Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (July 2007)
29 slides from Comet Ridge's investor presentation, Jul 12, 2007
Slide 1: Comet Ridge Limited Investor Presentation
For personal use only Comet Ridge Limited >> Investor Presentation July 2007
Slide 2: Who Are We?
>>Who Are We? For personal use only Comet Ridge g Limited ((COI)) Oil and gas explorer/developer ASX Li Listed: d AAprilil 2004 transitioning to producer Management in Denver, CO (Dec 05) Projects in Australia & USA Major shareholder: Strike Oil (8.4%) Capital Structure# Shares on issue 104 million
Slide 3: Comet Ridge - Why Invest?
>>Comet Ridge - Why Invest? For personal use only Strong diversified portfolio of seven US and Australian projects Exposure to conventional oil and gas and coal seam gas Material interests and operator of most US projects Experienced board and proven US based management team in place High activity l
Slide 4: Objective
>>Objective For personal use only Generate significant shareholder returns via: • Finding and producing incremental oil and gas in Project Areas mature fields using new technology • Finding and producing oil and gas in proven but overlooked areas
Slide 5: Strategy
>>Strategy For personal use only St t Strategy E Execution ti People Proven US based management team 7 professionals >175+ years E&P experience 4 have run large E&P businesses Meaningful interests 33.75% to 100% of existing projects Large acreage positions High impact projects in place 600,000 contr
Slide 6: People
>>People For personal use only Name Position Experience Located Jeff Schneider Chairman 30+ years Aust Andy Lydyard Managing Director 26 years USA Gill Swaby Company Secretary & 26 years Aust Non Exec. Director Simon Ashton Non Exec. Exec Director 30+ years Aust Board B d owns 12% off stock t k Gary
Slide 7: Project Summary
>>Project Summary For personal use only Comet Ridge Ltd ASX: COI 100% 100% 100% USA, Inc. Pacific NW Rockies Australia Vader/Cedar Ck Grays Harbor Bear River Tow Creek Florence Mahalo Gunnedah 40%* 100% 33.75% 37.5% 39% 40% 20 to 25% Galilee Coal Seam Gas Oil & Gas Oil & Conv Gas 100% Coal Seam Gas
Slide 8: Project Areas
>>Project Areas For personal use only Grays Harbor Vader/Cedar Creek Galilee Basin Mahalo Tow Creek Tipton West Florence TARGET Oil G Gunnedah d hBBasin i Gas Coal seam gas
Slide 9: Potential Value
>>Potential Value For personal use only Grays Harbor* Harbor Vader/ Tow Creek/ Florence Cedar Creek Bear River Play Type GAS CSG/GAS OIL OIL Modeled Reserve 100 BCF 140 BCF 3.3 MMBBLS 1.5 MMBBLS (Gross) (16 7 MMBOE) (16.7 (23 3 MMBOE) (23.3 Working Interest 100% 40% 35.6% (Avg) 39% BTAX NPV 10% (Net
Slide 10: Project Timeline
Assembling the team and acreage position is almost complete, significant field >>Project Timeline For personal use only activity planned for f 07/08/
Slide 11: Grays Harbor
>>Grays Harbor For personal use only Proven but overlooked basin Conventional oil & gas Washington State, Pacific NW USA 438 000 acres under lease or option 438,000 100% interest and operator Lightly explored, proven basin Strong oil and gas shows Numerous large structures Multiple reservoir targets
Slide 12: Grays Harbor
>>Grays Harbor For personal use only 2 near drillable prospects – one with bypassed pay (100 (100+ BCF P50) 38 leads - 15 to 100 BCF (P50) 2 wells on seismic - one is a potential discovery East 42 wells - 7 deeper than 3,000ft Unrisked In Place Gas Pipeline infrastructure in place Resource Potential
Slide 13: Grays Harbor – Prospect “A”
>>Grays Harbor – Prospect “A” A For personal use only Prospect “A” “Overlooked discovery” P50: 100BCF+ P90 250 BCF P90: Comet Ridge 100% 2 gas blowouts from shallow sands Well recovered gas cut mud on test Well flowed gas on test
Slide 14: Chehalis Basin
>>Chehalis Basin For personal use only Coal seam gas Washington State, Pacific NW USA 176 000 gross/70 176,000 gross/70,400 400 net acres 40% interest (Cascadia Energy)
Slide 15: Chehalis Basin
>>Chehalis Basin For personal use only Proven but overlooked basin 1 hole drilled on Vader 3 core hole program imminent Program aimed at establishing a significant gas resource in shallow coals and sands close to major pipeline infrastructure
