Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (September 2022)
24 slides from Comet Ridge's investor presentation, Sep 8, 2022
Slide 1: Funded to accelerate appraisal of 100% held Mahalo North and Mahalo East projects
Funded to accelerate appraisal of 100% held Mahalo North and Mahalo East projects 8 September 2022
Slide 2: Important notice and disclaimer
COMET RIDGE | A compelling east coast gas play Important notice and disclaimer 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”. Forward looking words su
Slide 3: Agenda
COMET RIDGE | A compelling east coast gas play Agenda 1. Overview 2. Mahalo Gas Hub Update Appendices: A. Gas Markets B. Gas Reserves and Contingent Resources C. Comet Ridge Directors Page 3
Slide 4: Highlights
COMET RIDGE | A compelling east coast gas play Highlights Comet Ridge well placed to become a meaningful gas supplier into the strong east coast gas 1 market – proximally located assets, active appraisal and building gas reserves. Purchase of APLNG stake (30%) unlocks the Mahalo Gas Hub for developm
Slide 5: Proforma Corporate Overview
COMET RIDGE | A compelling east coast gas play Proforma Corporate Overview Share price Market capitalisation1 COI Share Price and Volume - last 12 months $0.245 $175m $0.25 10.0m 6 September 2022 $0.20 7.5m Shares on issue1 Warrants $0.15 997m 65.9m $0.10 5.0m +16.4m performance rights# Avg. exercis
Slide 6: Project Overview
COMET RIDGE | A compelling east coast gas play Project Overview • Acquisition of APLNG’s Mahalo JV interest unlocks the Mahalo Gas Hub • Comet Ridge’s 100% owned Mahalo North and Mahalo East blocks being appraised to provide additional reserves - expanding high productivity fairway • Commercial arra
Slide 7: Update
COMET RIDGE | A compelling east coast gas play Page 7 Mahalo Gas Hub Update Section 2
Slide 8: Mahalo Gas Hub – path to production
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – path to production Mahalo Gas Hub: The Mahalo Joint Venture Block (COI 70%, STO 30%) and Mahalo North, Mahalo East and Mahalo Far East (all 100% COI) Targeting a material volume of Mahalo JV certified gross Mahalo area can be a new cert
Slide 9: Focused on moving into production
COMET RIDGE | A compelling east coast gas play Focused on moving Mahalo Gas Hub into production Mahalo can be a major east coast hub – proven gas rates close to infrastructure in the east coast market • High productivity shallow reservoir = lower capex and lower cost gas • Proven production: • Mahal
Slide 10: 100% held Mahalo North becoming a valuable asset
COMET RIDGE | A compelling east coast gas play 100% held Mahalo North becoming a valuable asset Production test achieved Pilot well now achieved the ‘world class’ results and highest recorded gas flow in confirmed high productivity the Mahalo Gas Hub area. fairway extends into Mahalo North. Dual lat
Slide 11: Mahalo North is now the best pilot well in the area
COMET RIDGE | A compelling east coast gas play Mahalo North 1 is now the best pilot well in the Mahalo Gas Hub area • Mira 6 (in Mahalo Gas Project) • In-seam length of 924 metres in the high productivity fairway • Gas Production: Mira 6 was historically the highest gas producing well at 1.4 MMcfd •
Slide 12: Pilot production laterals drilled in the high productivity fairway
COMET RIDGE | A compelling east coast gas play Pilot production laterals drilled in the Mahalo Gas Hub high productivity fairway Gas Rate Project Achieved 0.43 MMcfd Mahalo JV 1.4 MMcfd Mahalo JV 1.7 MMcfd Mahalo North (100% COI) Page 12
Slide 13: Continued appraisal in 100% owned Mahalo North and Mahalo East blocks
COMET RIDGE | A compelling east coast gas play Continued appraisal in 100% owned Mahalo North and Mahalo East blocks • Mahalo North - recent production testing results (>1.7 MMcfd) confirms fairway extension into Mahalo North with an exceptional result from a single well pilot • Drilled and complete
Slide 14: Mahalo Gas Project – simplified joint venture
COMET RIDGE | A compelling east coast gas play Mahalo Gas Project – simplified joint venture (between Comet Ridge and Santos) • Significantly simplified JV structure with APLNG exit in June 2022 – no longer different block operators (exploration and production) • Comet Ridge purchased APLNG’s Mahalo
Slide 15: Appraisal and Development Milestones
Mahalo Gas Hub – Appraisal and Development Milestones COMET RIDGE | A compelling east coast gas play Q4 ‘22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Mahalo northern blocks appraisal (100% held by Comet Ridge) Initial reserves (Mahalo North) Core hole drilling Core lab analysis and pilot planning Pilot well drill
Slide 16: Funding plan
COMET RIDGE | A compelling east coast gas play Funding plan Funding for advancement of appraisal and development in 100% owned & operated Mahalo blocks Source of funds1 $m Use of funds $m Placement 24.0 Corporate, geotechnical and operating staff costs 5.0 Provide for loan repayment2 8.2 Mahalo Nort
Slide 17: Appendices
Appendices >» IS Comet Ridge
Slide 18: ACCC: Domestic gas supply shortfalls worsening from 2023
COMET RIDGE | A compelling east coast gas play ACCC: Domestic gas supply shortfalls worsening from 2023 Forecast supply shortfall of 2P gas reserves versus demand on the East Coast, 2023 - 2033 • The East Coast gas market is strained for natural gas supply • Largely due to significant under-investme
Slide 19: Domestic gas prices are expected to remain very strong
COMET RIDGE | A compelling east coast gas play Domestic gas prices are expected to remain very strong Page 19 Source: ACCC website, 1 August 2022
Slide 20: Certified Gas Reserves and Contingent Resources
Certified Gas Reserves and Contingent Resources COMET RIDGE | A compelling east coast gas play Queensland Projects Comet Ridge Limited (PJ's) - QLD Projects Gas Reserves Contingent Gas Resources Mahalo Gas Project, Bowen Basin (QLD) 1 1P 2P 3P 1C 2C 3C COI current 70% interest 0 186 321 134 221 360
Slide 21: Competent Person Statement
COMET RIDGE | A compelling east coast gas play Competent Person Statement Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The estimate of Reserves and Contingent Resources for the Mahalo Gas Project provided in this Presentation, The Contingent Resour
Slide 22: Directors - proven gas development and production backgrounds
COMET RIDGE | A compelling east coast gas play Directors - proven gas development and production backgrounds 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+
Slide 23: Risk Factors
COMET RIDGE | A compelling east coast gas play Risk Factors Risk Factors You should be aware that an investment in New Shares in Comet Ridge involves various risks. This section sets out some of the key risks associated with an investment in New Shares. A number of risks and uncertainties, which are
Slide 24: For more information
FOR MORE INFORMATION Telephone: +61 7 3221 3661 Email: info@cometridge.com.au Level 3, 410 Queen Street Brisbane Queensland 4000 cometridge.com.au