Slide 1: Galilee Basin: Now is the time
For personal use only Galilee Basin: Now is the time Comet Ridge Limited PESA Symposium, Brisbane 7 September 2016 www.cometridge.com.au ASX Code : COI www.cometridge.com.au
Slide 2: Eastern Australia Gas Market - Perfect Storm
Eastern Australia Gas Market - Perfect Storm For personal use only A perfect storm in the energy market has been brewing in the last few years – massive increase on the demand side from LNG exports superimposed with state and territory government mandated restrictions on the supply side Queensla
Slide 3: Galilee Basin - Background
Galilee Basin For personal use only Galilee Basin - Background Large area (~250,000km2) covering a big part of central western Queensland Land use is grazing – cattle and sheep on large stations Historical exploration - oil recovered and gas flows from multiple wells Recent basin-wide focus
Slide 4: Exploration History
Galilee Basin Exploration History For personal use only *wells intersecting Galilee Basin sequence Petroleum Wells Stratigraphic Wells CSG Wells ASX Code : COI www.cometridge.com.au 4
Slide 5: Conventional Exploration
Galilee Basin – Sandstones Conventional Exploration For personal use only ~100 petroleum wells (intersecting Galilee sequence) over 70 years Targeting Late Carboniferous to Permian sandstones to depths of ~3000m 3 wells had significant hydrocarbon shows – Koburra Trough inside Comet Ridge’s cu
Slide 6: Koburra Trough
Galilee Basin – Sandstones For personal use only Koburra Trough 3 historic petroleum wells within ATP 743 and ATP 744 recovered gas and/or oil from Lake Galilee Sandstone at base of Galilee Basin section Koburra 1, Carmichael 1 and Lake Galilee 1 flowed gas to surface at low rates However earl
Slide 7: Lake Galilee
Galilee Basin – Sandstones For personal use only Lake Galilee 1 First deep petroleum well in Koburra Trough, drilled by Exoil NL in 1964 Targeting 4-way dip closure (valid structural test?) Targeting oil with high mud overbalance >260m gross sandstone over Lake Galilee Sandstone Gas flow +
Slide 8: Carmichael
Galilee Basin – Sandstones For personal use only Carmichael 1 Drilled by Maple Oil in 1995 - 27km NE of Lake Galilee 1 Robust NW plunging anticlinal structure on eastern flank of Koburra Trough Targeting oil with high mud overbalance Three drill stem tests flowed gas to surface at low rates
Slide 9: Albany Structure - Review
Galilee Basin – Sandstones For personal use only Albany Structure - Review Large structure with aerial closure 61km2 Significantly larger structure than previously interpreted Carmichael 1 within closure but down-dip of crest – upside potential Gas flowed despite 500-600psi overbalance Res
Slide 10: Koburra Trough – Exploration Potential
Galilee Basin – Conventional For personal use only Koburra Trough – Exploration Potential Large extent remains under explored and data poor: Koburra 1 to Lake Galilee 1 =120km Underbalanced/air drilling may significantly improve production Tight reservoir - fracture stimulation and lateral dri
Slide 11: CSG Exploration
Galilee Basin – CSG For personal use only CSG Exploration Glenaras 1 drilled 50 years ago in September 1966 highlighted CSG potential of Galilee Basin “no significant hydrocarbon shows were encountered. Observed methane gas associated with coals” 1993-1995: Enron drilled early CSG wells with pot
Slide 12: CSG – Gunn Project Area
CSG – Gunn Project Area For personal use only Gunn Project Area 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 EPT perforated single 4m coal
Slide 13: Contingent Resources
Galilee Basin - Contingent Resources For personal use only GALILEE BASIN CONTINGENT RESOURCES (PJ)3 ASX Code : COI 3Chapter 5 ASX Listing Rules disclosure Page 20 www.cometridge.com.au 13
Slide 14: Positive Relationships: Environment and Community
Galilee Basin – Positive Relationships For personal use only Environment and Community ASX Code : COI www.cometridge.com.au 14
Slide 15: Future Development
Galilee - Development For personal use only Future Development Innovative exploration and development strategies Low cost exploration and development Wells drilled at low cost with minimal overheads Time efficient exploration and appraisal Gunn-2: 3 months from lease build to production te
Slide 16: Commercial Options
Galilee Basin – Commercial Options For personal use only Market Opportunities Different markets exist for commercial development: coal, power, industrial, LNG 1) Power for coal mines / power 2) LNG project shortfalls 3) Industrial gas supply Moving gas to the southeast via pipeline provides
Slide 17: Summary
Galilee Basin – Summary For personal use only Summary Nearly 100 years of exploration yet basin remains under explored Large area with significant CSG and sandstone contingent resources CSG development progressing in two key areas with one working pilot and lateral well underway Cost effecti
Slide 18: Questions
Questions For personal use only ASX Code : COI www.cometridge.com.au 18
Slide 19: 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 20: Important Notice and Disclaimer
Important Notice and Disclaimer Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities For personal use only The Contingent Resource for the Albany Structure referred to at pages 5, 9 & 14 of this presentation are taken from an independent report by Dr Bruce
Slide 21: Comet Ridge Limited Contact
Comet Ridge Limited For personal use only Contact Level 3 GPO Box 798 Telephone: +61 7 3221 3661 283 Elizabeth Street Brisbane 4001 Facsimile: +61 7 3221 3668 Brisbane 4000 Email info@cometridge.com.au www.cometridge.com.au ASX Code : COI www.cometridge.com.au 21