Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2019)
21 slides from Comet Ridge's shareholder meeting presentation, Nov 20, 2019
Slide 1: A Compelling East Coast Gas Play
For personal use only A COMPELLING EAST COAST GAS PLAY Targeting gas to market 2021 Annual General Meeting TOR McCAUL Managing Director 20 November 2019
Slide 2: Important notice and disclaimer
COMET RIDGE | A compelling east coast gas play Important notice and disclaimer. For personal use only Disclaimer Future performance This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet This Presentation contains certain “forward-looking statements”. F
Slide 3: Corporate overview
COMET RIDGE | A compelling east coast gas play Board & Management Corporate overview 7.3% Institutional For personal use only Retail 36.6% 13.0% Share price Market capitalisation $A0.205 $149m 19 November 2019 close 52 week high 38c, low $20c Shares on issue Cash 727.9m $9.4m 30 September 2019 Perfo
Slide 4: A compelling east coast gas play
COMET RIDGE | A compelling east coast gas play A compelling east coast gas play For personal use only Large uncontracted reserves close to market and near production. • Comet Ridge has a very large uncontracted and undeveloped gas resource on the east coast • Mahalo CSG Project targeting first gas l
Slide 5: Growth pipeline
COMET RIDGE | A compelling east coast gas play Growth pipeline For personal use only Converting resources to reserves as quickly and capital efficiently as possible. Exploration Appraisal and Development Production Mahalo Mahalo JV Galilee North Galilee Sandstone (100%) CSG Shallows Deeps JV Gunneda
Slide 6: Mahalo CSG Project
COMET RIDGE | A compelling east coast gas play Mahalo CSG Project Comet Ridge 40%, Santos 30%, APLNG 30% (Upstream Operator: Origin) For personal use only First gas targeted late 2021 • 842 PJ gross resource (3P + 3C) • Initial production target 60 TJ/d with scope to expand • Low cost, sales spec ga
Slide 7: Optimising the development
COMET RIDGE | A compelling east coast gas play Mahalo CSG Project Petroleum Lease Application areas called “Mahalo” and “Humboldt” numbered PLA1083 and PLA1082 respectively by Queensland Government For personal use only Optimising the development JV agreed positions: • Well designed optimised to dua
Slide 8: Mahalo CSG Project reserves
COMET RIDGE | A compelling east coast gas play Mahalo CSG Project For personal use only Reserves Net Gas Reserves1 30 October 2019 Revised down but upside remains, chasing higher value molecules • The changes to Certification Rules means that 1P 2P 3P we can only hold reserves attached to a 0 PJ 106
Slide 9: Mahalo North CSG Project
COMET RIDGE | A compelling east coast gas play • Strongly contested block awarded to Comet Ridge Mahalo North CSG Project (ATP 2048) in its own right in October 2019 Comet Ridge 100%, Operator. • Connected to Mahalo Project and contains an For personal use only extension of the same coal reservoirs
Slide 10: Mahalo North CSG Project: Fast track development
COMET RIDGE | A compelling east coast gas play Mahalo North CSG Project For personal use only Fast track development • Current geological knowledge will be used to advance the project to development in parallel with the Mahalo Gas Project • Plan is to action an accelerated targeted appraisal and eva
Slide 11: Mahalo North CSG Project: We know the lay of the land
COMET RIDGE | A compelling east coast gas play Mahalo North CSG Project For personal use only We know the lay of the land • Mahalo’s initial development fairway can be traced up into the new Mahalo North block through the same coal reservoirs • Extensive dataset of coal exploration boreholes and 2D
Slide 12: Galilee Sandstone "Deeps"
COMET RIDGE | A compelling east coast gas play Galilee Sandstone “Deeps” Comet Ridge 70%, operator, Vintage Energy 30% For personal use only Strong gas shows and net contingent 3C resource of 292PJ • 25+ sandstone leads and prospects from relatively sparse seismic data • Nearby mining and industrial
Slide 13: Galilee Sandstone "Deeps": Stimulation of Albany wells
COMET RIDGE | A compelling east coast gas play Galilee Sandstone “Deeps” For personal use only Stimulation of Albany wells 1 & 2 scheduled for December • Albany 1 flowed at 230 Mscf/d from 10% of target reservoir (unstimulated) • Albany 2 drilled with gas shows and sandstone porosity levels of 12-15
Slide 14: Multiple leads in Galilee "Deeps"
COMET RIDGE | A compelling east coast gas play Galilee Sandstone “Deeps” For personal use only Multiple leads in Galilee “Deeps” • Comet Ridge has drilled just one target • Another 25+ targets identified from our Koburra 336km 2D Seismic program conducted in late 2018 & early 2019 • Lake Galilee tar
Slide 15: Galilee CSG "Shallows"
COMET RIDGE | A compelling east coast gas play Galilee CSG “Shallows” Comet Ridge 100%, Operator For personal use only Net contingent 3C resource of 1,870 PJ • Resource booked from ATP 744 only: (2C – 67 PJ, 3C – 1,870 PJ) • Six individual coal seams, depth 700 to 1,000m • 16 to 24 metres net coal d
Slide 16: Gunnedah Basin
COMET RIDGE | A compelling east coast gas play Gunnedah Basin For personal use only NSW potential closer than expected • Comet Ridge holds 13,000 km2 of acreage contiguous to the Santos Narrabri Gas Project, with Santos as JV partner • NSW gas moratorium could be lifted to meet domestic gas demand a
Slide 17: Key takeaways
COMET RIDGE | A compelling east coast gas play Key takeaways For personal use only • Comet Ridge has a very large uncontracted and undeveloped gas resource on the east coast • Mahalo CSG Project targeting first gas late 2021 • Mahalo North, a new block connected to Mahalo’s sweet spot with significa
Slide 18: Appendices
For personal use only Appendices
Slide 19: Directors
COMET RIDGE | A compelling east coast gas play Directors For personal use only James McKay Tor McCaul Gillian Swaby Chris Pieters Martin Riley Shaun Scott Non-exec Chairman Managing Director Non-Exec Director Executive Director Non-Exec Director Non-Exec Director • 30 years in business • Petroleum e
Slide 20: ASX Listing Rule Disclosure
COMET RIDGE | A compelling east coast gas play 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 gas resource estimates for ATP 744 provided in this statement were originally released t
Slide 21: For more information
For personal use only FOR MORE INFORMATION Telephone: +61 7 3221 3661 Email: info@cometridge.com.au Level 3, 410 Queen Street Brisbane Queensland 4000 cometridge.com.au