Comet Ridge Ltd · ASX:COI
Comet Ridge — Good Oil Conference 2012
26 slides from Comet Ridge's conference presentation, Sep 5, 2012
Slide 1: Good Oil Conference Presentation: Resources to Reserves
For personal use only Good Oil Conference Presentation Resources to Reserves 5 September 2012 Tor McCaul Managing Director www.cometridge.com.au ASX Code : COI www.cometridge.com.au
Slide 2: Contents
For personal use only Contents 1. Comet Ridge Limited 2. Market 3. Community ASX Code : COI www.cometridge.com.au 2
Slide 3: Section 1: Comet Ridge Limited
For personal use only Section 1: Comet Ridge Limited ASX Code : COI www.cometridge.com.au 3
Slide 4: Corporate Overview
For personal use only Corporate Overview Capital Structure – ASX: COI 12 Month Share Price Performance $0.18 Share price $0.12 $0.16 (close 4 September 2012) $0.14 Shares on issue 1 402.1 m $0.12 $0.10 Unlisted options 2.5 m $0.08 Undiluted market cap $48 m $0.06 $0.04 Pro-forma Cash 2 $15 m $0.02 E
Slide 5: Strategy and Australian Operations
For personal use only Strategy and Australian Operations Leverage maximum upside for shareholders via early phase exploration & appraisal projects Material equity positions in key Coal Seam Gas basins Convert Resources to Reserves Comet Ridge targeting first 2P Reserves within 6 months Comet
Slide 6: Comet Ridge Management and Board
Comet Ridge Management and Board Management: Board of Directors: For personal use only Tor McCaul Managing Director James McKay Non Exec. Chairman Petroleum Engineering background with 25 Commercial and legal background with 25 years upstream oil and gas experience. LNG years experience in business
Slide 7: Net Gas Resources
For personal use only Net Gas Resources Significant independent Resource bookings in four areas Comet Ridge Limited – Net Recoverable Resources COI Contingent Prospective Project Interest Location Resource 3C (PJ) Resource (PJ) Gunn Project Area (ATP 744P) 100% Galilee Basin, QLD 1,870 597** Mahal
Slide 8: Bowen Basin – ATP 337P Mahalo
For personal use only Bowen Basin – ATP 337P Mahalo Equity participants – COI 35%, Stanwell 5%, Australia Pacific LNG 30% and Santos 30%. Mahalo 4-spot pilot drilling has concluded ― 4 wells drilled - good continuity and thickness of coal ― Very good permeability demonstrated - JV planning commi
Slide 9: ATP 337P Mahalo Agreement with Stanwell
ATP 337P Mahalo Agreement with Stanwell Sale to Stanwell Corporation of COI interest in ATP 337P Mahalo: For personal use only ― 5% interest for $7 million; ― Stanwell funding up to $8 million of 2012 drilling programme expenditure ― Stanwell option to pay $1M per PJ of 2P reserves booked (to buy-
Slide 10: Galilee Basin – Greater Gunn Project Area
Galilee Basin – Greater Gunn Project Area 100% interest in 13,000 km2 plus Lake For personal use only Galilee Farm-in Area, operated by COI 5 wells and 2D Seismic acquisition programme completed 1,870 PJ of 3C Contingent Resource ― Considerable upside in ATP 744P still untested Announced Lak
Slide 11: Galilee Basin – Commercial Options
Galilee Basin – Commercial Options For personal use only 3 different market segments emerging for commercial development: ― Coal mine users ― Power producers ― LNG market Coal Mining Projects Stage 1 Development: Power for Coal Adani Mines / Local generation Vale ― Up to 1,500 MW energy demand j
Slide 12: QLD Activities Schedule – FY2012/13
For personal use only QLD Activities Schedule – FY2012/13 ASX Code : COI www.cometridge.com.au 12
Slide 13: Gunnedah Basin – PEL 427 & PEL 428
For personal use only Gunnedah Basin – PEL 427 & PEL 428 Santos / TruEnergy $924m acquisition of ESG confirms gas potential of northern NSW likely to bring infrastructure and commercial options for gas ESG built Bohena Trough 2P reserves up to 1520 PJ gross Other troughs in Northern NSW?
