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COMET RIDGE LIMITED Investor Presentation 2004
64686_rns_2004-08-31_19c2843f-4ed1-4ab7-a182-e713ddfc80fd.pdf
Investor Presentation
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Comet Ridge Limited -> Moving Forward
Presented by Andy Lydyard
RIU Good Oil Conference
Esplanade Hotel, Fremantle WA
1-2 September 2004
Comet Ridge Limited - History & Snapshot
- Formed by Strike Oil August 2003
- Focused on developing advanced CSG assets in Eastern Australia
- \$2m seed capital raised December 2003 (\$0.13)
- Combined CSG assets of Strike Oil & Anzoil
- Raised $$5m$ via IPO Listed April 2004 (\$0.20) 鑼
- Cash \$3m and no debt (31 July, 2004)
Corporate Structure
| Share Price: | \$0.12 | |||||
|---|---|---|---|---|---|---|
| " Ordinary fully paid shares: | 61.2m | |||||
| Unlisted 20 cent options: | 5.3m | |||||
| Market capitalisation: | \$7.3m | |||||
| Trading range: | \$0.092 to \$0.19 | |||||
| Major Shareholders | ||||||
| Perilya Limited: | 16% | |||||
| Strike Oil Limited: | 10% | |||||
| $\sqrt[3]{20}$ | 59% | |||||
| ASX CODE: | COI |
Business Strategy
Overall
Identify, prove, develop and expedite cash flow from coal seam gas resources in Eastern Australia
Current Focus
Progress the substantial Tipton West CSG resources to reserve status and project development
Why Comet Ridge?
- Leverage to a certified gross 1 TCF gas resource
- Expected short term transition from explorer to producer 鑼
- 3 conditional gas sales contracts for Tipton West
- Well located to end user markets
- Expanding gas markets
- High calibre technical & management team
- Strong supportive major shareholders 龖
- Portfolio of quality high potential CSG projects 鞸
Coal Seam Gas in Eastern Australia
- Gas market growth forecast $> 4\%$ pa 鑼
- QLD 13% Gas Scheme starts 2005 鞸
- CSG supplies ~30% of gas used in QLD 鞸
- Significant reserves and production growth 鞸
- CSG exploration in the Bowen Basin since the early 90's 鞸
- The Surat Basin has been explored since 2000 鑼
- Significant activity in other basins in NSW & QLD 鞸
Eastern QLD Reserves Comparison Conventional vs. CSG
Data: Courtesy of ECOS Source: Company Reports
TOTAL 2P CONVENTIONAL (PJ) - 406PJ
| P1=Proven | P 1 | 155 | 1P | 155 | ||
|---|---|---|---|---|---|---|
| P2=Probable | P2 | 251 | 2P | 406 | ||
| P3=Possible | P 3 | 462 | 3P | 868 | ||
| TOTAL 2P.CSG (PJ) - 2884PJ | ||||||
| 1P=Proven | $\mathsf{P}1$ | 1042 | 1P | 1042 | ||
| 2P=Proven + Probable 3P=Proven + Probable + Possible |
E2 | 1842 | 2P | 2884 | ||
| P 3 | 4355 | 3P | 7239 |
Coal Seam Gas in Eastern Australia
- Gas market growth forecast $> 4\%$ pa 鑼
- QLD 13% Gas Scheme starts 2005 鞸
- CSG supplies ~30% of gas used in QLD 鞸
- Significant reserves and production growth 鞸
- CSG exploration in the Bowen Basin since the early 90's 鞸
- The Surat Basin has been explored since 2000 鑼
- Significant activity in other basins in NSW & QLD 鞸
Project Highlights
- Three projects progressing in Queensland
- Tipton West, Mahalo & Meenawarra
- Certified 1 TCF gross CSG resource at Tipton West
- 3 conditional gas sales contracts for up to 28 mmcfd (5.6 mmcfd net to COI) from Tipton W. in place
- 2P reserves certification anticipated by Q4 2004
- Expected cash flow from "ramp up" volumes Q4 2005
- Contracted volumes commence in 2006
- Indicated free gas cap at Mahalo
- Meenawarra drilling planned
Walloon Coal Measures Project
$\gamma_{\alpha\beta\gamma\gamma\gamma\gamma}^{\phantom{\beta\gamma\gamma}(\beta\gamma)}$
a a shekarar 19
WCM Project
WCM Project
- Certified gas resource announced July 2004
- Focused on converting significant gas resource to reserves 鑼
- 4 well Tipton West Pilot commissioned
- Dewatering to be accelerated 鞸
- 5 to 7 additional pilot wells being drilled
- Meenawarra drilling followed by pilot
alah di sebagai dari kecamatan
Pendantan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Sultan Su
Early cash flow opportunities identified 鞸
S.is BSP 15E $\circledR$ Tipton West TW4 ⊛ Long Swamp 1 TWP12 Pilot -27°22'\$ 27°22′S~ TWP6 TWP10O ਾwP8ੋ Plainview 1 $^{\circ}$ TWP2
父 $T_{WPT}$ Tipton 1 Q @ TW1 TWP1 TWP5
※ TWP3 TW3 TWP11 $\underset{\text{TWP4}}{\star}$ $\circledcirc$ Legend $\circledcirc$ TWP13 Gas Resource Tipton West Pilot 0 TWP9 ₩ Pilot Production Well $\odot$ $\odot$ Planned Pilot Well 27:30's $\epsilon \geq \epsilon \pm 1$ tik. The
Corporation in. $\sim 100$ $^{\circ}$ Monitoring Well Agosto $\circledcirc$ Core Well $\circledcirc$ $\overline{MW2}$ C MW3 Petroleum Well $322 - 52$ + Dalby 1 $\circledcirc$ $±5km$ MW1
Our Customers
- Wambo Power Ventures Pty Ltd 鑋
- 3.97 PJ pa for 15 years commencing 2006
- Ergon Energy Pty Ltd 鞸
- * 2 separate projects Dalby & Oakey
- 3.2 PJ pa for 15 years (2006)
- BP Bulwer 鞸
- * 15 PJ over 5 years supply to Bulwer Island (2006)
10.2 PJ pa (2.0 PJ pa net to COI) to be supplied from the
Dalby Block and PLA198 (COI 20%)
Mahalo Project
- Previously Comet Ridge Project 獼
- Earning 40% in part of ATP 337P 麴
- 2 wells drilled 獼
- Bandanna Fm coals gas bearing & permeable
ammme este
Sediminimo
- Significant resource (~500 BCF)
- Target coals @ 200 to 300 metres
- Inferred free gas at Mahalo 獼
- 2 additional wells planned* 獼
- GSQ core holes provide control 翷
- Partners Origin & Santos (30% each) 獼
* Q4 2004 - Subject to JV approval
Mahalo Project
Future Focus
2004 - December Half
- Establish 1P+2P reserves $@$ Tipton W. 鞸
- Establish location of Meenawarra pilot
- Gas sales contracts finalised 驪
- Elevate company profile & improve share price! 鑼
2005
- Develop Tipton West
- Establish pilot at Meenawarra
- Test gas cap at Mahalo
- Establish cash flow
- Maintain gas marketing momentum
Board Composition
- Chairman: 鞸
- Managing director: 鑼
- Non exec director: 鎏
- Non exec director: 丝
Jeff Schneider Andy Lydyard Simon Ashton Gill Swaby
Comet Ridge Limited ABN 47 106 092 577
Level 10. International House 26 St. George's Terrace, Perth 6000, Western Australia
T: (08) 9225-7108 $F: (08) 0225 - 6100$
www.cometridge.com.au