres of sandstone yet to be penetrated / tested in Albany 1 ✓ Pre-drilling objectives
Slide 15: Galilee Sandstone – 2019 Work Programme
Galilee Sandstone – 2019 Work Programme ▪ Vintage Energy farm-out for 30% of the For personal use only Sandstone reservoir sequence (“Deeps”) of Comet Ridge’s ATP 743, 744 and 1015 (Galilee Permits) – Proven JV Partners. ▪ Current work programme ▪ Drilling Agreement being executed, expected rig move
Slide 16: Galilee CSG – recoverable gas over approx. 2,000 km2
Galilee CSG – recoverable gas over approx. 2,000 km2 ▪ Gunn Project area and ATP For personal use only 1015 area (COI 100%) coals contain recoverable gas over approx. 2,000 km2 ▪ 6 individual coal seams ▪ Depth to coal 700 - 1,000m ▪ 16 to 24m net coal deposited over large area ▪ Average gas content
Slide 17: Value Curve
Comet Ridge – Value Curve For personal use only New Exploration Acreage Gunnedah – Exploration & Development Galilee Shale - ??? Value Galilee CSG – Exploration & Development Galilee Sandstone – Exploration & Development Mahalo – Reserves build, FID, Development Time ASX Code : COI www.cometridge.co
Slide 18: Key take away messages
Comet Ridge – Key take away 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 – Proof of concept with successful flow of gas from Albany 1 with targets also in sh
Slide 19: 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 20: ASX Listing Rule Disclosure
ASX Listing Rule 5 Disclosure For personal use only 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