COI - Comet Ridge

[breakeven]

COI has built some nice areas for CSG in the US and will have an active exploration program before Xmas. Given the market cap and the tight holding it is a very undervalued company in my opinion. While the technicals haven't looked impressive of late, COI appears to have built a base around 30 cents and the move yesterday was impressive in terms of both price and volume. For those interested in reading up on COI try this site:

http://www.stockinterview.com/cbm-tips.html

 

[itchy]

According to stock analysis by Peter Stracken, tollhurst have comet valued at 95c!
Peter loves COI and constanly reports on them.
Great management with experience in US markets and an excellent, aggressive exploration calender ahead! Not to mention own many of the US stuff with STX, proven experience in the field.
One that could do some serious upwards movement soon.
I'll have to keep my eye on them.

 

[yogi-in-oz]

Hi folks,

COI ... chart looking better now, as price lifts off recent lows.

Will be alert for news from COI, over the next couple of days ...

happy days

paul




=====

 

[yogi-in-oz]

Hi folks,

COI ... today's announcement triggered liftoff for this one,
as traders get set early, before drilling of target, expected
late in 3rd quarter.

Expecting two positive time cycles, later this month for COI:

17052007 ..... negative cycle ... finance-related???

28052007 ..... significant and positive cycle here

31052007 ..... positive light to shine on COI here ... ???


08-11062007 ..... negative news expected here

15-18062007 ..... significant positive cycle ... finance-related???

22-25062007 ..... minor and negative cycle here ???

02072007 ..... negative spotlight on COI .....

happy days

paul



-----

 

[Horace]

Florence was scheduled for early May, halfway through still no action reported. Anyone know when?? :jump:

 

[Trader Paul]

Hi folks,

COI ... has just merged with Chartwell, which has also given it
a cash injection, so we are expecting some very significant
news/moves, over the next couple of weeks .....

16-17022009 ..... 4 x positive time cycles expected here

23022009 ..... a positive cycle to bring more good news

..... more later.

have a great day

paul




=====

 

[Horace]

COI have just announced they are ready to go on the Gallilee permits targeting 36 trillion cubic feet off CSG. That seems to be quite significant,

 

[matty77]

anything more on this stock? have had a buy reccomendation from someone. so would be interested on what people now think.

 

[eddyeagle]

This one actually caught my eye today from an article in The Bull. Wilson HTM suggested that Comet had a fair bit of upside potential. I will do some research into it.

 

[grace]

This one actually caught my eye today from an article in The Bull. Wilson HTM suggested that Comet had a fair bit of upside potential. I will do some research into it.

Yes, it is on my radar too, but still speculative at present.

Interesting drill in Shoemaker 1. Depth complete at 698 metres after intersection 20 metres of coal. Samples of core now taken off for testing.

I will be very interested in the gas sats, permeability etc of that core. The ASX announcements sometimes miss out on the tech data which is sad for us.

The good news that the depth is not at 1000metres like some in the gallilee. The shallower the better (not above 200 metres though) but down at 700metres is a nice depth.

Anyway, stay tuned folks. I am keen to hear how these pioneer drillers go in the new coal seam basin play. One to keep an eye on IMHO.

 

[bobowens]

Hi Grace,:
Been on this for over 6 years.. they just had to go overseas to better them selves, so they said more opportunities, so they sold off Tippon West to Arrow who are making a killing look at ASX AOE

Now there back here playing around because they couldn't make a go of it in
the USA.
Today 23c not bad eh 3c over 6years.

 

[bobowens]

According to stock analysis by Peter Stracken, tollhurst have comet valued at 95c!
Peter loves COI and constanly reports on them.
Great management with experience in US markets and an excellent, aggressive exploration calender ahead! Not to mention own many of the US stuff with STX, proven experience in the field.
One that could do some serious upwards movement soon.
I'll have to keep my eye on them.

Yeh right.. the same Peter Stracken 3years ago said GDN would go to $10
what is it now 0.72 boy o boy what a sucker I was.. wouldnt beleive any of them.

 

[quarky]

bought a small parcel of COI stocks.

COI closed in at 0.335 which is a movement of $0.050 (+17.241%)


they were mentioned in an interview as "with potential", on CSG on Inside Business (ABC - 28/03/2010).

>> http://www.abc.net.au/insidebusiness/

JOHN YOUNG: Favourite stocks until recently were Arrow, obviously it had a very large material resource base and I think had a very promising future, that processes, the acquisition processes is now rolling forward. We still like that stock.