Slide 14: USA – Comet Ridge Resources LLC
For personal use only USA – Comet Ridge Resources LLC 17.257% in Comet Ridge Resources LLC (CRR) US$3.5M dividend paid to Comet Ridge Limited in June 2011 Grays Harbor drilling scheduled 3rd qtr 2012 Completed sale of Florence oil field for US$12.25M (provides funding for CRR activities) T
Slide 15: Targeted Milestones
For personal use only Targeted Milestones 12 wells in Mahalo block leading to initial reserves in 1st Qtr 2013 and additional reserves in 2013 Early production test well in Gunn Project Area in Galilee Basin followed by pilot program 2 core wells in Lake Galilee Farm-in Area to extend Gunn Pro
Slide 16: Market
For personal use only Section 2 Market ASX Code : COI www.cometridge.com.au 16
Slide 17: Gas Pricing & Volumes
For personal use only Gas Pricing & Volumes Historically, Eastern Australia has had some of the cheapest gas in the world ― Due to relatively small market size in comparison to reserves ― Cheap gas and cheap coal resulted in cheap electricity Gladstone LNG schemes have significantly shifted the
Slide 18: Market
For personal use only Market LNG manufacturers have insufficient gas for expansion Takeovers of Eastern Star Gas and Bow Energy means 4 large LNG consortia control almost 90% of 2P CSG gas reserves in eastern Australia This will put intense pressure on domestic gas supply Resultant intensify
Slide 19: Comet Ridge Position
For personal use only Comet Ridge Position Comet Ridge has a large resource base and exposure to significant upside in two key east Australian basins where there is increasing demand for gas, significant new markets and prices moving upwards ASX Code : COI www.cometridge.com.au 19
Slide 20: Community
For personal use only Section 3 Community ASX Code : COI www.cometridge.com.au 20
Slide 21: Responsible CSG Development
Responsible CSG Development For personal use only CSG industry has been operating in Queensland for >15 years CSG industry in Eastern Australia is one of the most heavily regulated industries in Australia CSG explorers and producers need to work in an increasingly complex regulatory system Q
Slide 22: East Galilee Basin – Well Design & Locations
East Galilee Basin – Well Design & Locations For personal use only Permian Betts Creek coals lie well below aquifer units Seismic generally acquired down roads and existing fire breaks Exploration well pads quickly returned to natural vegetation CSG footprint is small and impact is low ASX Cod
Slide 23: Ecology: CSG & The Land
For personal use only Ecology: CSG & The Land CSG Then Lauren field in the Surat Basin was developed the way it was, during the drought years, in a manner that fitted both the landholder and the CSG company at the time. CSG Now The Berwyndale field in the Surat Basin has been developed more recently
Slide 24: Case Study: Wells & Agriculture Can Co-exist
Case Study: Wells & Agriculture Can Co-exist For personal use only Qld NSW Texas Area („000 sq km) 1,731 802 696 Gross Farm Product* ($Bn) 9.1 8.3 9.7 Petroleum Wells 7,000 249 218,556 *Source: ABS 1367.0 State and Terr Stat Indicators for 2009/10; 2009 Texas Agriculture Statistics, USDA Source APPE
Slide 25: Important Notice and Disclaimer
For personal use only Important Notice and Disclaimer Disclaimer This investor 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 pur
Slide 26: Comet Ridge Limited
Comet Ridge Limited For personal use only www.cometridge.com.au Address Level 1 283 Elizabeth Street Brisbane 4000 & GPO Box 798 Brisbane 4001 Telephone: +61 7 3221 3661 Facsimile: +61 7 3221 3668 Email: info@cometridge.com.au ASX Code : COI www.cometridge.com.au 26