Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2007)
31 slides from Comet Ridge's shareholder meeting presentation, Nov 30, 2007
Slide 1: 2007 Chairman's Address
For personal use only 2007 Chairman’s Address Welcome to the 2007 Annual General Meeting. In reviewing the year just gone, despite some exploration challenges, your board believes our company is well placed to deliver value to its shareholders. Within the company we have a talented and committed gro
Slide 2: 2007 Chairman's Address (continued)
area in the first quarter of next year. Each well is intended to target recoverable reserves of 200,000 barrels of oil. With oil prices in excess of A$100/barrel any success will enable early and significant cash flow. During the year our exploration efforts at both the Mahalo Project in Queensland
Slide 3: 2007 Chairman's Address (continued)
and energy of Andy Lydyard as Managing Director, can deliver exciting outcomes for all shareholders. On behalf of the board, I thank all staff for their determined efforts during this past year. Turning to board matters, I would especially like to acknowledge the attendance For personal use only her
Slide 4: Comet Ridge Limited
For personal use only Comet Ridge Limited
Slide 5: Why Invest?
Why Invest? For personal use only • Strong oil and US gas prices • Quality project portfolio in place • Significant interests in large acreage positions • Major leasing programs complete on four US projects • Company C retains t i strong t Australian A t li portfolio tf li • Drilling planned on all
Slide 6: Strategy/Objectives
Strategy/Objectives For personal use only • Generate significant shareholder returns via: • Finding and producing significant new oil and gas in mature fields using new technology • The discovery and development of new oil and gas fi ld iin proven b fields butt overlooked l k d areas
Slide 7: Strategy Drivers
Strategy Drivers For personal use only • Significant returns • Portfolio P f li off projects j • Large scale opportunities • Material interests in large acreage positions • Operate where practical • Vigilant for high quality 3rd party deals • Experienced E i d tteam off people l • Market & infrastru
Slide 8: 2007 Performance
2007 Performance For personal use only Closing Price Activity 0.5 0 45 0.45 0.4 0.35 Success 0.3 0.25 02 0.2 0.15 0.1 Execution 0.05 0 4/19/2004 4/19/2005 4/19/2006 4/19/2007 Quality Focus in 2008 is on execution, People increased drilling activity activity, mitigating operational risk and Quality d
Slide 9: Accomplishments
Accomplishments For personal use only • Secured Florence – 8 mi2 3D on budget • Initial well locations selected & ready for permitting • Peltier & CVU 31-4 wells drilled • Expanded lease positions in all US plays • Sold Tipton West royalty • Completed earning at Mahalo • Strengthened Denver based te
Slide 10: Project Summary
Project Summary For personal use only St Helens Energy, LLC Comet Ridge USA, Inc. Comet Ridge Limited ((Pacific NW,, USA-100%)) (Rocky Mtns, USA-100%) (Australia-100%) • Chehalis Gas 40% • Bear River Oil 33.75% • Mahalo Gas 40% • Grays Harbor Oil/Gas 100% • Tow Creek Oil 37.50% • Gunnedah Gas 60-70%
Slide 11: Project Summary
Project Summary 9 For personal use only Comet Ridge Ltd ASX: COI Pacific NW R ki Rockies Australia Vader/Cedar Ck Grays Harbor* Bear River* Tow Creek* Florence* Mahalo Gunnedah1 40% 100% 33.75% 37.5% 39% 40% 60 to 70% Galilee Coal Seam Gas Oil & Gas Oil & Conv. Gas 100% Coal Seam Gas & Conv. Gas * C
Slide 12: Florence
Florence For personal use only • Oil field redevelopment • 39% & operator • 7,400 acres • 3D seismic • Numerous locations • 10 wells in permitting • Good access, terrain • Year round operations p • Drilling Q1 2008 • Cash flow & production p
Slide 13: Florence
Florence For personal use only • Florence is 2nd oldest field in USA • 15 MMBO • Fractured shales • 3D provides insight into controls on production • 3D reveals deeper targets • Drilling Q1 2008 • Offsetting production • Targeting 6 play types
Slide 14: Florence Targets
Florence Targets For personal use only Oil target Oil/gas target
Slide 15: Grays Harbor
Grays Harbor For personal use only • Western Washington • Proven oil & ggas basin • Conventional oil & gas • St. Helens 100% (Oper.) ( p ) • 475,000 acres • 30+ leads & prospects p p • Seismic & drilling mid ’08 • All yyear round drilling g • Gas pipeline in place • Strong gggas market • P50 Gas Res
Slide 16: Grays Harbor Status
