Comet Ridge Successfully Completed Sirius Well Drilling Project – Zoomed Up Over 6% on ASX

  • Jan 09, 2019 AEDT
  • Team Kalkine
Comet Ridge Successfully Completed Sirius Well Drilling Project – Zoomed Up Over 6% on ASX

Comet Ridge Limited (ASX: COI) is into the exploration of Coal Seam Gas (CSG) through its CSG projects.  These projects are currently located in the key regions of Queensland and Northern New South Wales. The headquarter of the company is in Brisbane, QLD, Australia. The company primarily tries to create shareholder value. With the ever increasing domestic and international demand for gas, the company is placed at a better position for enhancing its worth. 

The company has recently announced that the Sirius Road-two lateral well is drilled successfully, and the Silver City Rig will be completely removed from site over the weekend. The Sirius Road 2 lateral well targeted the key 3.3 metres Castor seam. It intersected the Sirius Road 1 vertical well and was drilled up-to a total length of 1,990 metres, with 1,437 metres in the Castor, achieving 96% within seam.

While discussing the production testing results at Memooloo 2, the company stated that they are continuing to perform to their level of expectations. The work required to bring Struan 2 into production testing is now completed, with the well expected to start production testing later in the week. Sirius Road 1 is expected to be brought on line over the weekend, with production testing expected to start next week.

As with Memooloo 2, the plan for Struan 2 and Sirius Road 1 is to bring the wells on slowly, while monitoring the water in flow performance and pressure draw down. Laboratory analysis of core samples is underway for all three wells and will continue over the coming months. Comet Ridge operates under an agency agreement for an exploration operator named Santos. However, another Joint Venture participant in the Mahalo block is APLNG with 30% stake.

Digging into the financials of the company for FY18, we can see the consolidated revenue for the company standing at $176,000 in FY 2018 as compared to $25,000 in FY 2017. The total assets also grew by 19.5% approximately Y-O-Y, with $60,688 in FY 2018 as compared to FY17 number of $50,776. The net cash outflow from operating activities stood at $1.67 million in FY 2018 as compared to $1.27 million in FY 2017, however the net cash outflow from investing activities rose significantly to $5.293 million in FY 2018 as compared to $1.669 million in FY 2017.

Now, let us quickly look at the performance of Comet Ridge’s stock and the return it has posted over the last few months. On 9 January 2019, ended the session on the positive note. The stock price of the company settled at A$0.340 per share which implies the rise of A$0.020 per share or 6.25%. The market capitalization of Comet Ridge Limited stood at $232.92 million. The company posted a negative YTD return of 3.03% and produced a negative return of 17.95% over the last six months period, with a 52-week high price of $0.420 and a 52-week low price of $0.220.


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