www.cometridge.com.au Comet Ridge Limited Focus on Building Reserves ASX Code : COI 16 October 2014 www.cometridge.com.au
Contents Offer Summary Company Overview Mahalo Project Capital Raising Investment Risks and Foreign Selling Restrictions Appendix: Additional Information ASX Code : COI www.cometridge.com.au 2
Offer Summary Offer Structure Placement to raise approx. A8 million Chairman and MD to participate subject to AGM approval Issue price of A0.135 per share representing a discount of 16% to last close and 14% to the 5-day VWAP SPP…
Section 1: Company Overview ASX Code : COI www.cometridge.com.au 4
Comet Ridge Limited High quality Mahalo Initial Reserves certified Project Two pilots continuing to operate Current production testing and work program to expand Reserves, leading to field development plan Adjacent to Mahalo Field…
Priority Project: Mahalo Potential for significant project (gross resource 1,480 PJ, 100% basis) Located close to infrastructure connecting to Gladstone LNG and domestic markets Focus on building Reserves and production Two…
Strategically Positioned for Gladstone LNG 4 large LNG consortia and AGL control Qld domgas demand and projected gas 97% of 2P CSG reserves in Queensland** demand for LNG exports Intensifying competition for uncontracted gas…
Section 2: Mahalo Project ASX Code : COI www.cometridge.com.au 9
Mahalo Project Background JV partners APLNG and Santos participate in ATP 337P Mahalo Block two of the Gladstone LNG projects (COI 40%*, APLNG 30%, Santos 30%) 11km from pipeline infrastructure linking to Gladstone LNG and domestic…
Maiden Reserve Booking at Mahalo COI 40%* Share Mahalo Reserves & Resources August 2014 Reserve Statement delivered initial independently certified COI 3P+3C gas volume = 592 PJ (34%) reserves and material upgrade to contingent…
Mahalo and Mira Field Pilots Brought on-line in April 2013 (Mahalo) and June 2013 (Mira) Mahalo Field Pilot (shown in schematic below) returned to production testing following stimulation in early 2014 Gas production continuing -…
Mahalo Project Forward Strategy Strategy for High quality asset COI 40% (largest equity interest) Mahalo 2014/15 work program and budget issued by Operator Project Drilling and Mahalo 7 horizontal well approved by JV to spud in Nov…
Section 3: Capital Raising ASX Code : COI www.cometridge.com.au 14
Offer Details Offer Structure Placement to raise approx. A8 million by issuing 59.3 million shares (11.4% of the issued capital) Chairman and MD to participate subject to AGM approval SPP offer capped at A2 million Pricing Issue…
Use of Proceeds to end FY2015 Sources Uses Mahalo Project: Mahalo and Mira pilot operations A0.8m Cash (30 Sep 2014) A2.3m Appraisal drilling program * A4.1m Total A4.9m Placement A8.0m Corporate and technical team costs A2.6m…
Section 4: Investment Risks and Selling Restrictions ASX Code : COI www.cometridge.com.au 17
Investment Risks (contd) The rate at which gas flows from Comet Ridges wells will be a determinant of its profitability. There is a risk that gas flow rates from Comet Ridges wells will not Gas flow rates be sufficient to meet the…
Appendix: Additional Information ASX Code : COI www.cometridge.com.au 23
Portfolio Net Gas Reserves and Resources Initial independent Reserve certification for Mahalo Project in August 2014 Significant independent Resource bookings in four areas Comet Ridge Limited Net Recoverable Reserves and Resources…
Mahalo Buy Back Comet Ridge announced the buy back of interests in the Indicative GSA Example Mahalo Project previously sold to Stanwell in 2011, increasing COIs project interest to 40% Based on 35 PJ/a Gross Project Field…
Galilee Basin Gunn Project Area ATP 743P, ATP 744P and ATP 1015 (CSG) 100% interest in 8,500 km2 operated by COI plus 20% interest in 870 km2 within ATP 1015P 5 initial wells (2010) and 2D Seismic acquisition programme (2011)…
Galilee Basin Conventional Gas Conventional petroleum potential 3 historic petroleum wells within ATP 743P and ATP 744P recovered oil and/or gas from Lake Galilee Sandstone at the base of the Galilee Basin Carmichael 1 flowed…
Galilee Basin Commercial Options Galilee Basin market opportunities Different market segments emerging for commercial development: coal, power, LNG Development option 1: Power for coal mines / local generation Development…
Gunnedah Basin Regional Activity Significant investment has been PEL 6, PEL 427, PEL 428 (CSG & Conventional) made in the basin (ESG, Santos, EnergyAustralia) and material Reserves delineated 1,600 PJ 2P Santos holds 55,000 km2 in…
Important Notice and Disclaimer Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The estimate of Reserves and Contingent Resources for the MGP as part of ATP 337P provided in this…
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