Comet Ridge Ltd · ASX:COI
Comet Ridge — Noosa Mining Conference 2019
21 slides from Comet Ridge's conference presentation, Jul 18, 2019
Slide 1: Noosa Mining Conference
Comet Ridge For personal use only Noosa Mining Conference 18 July 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: Comet Ridge - Corporate Overview
Comet Ridge - Corporate Overview Capital Structure – ASX:COI 12 Month Share Price Performance For personal use only Share price (17 July 2019 close) $0.25 Share Price and Volume Last 12 months to 17 July 2019 0.45 6,000 Shares on issue 727.9m 0.40 5,000 0.35 Performance rights 5.5m Share Price - $A
Slide 4: Comet Ridge - Summary
Comet Ridge (ASX:COI) - Summary For personal use only ❑ Mahalo Gas Project – Southern Bowen – CSG • Initial Development Plan (IDP) currently being finalised • applications being lodged in August 2019 • JV with Santos (ASX:STO) and APLNG • APLNG upstream operator is Origin Energy (ASX:ORG) ❑ Galilee
Slide 5: 2019 activities and expected news flow
2019 activities and expected news flow Mahalo For personal use only ✓ Project definition for the development of Mahalo, leading to FID Initial Development Plan being finalised ✓ Lodgement of Environmental applications with Federal and State Next month governments ✓ Lodgement of Petroleum Lease appli
Slide 6: Mahalo Project
Mahalo Project For personal use only • Joint Venture Equity • Comet Ridge (ASX:COI) 40% • Santos (ASX:STO) 30% • APLNG 30% • Origin Energy (ASX:ORG) Upstream Operator for APLNG • Central QLD • between Emerald & Rolleston • Area 911 km2 • Close to pipeline infrastructure (to Gladstone) • Development
Slide 7: Mahalo – Initial Development Plan (IDP)
Mahalo – Initial Development Plan (IDP) Development concept – Initially For personal use only targeting up to 80 TJ/d production • Modular & simple gas plant (water treatment, dehydration, flare) likely sized for 80 TJ/d • Modular plant could be expanded at a later time • Initial production rate exp
Slide 8: Mahalo – Development Timetable
Mahalo – Development Timetable ✓ Pipeline Survey Licence application lodged - 65km For personal use only connection • Initial Development Plan and equipment selection finalised – July 2019 • EPBC submission - August 2019 • Petroleum Lease submission - August 2019 Potential Simple Gas Plant design su
Slide 9: 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 10: 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 Ridge 100% • Sandstone (Deeps) JV • Comet Ridge 85%, Vintage
Slide 11: 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 gross) in one structure (Albany) • Basin has up to 140m of gross sandstone section New prospects identified by • Koburra 336km 2D Seismic programm
Slide 12: Galilee Sandstone – 2019 Work Programme
Galilee Sandstone – 2019 Work Programme For personal use only ▪ Current work programme • Rig on location, spud expected next week • Albany 2 to appraise the scale of the Albany structure • Albany 1 (sidetrack) to finish drilling all of the original target zone • Mud drilled with logs and core • Frac
Slide 13: Galilee Sandstone – Lake Galilee Structure
Galilee Sandstone – Lake Galilee Structure A A ’ Proposed For personal use only Lake Galilee-2 Betts Creek Lake Galilee Sandstone Basement CK19- 20 • Originally drilled in 1964 to evaluate hydrocarbon potential • Recovered oil and gas-cut mud • Newly acquired seismic survey appears to show that Lake
Slide 14: Galilee CSG – recoverable gas estimated 2,173 km2
Galilee CSG – recoverable gas estimated 2,173 km2 • Gunn Project area (COI 100%) For personal use only extends across southern portion of ATP744 & ATP1015 • 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
Slide 15: What a Galilee CSG Pilot could look like…
What a Galilee CSG Pilot could look like… • Initial Pilot Development planning well progressed For personal use only • Pilot to target 7.5m C1 coal seam located at the Schmitt 1 well, total coal package 21.1m • With a 4 well pilot, outside wells ‘shelter’ the central wells, so the central well ends
Slide 16: Potential Galilee Gas Demand – Moranbah / Townsville
Potential Galilee Gas Demand – Moranbah / Townsville • North Queensland Gas Pipeline (NQGP) is an For personal use only existing 391km pipeline (capacity up to 108 TJ/d) • Moranbah/Townsville market is currently supply constrained • A number of gas customers with significant current and future gas r
Slide 17: NSW Potential closer than expected
NSW Potential closer than expected • Santos are working to have For personal use only their Narrabri approvals from the state government by the end of the year • Opportunity to revisit the significant acreage held by Comet Ridge in JV with Santos once Narrabri is approved • Comet Ridge has commenced
Slide 18: Comet Ridge – Growth Pipeline
Comet Ridge – Growth Pipeline use only Moving Resources to Reserves as quickly and capital efficiently as possible Appraisal to Exploration Production Development personal Galilee Curve Mahalo Gas Project ForMaturity Gunnedah Sandstone CSG QLD Government land releases ASX Code : COI www.cometridge.c
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 with targets also in sh
Slide 20: Glossary of Terms
Glossary of Terms EPBC Environment Protection & Biodiversity Conservation Act 1999 EA Environmental Authority (Qld Govt) IDP Initial Development Plan FID Final Investment Decision For personal use only PL Petroleum Lease (Qld Govt) PJ Peta Joule (measure of energy – 1015 Joule) CSG Coal Seam Gas SCF
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