Commencement Of Seismic Programme by Comet- What Investors Need to Know

  • Jan 02, 2019 AEDT
  • Team Kalkine
Commencement Of Seismic Programme by Comet- What Investors Need to Know

Comet Ridge Limited (ASX: COI) is into the exploration of Coal Seam Gas (CSG) through its CSG projects which are in the key regions of Queensland and Northern New South Wales. It commercializes CSG reserves and creates value for the shareholders through the discovery certification.

The company recently announced to have started Koburra seismic programme on December 30, 2018. The programme has an objective to identify structural trends with the permit area and to outline structural targets for follow-up drilling. Synterra Technologies a consulting firm with vast experience of almost more than twenty years is managing the project. Synterra has experience in providing geophysical services to the petroleum coal seam gas and mineral exploration industries. 

The seismic programme is expected to end by February, and the data available will be used and processed for interpretation in Q1, CY 2019.

The company in one of its latest announcements advised that 1.1 million employee performance rights have been granted as per the Comet Ridge Limited Employee performance right plans. However, the underlying criteria for performance rights are directly linked to the success of the commercial outcome of the company’s gas projects.

The consolidated revenue stood at $176,000 in FY 2018 as compared to $25,000 in FY 2017. The net loss is at $2.2 million in FY 2018 as compared to $3.6 million in FY 2017. The total assets of the company stood at $60.68 million in FY 2018 as compared to $50.77 Mn in FY 2017, an increase by almost twenty percent Y-O-Y. The net cash outflow from operating activities stood at $1.67 million as compared to $1.27 million in FY 2017. The net cash outflow from investing activities stood at $5.293 million as compared to $1.66 million in FY 2017. The net cash flow from financing activities stood at $12.473 million as compared to $7.355 million in FY 2017.

Key Highlights in Mahalo project

  • The drilling of two new wells during the 12 months period.
  • Completion and flow test of Mira 6/2 well and achievement of the flow rate of 1.4 mscf/d
  • Significant upgrade in reserves, 473% increase in 2P to 172 PJ and 71% increase in 3P to 374 PJ
  • The signing of an agreement with Santos, re-appointing Comet Ridge to operate and manage the 2018 Mahalo work programme and Budget
  • Environmental studies for the development of for Petroleum lease and Petroleum Pipeline applications.
  • Galilee Permits
  • The farming out of up to 30% interest in the sandstone reservoir sequence of its ATP 743, ATP 744 and ATP 1015 (Galilee Permits) to Vintage Energy Limited (Vintage)
  • Comet Ridge-Vintage Deeps Joint Venture announcing a stabilized gas flow rate of 230,000 scf/d across a 13-metre interval in the Lake Galilee Sandstone (LGS) Reservoir at the Albany 1 well.
  • Continued interest from Pipeline infrastructure companies to construct the pipeline to connect the Galilee Basin with the East Coast pipe network.

The stock of Comet last traded at $0.325 with a current market capitalization of $236.56 million. The company posted a YTD return of 41.30% and produced a negative return of 22.62% over the last six months period, with a 52-week high price of $0.420.


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