Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2020)
19 slides from Comet Ridge's shareholder meeting presentation, Nov 27, 2020
Slide 1: Annual General Meeting Managing Director's Presentation
For personal use only COMET RIDGE LIMITED Annual General Meeting Managing Director’s Presentation Friday 27 November 2020
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: A very large, multi-basin, east coast gas play
COMET RIDGE | A compelling east coast gas play A very large, multi-basin, east coast gas play For personal use only • Comet Ridge has a very large gas position on the east coast across three basins and in both coal seam gas (CSG) and conventional sandstone gas. • Mahalo Gas Hub created, providing ne
Slide 4: 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 • Mahalo Hub gas to market in FY22 and expanding by FY24 into the projected east coast gas shortfall Exploration Appraisal and Develo
Slide 5: International Gas Market – Queensland LNG demand
COMET RIDGE | A compelling east coast gas play International Gas Market – Queensland LNG demand For personal use only Queensland Liquified Natural Gas (LNG) volumes reached record levels in October 2020 Asian customers will continue to rely heavily on Queensland and Australian LNG for many decades G
Slide 6: Domestic Gas Market – demand and prices
COMET RIDGE | A compelling east coast gas play Domestic Gas Market – demand and prices For personal use only East coast and Queensland domestic demand remains strong and low spot-gas prices due to COVID-19 are starting to trend upwards. Current Wallumbilla spot price is $6.50/GJ Domestic Gas Demand
Slide 7: Domestic Gas Market – Southern states dependent on Queensland Natural Gas
COMET RIDGE | A compelling east coast gas play Domestic Gas Market – Southern states dependent on Queensland Natural Gas For personal use only Natural Gas flows from Queensland via Moomba (SA) into southern states are increasing in volume and peak capacity to meet southern demand. This trend is expe
Slide 8: Comet Ridge 2020-21 Priorities
COMET RIDGE | A compelling east coast gas play Comet Ridge 2020-21 Priorities For personal use only 1 2 3 4 5 Create large “Mahalo Progress FID for Progress Mahalo Secure the long-term Conserve cash Gas Hub” position Mahalo Gas Project Gas Hub tenure of Galilee resources during (Joint Venture) comme
Slide 9: 1. Create Mahalo Gas Hub
COMET RIDGE | A compelling east coast gas play 1. Create Mahalo Gas Hub For personal use only Pre- Mahalo Gas Project JV interest only (40% 2019 interest), net acreage position of 365 km2 Awarded Mahalo North (ATP 2048), adding 2019 450 km2 Awarded Mahalo East (ATP 2061), adding 2020 97 km2 Awarded
Slide 10: 2. Progress FID for Mahalo Gas Project (JV) development
COMET RIDGE | A compelling east coast gas play 2. Progress FID for Mahalo Gas Project (JV) development For personal use only Required federal and state government approvals achieved in 2020 to progress Mahalo Gas Project (JV) towards a final investment decision May 2020 Federal Government EPBC envir
Slide 11: 3. Progress Mahalo Gas Hub Commercialisation Strategy
COMET RIDGE | A compelling east coast gas play 3. Progress Mahalo Gas Hub Commercialisation Strategy For personal use only Add material Gas Reserves and Resources to COI portfolio from 100% owned blocks • Comet Ridge has net 2P Reserves of 106 PJ and 2C Resources of 89 PJ in the high productivity PL
Slide 12: 3. Progress Mahalo Gas Hub Commercialisation Strategy
COMET RIDGE | A compelling east coast gas play 3. Progress Mahalo Gas Hub Commercialisation Strategy For personal use only Staged development of Mahalo Gas Hub to secure early revenue and minimise external funding requirements Phase 4: 65 TJ/d (net) • 1-2 TJ/d from Mahalo North pilot wells +33 TJ/d
Slide 13: 4. Secure Galilee Basin permit tenure
COMET RIDGE | A compelling east coast gas play 4. Secure Galilee Basin permit tenure For personal use only • Comet Ridge’s three very large ATP’s in the Galilee Basin have 2C and 3C Gas Resources in shallow coals and sandstone deeps • The Galilee Basin is one of three basins identified by the Federa
Slide 14: 5. Conserve cash during COVID-19
COMET RIDGE | A compelling east coast gas play 5. Conserve cash during COVID-19 For personal use only • Net Director’s fees to be settled in shares from April to October 2020 (subject to shareholder approval at AGM) • Executive salaries reduced to 50% and other staff salaries reduced, increased back
Slide 15: Key takeaways
COMET RIDGE | A compelling east coast gas play Key takeaways For personal use only • Comet Ridge has a very large Gas Reserve and Resource base on the east coast across three basins • Effectively conserved cash during COVID-19 downturn • Established Mahalo Gas Hub via three 100% owned block awards t
Slide 16: Appendices
For personal use only Appendices
Slide 17: 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
Slide 18: 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 19: 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