Grays Harbor Status For personal use only • Thorough technical review Gas pipeline • Large g pprospect p & lead inventory y Caldwell Creek Planned 3D • Control all prospects & leads • 160+ transactions • State, county, private leases • 12 mo. to acquire county leases • complicated title • 3D & 2D se
Slide 17: Grays Harbor Leasing
Grays Harbor Leasing For personal use only Key prospect Caldwell Creek 3D planned 12 months Original lease position Current lease position
Slide 18: Grays Harbor '08 Activity
Grays Harbor ‘08 Activity For personal use only Caldwell Creek Prospect P:50 110 BCF
Slide 19: Caldwell Creek
Caldwell Creek For personal use only Amoco 1-29 Caldwell Creek Overlooked discovery” “Overlooked discovery P50: 110 BCF+ 2 gas blowouts from P90: 250 BCF shallow sands Comet Ridge 100% Well recovered gas cut mud on test Well flowed gas on test Did not penetrate main target
Slide 20: Grays Harbor '08 Activity
Grays Harbor ‘08 Activity For personal use only 2007 • 10 sq mi of 3D Critical • Caldwell Creek lease sale • 60 mi of 2D • Black Creek area • Seismic in drier months • All year round drilling 2008 • 2 wells >250 BCF potential Note: Data is for Aberdeen, (Grays Harbor Co), WA Melbourne’s Average prec
Slide 21: Tow Creek/Bear River
Tow Creek/Bear River For personal use only • Northern Colorado • Oil field redevelopment • COI 33.75 to 37.5% (Oper.) • 2 wells + sidetrack • Both wells – oil • Operational problems • CVU 31-4, 31-4 ST • Peltier well tight • Successful operation • 3D planned p • Seeking partners
Slide 22: Chehalis
Chehalis For personal use only • Southern Washington • Coal seam gas • Conventional as well • 175,000 acres • St. Helens 40% non-op • 1 core hole drilled in ’07 07 • Resource delineation • Excellent infrastructure • Seeking partners
Slide 23: Australian Projects
Australian Projects For personal use only Comet Ridge retains significant ATP’s 743 & 744P Interests in QLD & NSW Galilee Basin • Mahalo (COI: 40%) • Internal resource estimate exceeds 1 TCF of gas in place • Further drilling required Mahalo Bowen Basin • ATP’s 743 & 744P (COI:100%) • Comet operator
Slide 24: Australian Projects
Australian Projects For personal use only Mahalo • Gas prices improving • CSG now accepted t db by financial market & users • >50% of QLD gas supply • LNG plants announced • Additional infrastructure • Mahalo strategically located • Both Mahalo and Galilee offer significant potential value
Slide 25: Australia – Way Forward
Australia – Way Forward For personal use only ATP’s 743 & 744P Galilee Basin • Re-emphasize QLD CSG • Allocate $ + retain technical and operational resources • Galilee permits • Ad Advance th throughh RTN • Accelerated program • Establish gas resource - drill • D Develop l program ffor Mahalo M h l
Slide 26: People
People For personal use only • Two new US directors (since mid ‘06) • 10 full time staff (Denver) • Multidisciplinary team
Slide 27: Business Development
Business Development For personal use only • Expansion of key learnings from Florence 3D • New N exploration l i playl bbeing i ddeveloped l d • Advancing Australian projects • Producing property evaluations • 6 detailed evaluations – 3 unsuccessful bids • Reviewed numerous exploration deals • Inter
Slide 28: Indicative 2008 Program
Indicative 2008 Program For personal use only Project Activity Timing Florence 3 wells (+ with success) Q1 Grays y Harbor 3D + 2D seismic Q2 Grays Harbor 2 wells* Q3 Tow Creek/Bear River 2 wells* Q2 Chehalis 1-2 wells* Q2 Australia TBD * Via farm-out
Slide 29: Summary
Summary For personal use only • Project portfolio in place • Material M t i l interests i t t • Active drilling program starting Q1 08 • Florence – targeting cash flow in Q1 y Harbor activity • Grays y starting g Q2 • Tow Creek drilling in Q2/Q3* g likely • Chehalis drilling y Q2* Q • Refocus on Aus
Slide 30: Disclaimer
Disclaimer For personal use only Comet Ridge Limited has taken all reasonable care in producing the text andd iimages contained i d iin this hi presentation i b but d does not warrant that h the h information contained herein is accurate or up to date. The information on these slides is based on pub
Slide 31: Contacts
Contacts For personal use only Registered Office Managing Director C/- Endeavour Corporate Suite 8, 7 The Esplanade Andy Lydyard Mt Pleasant, Western Australia 6153 600 17th Street, Suite 800-S Telephone: +61 8 9316 9100 Denver, Colorado 80202 Facsimile: +61 8 9315 5475 Telephone: +1 (303) 226 1300