Comet Ridge Ltd · ASX:COI
Comet Ridge — ASX Conference Sydney 2018
21 slides from Comet Ridge's conference presentation, Sep 6, 2018
Slide 1: Comet Ridge ASX Conference - Sydney
Comet Ridge ASX Conference - Sydney For personal use only 6 September 2018 ASX Code ASX Code : COI : 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: Comet Ridge - 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 3 September 2018 Share price (3 September 2018 close) $0.36 0.45 6,000 0.40 5,000 Shares on issue 676.7m 0.35 Share Price - $A Volume - '000 0
Slide 4: Comet Ridge - Summary
Comet Ridge - Summary For personal use only ✓ Mahalo - Southern Bowen (Mahalo) – CSG • Significant net 2P+ (172PJ) & 3P+ (374PJ) reserves located 240km west of Gladstone • Comet targeting being FID ready 2018/19 • JV with Santos and APLNG ✓ Galilee – CSG, Sandstone and Shale • Appraisal well, Sandst
Slide 5: Comet Ridge - It's been a busy months
Comet Ridge - Its been a busy 12 months….. ✓ 2017 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, 2018 work programme signed off by JV ✓ Mira 6 (short single l
Slide 6: Comet Ridge - 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 56 153 417 +Reserve (PJ) +Cont
Slide 7: Mahalo Project
Mahalo Project For personal use only • JV– Comet 40%, Santos 30% & APLNG 30% • Located central eastern QLD, near Rolleston • Covers 911 km2 • Close to pipeline infrastructure (to Gladstone) • Low end of the cost curve • Near term production potential ASX Code : COI www.cometridge.com.au
Slide 8: Mahalo - Well productivity exceeded expectations
Mahalo - Well productivity exceeded expectations ▪ The Mira 6 / 2 horizontal-vertical well combination was brought on-line in December For personal use only 2017 and commenced producing gas after only two days (fully saturated) ▪ Gas rate has risen to over 1.4 mmcf/d (late June) from 924m horizontal
Slide 9: Mahalo - Current Work Programme
Mahalo – Current Work Programme Current work programme includes: • Environmental and other studies – to support a Petroleum Lease and Pipeline Licence application For personal use only • 7 well bores - 3 vertical wells and 2 dual lateral intercept wells into 2 of the vertical wells (see image below)
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 400 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 120 TJ/d production ❖ Phase 1 • 60 TJ/d modular plant targeting the northern part of the block, • 12 inch Gas Export Pipeline (120TJ/d capability), • Water treatment, •
Slide 12: Galilee Projects
Galilee Projects For personal use only • Total area of permit – 9,685km2 • Sandstone Deeps JV – Comet 85%, Vintage Energy (ASX:VEN) 15% (can earn up to 30%) • CSG – Comet 100% • Maiden gas flowrate of 230,000 scf/d from Albany 1 • Potential for early commercialisation with nearby Mining and Industri
Slide 13: Galilee Basin - Australia's next significant basin
Galilee Basin – Australia’s next significant basin ▪ Basin covers a large part of central For personal use only 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) inclu
Slide 14: Galilee Sandstone - Large Number of Potential Targets
Galilee Sandstone – Large Number of Potential Targets For personal use only ▪ Significant gross 3C+ resources 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 15: Galilee Sandstone - Albany well
Galilee Sandstone – Albany 1 well For personal use only ✓ Initial 13 metre section of Sandstone produces stabilised gas flow of 230,000 scf/d ✓ Drilling suspended due to wellbore difficulties ✓ Approximately 100 metres of sandstone yet to be tested in Albany 1 ✓ Pre-drill objectives of improving flo
Slide 16: Galilee Sandstone - work program Vintage Energy
Galilee Sandstone - work program Vintage Energy ▪ Vintage Energy farm-out for up to 30% For personal use only of the Sandstone reservoir sequence (“Deeps”) of Comet Ridge’s ATP743, 744 and 1015 (Galilee Permits) – Proven JV Partners. ▪ Current Sandstone targets have been identified from a few, widel
Slide 17: Galilee CSG - recoverable gas over 1,865 km2
Galilee CSG – recoverable gas over 1,865 km2 ▪ Gunn Project area and ATP For personal use only 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.
Slide 18: Comet Ridge - 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 19: Comet Ridge - 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. CSG production pilot n
Slide 20: 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 21: 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