Comet Ridge Ltd · ASX:COI
Comet Ridge — Taylor Collison East Coast Gas Day (April 2019)
21 slides from Comet Ridge's conference presentation, Apr 11, 2019
Slide 1: Comet Ridge – Taylor Collison East Coast Gas Day
Comet Ridge Taylor Collison East Coast Gas Day 11 April 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 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 only. Shareholders and in
Slide 3: Comet Ridge - Corporate Overview
Comet Ridge - Corporate Overview Capital Structure – ASX: COI 12 Month Share Price Performance Share price (10 April 2019 close) $0.29 Share Price and Volume Last 12 months to 10 April 2019 0.45 6,000 Shares on issue 727.9m 0.40 5,000 0.35 Performance rights 5.5m Share Price - $A Volume - '000 0.30
Slide 4: Comet Ridge - Summary
Comet Ridge - Summary ✓ Mahalo Gas Project – Southern Bowen – CSG • Significant net to Comet 2P+ (172PJ) & 3P+ (374PJ) reserves located 240 km west of Gladstone • Production testing on 5 well evaluation programme • JV with Santos and APLNG ✓ Galilee Basin – CSG, Sandstone and Shale • Appraisal well,
Slide 5: Comet Ridge - 2018 Achievements
Comet Ridge – 2018 Achievements ✓ 2018 work programme resulted in significant Reserves and Resources Upgrade for Mahalo – 172 PJ 2P + net to Comet Ridge ✓ Re-appointed Exploration Agent for Mahalo by Santos, with Comet managing 2018 drilling programme ✓ Mira 6 (short single lateral) well producing 1
Slide 6: 2019 activities and expected key work flow
2019 activities and expected key work flow Mahalo ✓ Production testing data from Memooloo 2, Struan 2 and Sirius Road 1 Underway ✓ Project definition for the development of Mahalo, leading to FID Underway ✓ Lodgement of Environmental applications with Federal and State Preparing governments Follows
Slide 7: Three Favourable External Trends for Comet Ridge…
Three Favourable External Trends for Comet Ridge… Comet Ridge is well Growing positioned… Supply Gap Source: AEMO – Gas Statement of Opportunities, March 2019 Resource Ownership Currently Highly Concentrated Proactive Queensland Government Policy for new tenure release New Block Objectives Source: A
Slide 8: Maturity Curve – Growth Pipeline
Comet Ridge – Growth Pipeline ✓ Moving Resources to Reserves as quickly and capital efficiently as possible Appraisal / Exploration Production Development 197 PJ 2C Galilee 2,224 PJ 3C Maturity Curve Mahalo Gas Project 172 PJ 2P Gunnedah 385 PJ 2C Sandstone CSG QLD Government land releases ASX Code
Slide 9: Comet Ridge - Experienced Management Team
Comet Ridge – Experienced Management Team Name Position Commenced Experience CSG Experience Prior Experience Tor McCaul MD 2009 31 11 LASMO, VICO, Cairn plc Peter Harding- CFO 2018 28 2 Armour Energy, Orbis Gold Smith Dale Aaskow COO 2010 34 12 Oil Tools Int’l, Weatherford Santos, Oil Company of Ash
Slide 10: Mahalo Project
Mahalo Project • Joint Venture Equity • Comet Ridge 40% • Santos 30%* • APLNG 30%# • Central QLD • between Emerald & Rolleston • Area 911 km2 • Close to pipeline infrastructure (to Gladstone) • Great well productivity • Low end of the cost curve • Near term production potential * Exploration Operato
Slide 11: Mahalo - Summary of lateral wells
Mahalo – Summary of lateral wells Evolution of various lateral well styles to feed into project definition/FID Production Lateral Well Mahalo 7 Mahalo 6 Rates / Design Basis Depth 0.43 mmscf/d Confirm lateral well 361m Coal Seam concept over short ~225 m distance in Mahalo pilot scheme Mira 6 Mira 2
Slide 12: 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: ✓ 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 flowrates means less wells ❑
Slide 13: Mahalo - Development Concept
Mahalo - Development Concept * Development Concept: possible option displayed Development concept – Targeting up to 100 to 120 TJ/d production ❖ Phase 1 • 50 to 60 TJ/d modular plant targeting the northern part of the block, • 12 inch Gas Export Pipeline (120 TJ/d capability), • Water treatment, • W
Slide 14: Galilee Basin - Targets at multiple levels
Galilee Basin – Targets at multiple levels • 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 100% • Sandstone (Deeps) JV • Comet Ridge 85%, Vintage Energy (ASX:VEN) 15%, moving
Slide 15: Galilee Sandstone - Large Number of Potential Targets
Galilee Sandstone – Large Number of Potential Targets ▪ Significant gross 3C+ resources certified in conventional Sandstones (417PJ gross) in one structure (Albany) ▪ Basin has up to 140m of gross sandstone section ▪ Koburra 336km 2D Seismic acquisition complete ✓ Data processing is currently underw
Slide 16: Galilee Sandstone - 2019 Work Programme
Galilee Sandstone – 2019 Work Programme ▪ Vintage Energy farming-in for 30% of the Sandstone reservoir sequence (“Deeps”) of Comet Ridge’s ATP 743, 744 and 1015 (Galilee Permits) – Proven JV Partners. ▪ Current work programme ▪ Drilling rig expected to move in April & spud in May ▪ Albany 2 to appra
Slide 17: Galilee CSG - recoverable gas over approx. 2,000 km2
Galilee CSG – recoverable gas over approx. 2,000 km2 ▪ Gunn Project area and ATP 1015 area (COI 100%) coals contain recoverable gas over approx. 2,000 km2 ▪ 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 18: Comet Ridge - Key take away messages
Comet Ridge – Key take away messages ▪ Mahalo is one of the east coast’s 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 shallower coals (CSG) ▪
Slide 19: Contact
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 410 Queen Street Brisbane 4001 ASX Code : COI Brisbane 4000 www.cometridge.com.au
Slide 20: ASX Listing Rule 5 Disclosure
ASX Listing Rule 5 Disclosure 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 (Australasia) Pty Ltd, an inde
Slide 21: Comet Ridge - Strategic East Coast Gas Portfolio
Comet Ridge - Strategic East Coast Gas Portfolio +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 * 48 130 354 +Reserve (PJ) +Contingent Resource
Comet Ridge — Taylor Collison East Coast Gas Day (April 2019) on 6ix