Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2017)
20 slides from Comet Ridge's shareholder meeting presentation, Nov 22, 2017
Slide 1: Annual General Meeting 2017 Managing Director's Presentation
Annual General Meeting For personal use only 2017 Managing Director’s Presentation Wednesday 22 November, 2017 ASX: COI ASX Code : COI www.cometridge.com.au
Slide 2: 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 3: Comet Ridge Limited
Comet Ridge Limited For personal use only ▪ Strategy to bring material gas volumes into the East Coast market, as quickly as possible, from low-cost onshore assets ▪ Very large blocks & multi-basin East Coast presence: ✓ Southern Bowen (Mahalo) – Queensland • Two Coal Seam Gas (CSG) pilot schemes wi
Slide 4: Immediate Investment Required
Immediate Investment Required For personal use only ▪ McKinsey & Company report estimates up to $50 billion needs to be invested in new gas supply between now and 2030 to offset falling production from traditional reserves Source: AEMO, 2017 Gas Statement of Opportunities report ASX Code : COI www.c
Slide 5: Queensland is still the solution
Queensland is still the solution For personal use only ▪ Substantial green activism against gas despite the significant contribution gas makes to industry & the national economy ▪ Restrictions in other states mean there will continue to be increasing pressure on Queensland to do more of the heavy li
Slide 6: Comet Ridge – Supply Solutions
Comet Ridge – Supply Solutions For personal use only Comet Ridge assets can form part of the supply solution for eastern gas market ▪ Near term – Mahalo: ▪ Current field programme completed – intention to substantially increase 2P & 3P reserves ▪ Develop asset with JV partners (Santos 30% & APLNG 30
Slide 7: Comet Ridge - Strategic East Coast Gas Portfolio
Comet Ridge - Strategic East Coast Gas Portfolio For personal use only +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 67 1870 Albany Structure 56 153 417 +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 30 219 112 232 372 +Reserve (PJ) +Contingent Resource (PJ) Type 2
Slide 8: Comet Ridge – 2017 Highlights
Comet Ridge – 2017 Highlights For personal use only Key Objectives – Complete Mahalo appraisal and progress Galilee Date Description Status Mar 17 Executed agency agreement for Comet Ridge to manage JV subsurface work ✓ Apr 17 Mahalo Block Work Programme and Budget approved by Santos and APLNG ✓ Jun
Slide 9: Mahalo Project
JV Equity: Comet Ridge 40% Santos 30% Mahalo Project APLNG 30% For personal use only ASX Code : COI www.cometridge.com.au
Slide 10: Mira 3, 4 & 5 Under-Reaming
Mira 3, 4 & 5 Under-Reaming ▪ For personal use only Well production enhancement process ▪ Coal (fractures plugged by fines) is removed from around wellbore ▪ Provides easier pathway for gas and water to flow to well ▪ Then production tubing and downhole pump run back into the well and returned to pr
Slide 11: Humboldt South core hole
Humboldt South 1 core hole For personal use only ▪ Drilled early September ▪ Objectives achieved with zero safety or environmental incidents ▪ Total depth of 326 metres ▪ 8.4 metres of net coal intersected through main coal intervals (consistent with thickness at Mira wells to the west) ▪ Coal recov
Slide 12: Mira Horizontal Well
Mira 6 Horizontal Well For personal use only ▪ Well drilled early November ▪ Mira 6 designed to intersect existing Mira 2 vertical well through the centre of Mira pilot scheme ▪ Total length of horizontal well 1,283 metres (coal depth of about 250 metres) ▪ Objectives of Mira 6: ▪ Accelerate water a
Slide 13: Mahalo likely to be at low end of cost curve
Mahalo likely to be at low end of cost curve ✓ Shallow Mahalo Pilot only 225 metres to coal For personal use only Lower drilling and completion costs ✓ Permeable Mahalo 7 flowed 1.2 mcfd gas per metre of coal intersected along horizontal well Higher flowrates / less wells ✓ Low water rates
Slide 14: Galilee Basin
Galilee Basin For personal use only ASX Code : COI www.cometridge.com.au
Slide 15: Galilee Basin – Significant Scale
Galilee Basin – Significant Scale For personal use only ▪ Basin covers a large part of central western Queensland (~250,000km2) ▪ Comet has a massive position in the east portion of the Basin ▪ Land use is grazing on very large stations ▪ Historic oil exploration (1964 & 1995) includes gas flows fro
Slide 16: Sandstone Farm-out to Vintage Energy
Sandstone Farm-out to Vintage Energy For personal use only $8.5 million farm-out programme for Vintage to earn 30% interest in Sandstone reservoir (‘Deeps’). Comet Ridge retains 100% of CSG potential ▪ Vintage Energy to farm-in to Sandstone reservoir sequence of Comet Ridge’s ATP743, 744 and 1015 (G
Slide 17: Galilee Basin - CSG
Galilee Basin - CSG For personal use only Gunn Project area and ATP 1015 area (COI 100%) coals contain recoverable gas over an estimated 1,865 km2 ▪ 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
Slide 18: Comet Ridge – Summary
Comet Ridge – Summary ▪ Mahalo For personal use only Mahalo Pilot ✓ Production enhancement at Mira 3, 4 & 5 ✓ Humboldt South 1 corehole ✓ Mira 6 Horizontal well ✓ Major reserves upgrade approaching ▪ Galilee ✓ Well planning for Albany 1 finalised Mira Pilot ✓ Various pipeline options under considera
Slide 19: Contact
For personal use only 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 283 Elizabeth Street Brisbane 4001 ASX Code : COI Brisbane 4000 www.cometridge.com.au
Slide 20: ASX Listing Rule Disclosure
For personal use only 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 ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Australasia) Pt