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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Comet Ridge Limited    COI   AU000000COI3

COMET RIDGE LIMITED

(COI)
  Report  
End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 11/12
0.215 AUD   -6.52%
08:36aCOMET RIDGE : Mahalo North New Block Update
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11/10COMET RIDGE : 11 Nov 2019 Comet to Undertake Strategic Review of Assets
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10/29COMET RIDGE : 30 Oct 2019 Award of Mahalo North and Mahalo Reserves Review
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Comet Ridge : 22 Oct 2019 Galilee Basin Drilling Update

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10/21/2019 | 10:05pm EST

22 October 2019

Galilee Basin Drilling Update - Albany 1-ST Well

  • Total Depth for Albany 1 sidetrack reached
  • Strong gas shows from all four thick sandstone packages
  • Preparing to run logs

Comet Ridge Limited (ASX:COI) is pleased to provide an update on the drilling operations at the Albany 1 sidetrack (ST) well in the Galilee Basin. The well is being drilled as part of the Galilee Deeps Joint Venture (GDJV) 2019 drilling programme with Vintage Energy Limited (ASX:VEN).

Drilling operations are now complete with a Total Depth ("TD") of 2822m being reached. Strong gas shows have been measured right through all four sandstone packages. Figure 1 is a schematic of the position of the Albany 1 sidetrack well relative to other wells in the field.

Tor McCaul, Managing Director, said he was very pleased by the level of gas shows that have been recorded from the well, across such a thick reservoir section. In 2018, the GDJV was able to achieve a 230,000 scf/d stabilised flow (over 24 hours) from an upper 13m of the target reservoir1. With the entire reservoir section now being penetrated, and all sandstone packages now available to stimulate, Mr McCaul said he was looking forward to see what gas rates can be achieved from this well.

Figure 1 - Cross Section across the Albany field

Comet Ridge Limited

T: +61 7 3221 3661

E: comet@cometridge.com.au

410 Queen St, Brisbane, Qld, 4000

ABN 47 106 092 577

F: +61 7 3221 3668

W: www.cometridge.com.au

GPO Box 798, Brisbane, Qld, 4001

Comet Ridge Limited

1 Refer ASX Announcement 28 June 2018 "First Measured Gas Flow from Lake Galilee Sandstone Reservoir"

Preparations are underway for logging activities, which are expected to start tomorrow. This will provide detailed information on the reservoir characteristics, which will then be used to optimise the stimulation programme, which will be carried out by Condor Energy Services.

For further information please contact:

Tor McCaul

Peter Harding-Smith

Managing Director

Chief Financial Officer

tor.mccaul@cometridge.com.au

peter.harding-smith@cometridge.com.au

+61 7 3221 3661

+61 7 3221 3661

COMET RIDGE LIMITED - OVERVIEW

Comet Ridge Limited has a 40% interest in the Mahalo Coal Seam Gas (CSG) project located in ATP 1191 in Queensland's Bowen Basin. The Company also holds a 70% effective interest (consequent on the successful Farm-in of Vintage Energy Limited) in the Albany conventional gas project and 100% in the Gunn CSG project in the Galilee Basin (ATP 743, ATP 744 and ATP 1015). The Company also has CSG equity of 29.55%, 59.09% and 68.42% respectively in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in New South Wales. Gas resources have been certified by independent professional certifiers at several projects, and gas reserves were certified in 2014 and expanded in 2015 and 2018 for the Mahalo project. The Company is listed on the Australian Securities Exchange (ASX Code: COI) and is based in Brisbane. The Board and Management are experienced in establishing and developing energy projects. Comet Ridge's early entry into well-located exploration areas, has allowed shareholders to gain substantial leverage into the considerable upside value potential associated with exploration success.

Comet Ridge Limited

T: +61 7 3221 3661

E: comet@cometridge.com.au

410 Queen St, Brisbane, Qld, 4000

ABN 47 106 092 577

F: +61 7 3221 3668

W: www.cometridge.com.au

GPO Box 798, Brisbane, Qld, 4001

Comet Ridge Limited

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Disclaimer

Comet Ridge Limited published this content on 22 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2019 02:04:01 UTC

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Financials (AUD)
Sales 2020 -
EBIT 2020 -4,00 M
Net income 2020 -1,00 M
Debt 2020 16,0 M
Yield 2020 -
P/E ratio 2020 -23,0x
P/E ratio 2021 -
EV / Sales2020 infx
EV / Sales2021 infx
Capitalization 160 M
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Technical analysis trends COMET RIDGE LIMITED
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 3
Average target price 0,51  AUD
Last Close Price 0,23  AUD
Spread / Highest target 139%
Spread / Average Target 120%
Spread / Lowest Target 100%
EPS Revisions
Managers
NameTitle
Tor McCaul Managing Director & Executive Director
James Allan Vincent McKay Non-Executive Chairman
Dale Aaskow Chief Operating Officer
Peter Harding-Smith Chief Financial Officer
Gillian Swaby Independent Non-Executive Director
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