Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2018)
17 slides from Comet Ridge's shareholder meeting presentation, Nov 21, 2018
Slide 1: Annual General Meeting 2018 Managing Director's Presentation
Annual General Meeting 2018 Managing Director’s Presentation Wednesday 21 November, 2018 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 - Summary
Comet Ridge - Summary ✓ Mahalo - Southern Bowen (Mahalo) – CSG • Significant net 2P+ (172PJ) & 3P+ (374PJ) reserves located 240km west of Gladstone • Currently drilling third well in a five well drilling & testing programme • JV with Santos and APLNG ✓ Galilee – CSG, Sandstone and Shale • Appraisal
Slide 4: Comet Ridge - It's been a busy 12 months
Comet Ridge - Its been a busy 12 months….. ✓ 2017 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, 2018 work programme underway by JV ✓ Mira 6 (short single lateral) well hitting 1.4
Slide 5: 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 (PJ)
Slide 6: Mahalo Project
JV Equity: Comet Ridge 40% Santos 30% Mahalo Project APLNG 30% ASX Code : COI www.cometridge.com.au
Slide 7: Mahalo Project
Mahalo Project • 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 ASX Code : COI www.cometridge.com.au
Slide 8: Mahalo - Well productivity exceeded expectations
Mahalo - Well productivity exceeded expectations ▪ The Mira 6 / 2 horizontal-vertical well combination was brought on-line in December 2017 and commenced producing gas after only two days (fully saturated) ▪ Gas rate has risen to over 1.4 mmcf/d (late June) from 924m horizontal well in Castor seam ▪
Slide 9: 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 10: Galilee Basin
Galilee Basin ASX Code : COI www.cometridge.com.au
Slide 11: Galilee Basin – progressing a very large gas resource
Galilee Basin – progressing a very large gas resource ▪ 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 from
Slide 12: Galilee Sandstone – Albany well
Galilee Sandstone – Albany 1 well ✓ Initial 13 metre section of Sandstone produces stabilised gas flow of 230,000 scf/d ✓ Drilling suspended due to wellbore difficulties ✓ Approximately 100 metres of sandstone yet to be tested in Albany 1 ✓ Pre-drill objectives of improving flow through underbalance
Slide 13: Galilee Sandstone - work program Vintage Energy
Galilee Sandstone - work program Vintage Energy ▪ Vintage Energy farm-out for up to 30% of the Sandstone reservoir sequence (“Deeps”) of Comet Ridge’s ATP743, 744 and 1015 (Galilee Permits) – Proven JV Partners. ▪ Current Sandstone targets have been identified from a few, widely spaced 2D seismic li
Slide 14: Galilee CSG – recoverable gas over 1,865 km2
Galilee CSG – recoverable gas over 1,865 km2 ▪ 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 ▪ 16 to 24m net coal deposited over large area ▪ Average gas content 4.3 m3/t (high 7.3 m3/t)
Slide 15: Comet Ridge – near term work focus
Comet Ridge – near term work focus ▪ Continue Mahalo current five well drilling programme for dual lateral wells and get wells on line for production testing, feeding into sizing of first production module ▪ Commence significant Galilee Basin 2D seismic survey for identification of Sandstone targets
Slide 16: 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 283 Elizabeth Street Brisbane 4001 ASX Code : COI Brisbane 4000 www.cometridge.com.au
Slide 17: 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