Slide 16: Tow Creek/Bear River
>>Tow Creek/Bear River For personal use only • Oil in fractured shale reservoirs • The Rockies, USA • Mature oil field redevelopment • Large known oil field – Tow Creek 200 MMBO in place* Recovered 6 MMBO (3%) • 16,000 , acres leased • Operator – Tow Creek (37.5% interest) – Bear River ((33.75% inte
Slide 17: Tow Creek/Bear River – Exploration Concept
>>Tow Creek/Bear River – Exploration Concept For personal use only 3rd Well CVU 31-4 Sidetrack and complete Strong oil shows Peltier 11-12 (Testing oil) inclined hole 3 fractured “benches” in the Niobrara inclined hole 3 Well “Proof of Concept” 17
Slide 18: Florence
>>Florence For personal use only • Oil in fractured shales • Central Colorado, USA • 7,000 acres under lease • Operator with 39% • Mature oil field redevelopment • 8 sq mi 3D seismic program in 2007 • 3 wells ll llater t iin th the year • Multiple objectives – Deeper zones very lightly drilled – Sha
Slide 19: Florence
>>Florence For personal use only Field discovered 1862 15 MMBO produced from shallow fractured shales Field largely g y abandoned Deeper potential virtually untested Royal Gorge 1 producing 100 BOPD – 72,000 72 000 barrels in 2 years Mountain Petroleum well cased 100 to 200 BCF gas + 15 MMBO 8+ mile
Slide 20: Florence - Exploration Concept
>>Florence - Exploration Concept For personal use only Fractured Pierre Fm Cum: 15 MMBO Fractured Niobrara Very lightly drilled Deeper Potential in the Muddy, Dakota & Entrada 20
Slide 21: Australian Projects
>>Australian Projects For personal use only Galilee Basin – ATP’s 743/744 Mahalo – ATP 337P Gunnedah Basin – PEL’s 427/428 21
Slide 22: Mahalo
>>Mahalo For personal use only • Coal seam gas • Northern ATP 337P, Qld, Australia • Significant contingent gas resource (180 – 990 BCF) • 40% non operated Interest • 260,000 acres • Partners are Santos and Origin Energy • Project can deliver shareholder value Significant CSG transactions, market gr
Slide 23: Activity & Capital Program
For personal use only >>Activity & Capital Program Region Project 2007/08 Net Capital > Bullet Activity (US$ million) Australia Mahalo TBD TBD > Bullet Gunnedah Basin Seismic + 2 wells Farmed out > Bullet Galilee Basin Technical Studies Farmed out Tipton West Royalty SOLD 0 >USA BulletTow Creek/ Bea
Slide 24: Funding Sources
For personal use only >>Funding Sources Exploration Funding Requirement: US$7.2 to 11.5 million (over next 12 months) • Current cash – Cash on hand US$5.0 million (Includes proceeds from TPW sale) • Industry partners – Farm-outs (marketing underway)
Slide 25: Summary
>>Summary For personal use only Strong diversified portfolio Conventional oil and gas and coal seam gas M t i l interests Material i t t Operator of most US projects Experienced board and proven US based management team 10 to 12 wells planned in 2007/08 Company has the people and the projects that,
Slide 26: Glossary
>>Glossary For personal use only Oil & Gas Terminology: Crude Oil BBLS – Barrels of Oil BOE – Barrels of Oil Equivalent (1 BOE= 6MCF gas) BOPD – Barrels of Oil per Day MBBLS – Thousand Barrels of Oil MBOE – Thousand Barrels of Oil Equivalent MMBBLS - Million Barrels of Oil MMBOE – Million Barrels of
Slide 27: 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 600-S Telephone: +618 9316 9100 Denver, Colorado 80202 F Facsimile: i il +618 618 931 9315 5475 4 T l h Teleph
Slide 28: Appendix - Economics
>>Appendix 1 - Economics For personal use only Grays Harbor Vader/ Tow Creek/ Florence Cedar Creek Bear River Play Type GAS CSG/GAS OIL OIL Modeled Reserve 100 BCF 140 BCF 3.3 MMBBLS 1.5 MMBBLS (Gross) (16.7 MMBOE) (25.3 MMBOE) N b off wells Number ll 20 400 11 10 Initial Rate 5 MMCFD/well 200 MCFD/
Slide 29: Disclaimer
>>Disclaimer For personal use only Comet Ridge Limited has taken all reasonable care in producing the text and images contained in this presentation but does not warrant that the information contained herein is accurate or up to date. The information on these slides is based on publicly available in