In the emerging producers we are focussed on companies like Bow Energy, that's a small coal seam gas company with a growing reserve base, Comet Ridge is a company that is at an earlier stage of development but I think shows potential.

source: http://www.abc.net.au/insidebusiness/content/2010/s2858134.htm

so, with ca$h in the bank and hopes of the wet weather clearing up, more appraisal drills in the tenements are planned this month and going into April, when heavy vehicle road access in the permit areas is possible.

Comet Ridge Updates On Galilee Basin Exploration Activities
Published: 01-Mar-2010

Comet Ridge has updated on its current exploration activities in both the Galilee Basin in central Queensland and on its pilot project in PMP50100 West-coast, New Zealand.

Since the exploration permits ATP 743P and ATP 744P in Galilee Basin were awarded to Comet Ridge last year, one exploration well has been drilled in each of the permits to increase the understanding of the significant coal seam gas (CSG) potential of these blocks. The company holds a 100% interest in the permits.

The second of these wells, Shoemaker 1, was drilled in the central portion of ATP 744P, intersecting approximately 20mt of coal and a significant section of carbonaceous mud-stone. Two successful drill-stem tests were run over coal intervals before the well was plugged and abandoned as planned and the rig released.

The company added that due to the influence of cyclone Olga and the more recent heavy rainfall in the central Queensland area, a resumption of drilling operations has not yet been possible. As soon as heavy vehicle road access in the permit areas is possible, drilling operations to appraise the coals in these tenements will recommence.

The company further added that in late 2009, the Macdonald 5C exploration well was successfully drilled and tested in the Greymouth area of New Zealand’s West-coast. Results from this well enabled design and planning work over the past two months for the first two pilot wells, Macdonald 4P and Macdonald 6P.

According to the company, the drilling, completion and pumping equipment has been sourced and construction of the access roads and well pads for these two pilot wells has commenced in preparation for drilling the wells in March.

This drilling and pilot testing operation is being operated by Chartwell NZ, a wholly-owned Comet Ridge subsidiary, as part of the Phase 2 Farm-in program which will earn the company a further 30% equity interest in the permit. Chartwell NZ is the operator of PMP 50100 and currently holds a 20% equity stake in the permit with the remaining 80% being held by Macdonald Investments.

 

[quarky]

ABC "Inside Business" Interview With COI CEO (28/03/2010)

here's the transcript of the interview with COI's CEO, Tor McCaul

Asia buzzing around LNG industry

ALAN KOHLER, PRESENTER: Speaking of Comet Ridge, here's its CEO Tor McCaul, currently perforating 3.6 million acres of Queensland with holes looking for gas.

Well Tor McCaul there's a lot of interest in the stock market now around coal seam gas. Does it feel to you like there's a bit of a gold rush going on?

TOR MCCAUL, MD, COMET RIDGE: I guess the answer to that is yes and no. I think when you get out in the market and talk to people and meet people you do get the sense that they feel that.

I think that from our point of view working it day to day, it just feels like normal business but there is certainly a buzz around.

ALAN KOHLER: Is there a danger that with all the money floating around it'll get taken over by spivs as often happens with booms like this?

TOR MCCAUL: No, I don't think so. I guess spivs probably exist in all walks of life but I think the market's pretty smart and I think the market can pick those that sort of know what they're doing and those that don't.

ALAN KOHLER: You've got a lot of ground in the Galilee basin in Queensland that you're drilling. How far off are you from getting some certified reserves?

TOR MCCAUL: That's a good question. We've got about 3.2 million acres, about 13,000 square kilometres under licence in Galilee.

That was awarded to us late last year and due to the wet, we've only been able to date to get two wells drilled so we're hoping for a bit of dry now and we'll get back to it but really at this stage for us it's early phase exploration.

We're drilling core holes, we're getting coal to surface so we can measure the quality and properties of the coal and reserves are something we turn our focus or our head to later in the year after we've got our core holes drilled and we get to sort of sit back and look at it from a helicopter view if you like and look at what potential resource we might have.

ALAN KOHLER: And can you fund all the drilling yourself?

TOR MCCAUL: Yeah we can, at the start of the year, end of the last quarter we had $21 million in the bank so we're well-funded for the next 12 to 18 months and certainly to see us through the program that we're doing in Queensland and also some of the pilot wells we're doing in New Zealand so we're fine for this year and into next year.

ALAN KOHLER: But in any case are you getting some big players knocking on your door trying to get involved to partner up with you?

TOR MCCAUL: Well there's certainly people out there, bigger companies out there who are interested to talk to us but at the moment we've got 100 per cent equity in these two big Galilee blocks and we're quite happy to control our own destiny.

There may come a time later on as we move to booking reserves and looking at what it is we want to develop, that we might decide it is the right time to talk to people but right now we're quite happy to be masters of our own destiny.

ALAN KOHLER: And you're not worried about missing the boat, I mean there's a lot of big deals going on, both sales contracts and big equity deals. You're kind of bringing up the rear. That's not a problem is it?

TOR MCCAUL: No, no we don't feel that, that's a question we're asked occasionally but we think the LNG business is a long-term business. It's not something that comes and goes rapidly.

People build LNG projects for 20, 30, 40 years. We think this year will be an opportunity for third party gas and next year and the year after, we think the big boys that are building the LNG projects will initially start to supply those projects with their own gas but there will be opportunity for companies like Comet Ridge to sell gas into these projects and also to sell gas for domestic use, for power, for compressed natural gas, for small scale LNG and we saw the first of those small scale LNG projects announced a week or two ago with BG, BOC and Chinchilla.

ALAN KOHLER: You've had some experience with LNG in Asia. What are the Asian buyers looking for in LNG?

TOR MCCAUL: Yeah that's interesting. I was fortunate to spend four years between 2000-2004 in Indonesia on Bontang which was a 23 million tonne project, the biggest LNG project in the world and we sold a lot of volume into Japan, Korea and Taiwan and particularly the North East Asian buyers, they really need security of supply.

They need to know that if they're booked for 50 cargoes for the year, that they'll get 50 cargoes for the year.

They also like flexibility of supply if they can get it, and it's not always easy to get but if they can get a few more cargoes in winter and a few less cargoes in summer then they're quite happy for that and the third thing really for them is price but the other things are more superior to price for them.

ALAN KOHLER: Is there competition between the east coast, Queensland and the west coast, offshore WA for these big LNG markets in Asia?

TOR MCCAUL: I think the market out there is large, I think it's very large, and I think there's two parts to the Asian LNG market.

The first part is simply the growth in the total energy market in Asia. Having spent four years in India I got a sense for just how many people are out there and want to move into the middle class and who want a car and a television and electricity coming into their house every day.

So I think the demand for Asia, for gas in Asia and for energy in Asia, will continue to increase.

But also the gas mix in that energy supply at the moment is relatively small. Even a few years ago when I was working LNG, Japan only had about 12 per cent of its energy mix as gas and there's a lot of potential for Japan and China and Korea to move further up the gas curve as their gas demand grows.

So I think we'll see demand in Asia for gas continue to increase and I think the companies coming into the business here in Queensland have a very long term view of that. They're not worried about blips in the road that occur over one or two years, they're more concerned what's happening in five, 10, 15, 20, 30 years.

ALAN KOHLER: And what about the west coast, is there enough for them?

TOR MCCAUL: We do probably of course have the same potential gas customers but the west coast have done us a great favour in as much as they tend to pull a pin out and throw a grenade our way occasionally.

North West Shelf's been a very very steady, reliable LNG supplier for over 20 years and I think that's incredibly important to buyers, whether they are Japanese, or Korean or Taiwanese or Chinese, and I think that shows what Australia can do and I think that will stand the Queensland businesses, that are starting now or moving into starting to get close to FID now, I think that'll stand those projects in good stead when they come to sit down across the table with their buyers and I think we've seen that recently with the BG CNOOC deal, that Australia will have a tremendous reputation with LNG going forward.

ALAN KOHLER: Thanks for joining us Tor McCaul.

TOR MCCAUL: Thanks very much for having me on Alan.

source: http://www.abc.net.au/insidebusiness/content/2010/s2858136.htm

 

[quarky]

still taking time in QLD after the 'wet weather'...but NZ well was spudded, so that's alright news.


ASX Announcement - 30 March 2010


OPERATIONAL UPDATE - NEW ZEALAND PILOTS AND GALILEE BASIN DRILLING

Comet Ridge Limited (ASX Code: COI) is pleased to report on the Company’s current exploration activities in both its pilot well project in PMP50100 Westcoast, New Zealand and the Galilee Basin in central Queensland.


PMP 50100 – Westcoast, New Zealand (Comet Ridge Group: 20% increasing to 50%)
The Macdonald 6P pilot production well was spudded at 07:00 hrs (NZ time) on Tuesday 30 March near Greymouth in New Zealand with Horizon Drilling’s Rig 11. Two pilot production wells, Macdonald 4P and Macdonald 6P, will be drilled to access Coal Seam Gas (CSG) from the Brunner Formation and also to evaluate the deeper Paparoa Formation for gas production potential.

Initially the surface hole for both wells will be drilled in turn, to approximately 150 metres and then, after casing is set, each well will be drilled to an estimated total depth of up to 1200 metres. The wells are to be completed with pumps installed to allow lifting of the water from the coals.

Work on installing gas and water flowlines and treatment facilities for produced water is well advanced. Field installation of these facilities and pipelines will follow the drilling and completion of the two pilot production wells. A map indicating the location of these wells is attached.

Comet Ridge Limited’s Managing Director, Tor McCaul said commencement of the pilot wells was a significant milestone in the Company’s development and the culmination of many months of work by the exploration team.

This drilling and pilot testing operation is being operated by Chartwell NZ Pty Limited, a wholly-owned Comet Ridge Limited subsidiary, as part of the Phase 2 Farm-in programme which will earn the Company a further 30 per cent equity interest in PMP 50100.

Chartwell NZ Pty Ltd is the operator of PMP 50100 and currently holds a 20 per cent equity stake in the permit with the remaining 80 per cent being held by Macdonald Investments Limited.


ATP 743P & ATP 744P – Galilee Basin – Central Queensland (Comet Ridge: 100%)
Since the two Galilee Basin exploration permits were awarded to Comet Ridge late last year, one exploration well has been drilled in each of ATP 743P and ATP 744P to increase the understanding of the significant CSG potential of these blocks.

The second of these wells, Shoemaker 1, was drilled in the central portion of ATP 744P, intersecting approximately 20 metres of coal and a significant section of carbonaceous mudstone. Two successful drillstem tests were run over coal intervals before the well was plugged and abandoned as planned and the rig released.

Due to the influence of cyclone Olga and the heavy rainfall in the central Queensland area, a resumption of drilling operations has not yet been possible. However, the area is now drying out and the Company expects to resume drilling operations shortly.

Although the next exploration well in the programme had been expected to be Tuttle 1, located approximately 17km to the south of Shoemaker 1, road conditions in that direction are poor. Subsequently it has been decided to drill the next well at Montani 1, approximately 20km northwest of Shoemaker 1 where road access is possible.

 

[quarky]

Comet Ridge Provides Operations Update
Tuesday April 27, 2010

Comet Ridge provided its current exploration activities in the Galilee Basin in central Queensland and on its pilot production project in PMP50100 Westcoast, New Zealand update, reporting at ATP 744P, Galilee Basin, after a significant delay in the Galilee Basin exploration programme due to wet weather, the Montani 1 coal seam gas exploration well, commenced drilling at 0000 hours on 26 April. At 0600 hours on 27 April the well was at a depth of 207m having run and cemented the 7" casing to 205m. The well is planned to take approximately 16 days to drill and is expected to reach a total depth of approximately 950m. At PMP 50100, NZ, at 0600 hours on 27 April, the Macdonald 4P pilot production well was at a depth of 290m and drilling ahead. Drilling recommenced on 26 April after being suspended temporarily while the drilling contractor made upgrading modifications to the rig. Two pilot production wells, Macdonald 4P and Macdonald 6P, are currently being drilled to access CSG from the Brunner Formation and also to evaluate the deeper Paparoa Formation for gas production potential.

 

[bobowens]

Hi,
Has anyone heard whats happening with Florence Oil Fields and Grays Harbour
that this mob is involved in.
Nothing since ,09
Bob

 

[bobowens]

Hi to all those who hold COI..can anyone tell me the several projects in "VARIOUS STAGES OF MATURITY" that T.McCAUL boss of COI keeps on waffling about:

BOB

 

[quarky]

====================================
0.200 +0.050 (33.33%)
Nov 1 - Close

Open 0.15
Range 0.15 - 0.20
52 week 0.14 - 0.41
====================================

Comet Ridge up 33.33% today and looks like a lot of buyer interest in it, with options issued to the Chief Commercial Officer exercisable at 50 cps & 65cps next year.

Anyone know any other news and where this is going?

Been holding shares from the highs of April 2010, at 33cps

 

[grace]

====================================
0.200 +0.050 (33.33%)
Nov 1 - Close

Open 0.15
Range 0.15 - 0.20
52 week 0.14 - 0.41
====================================

Comet Ridge up 33.33% today and looks like a lot of buyer interest in it, with options issued to the Chief Commercial Officer exercisable at 50 cps & 65cps next year.

Anyone know any other news and where this is going?

Been holding shares from the highs of April 2010, at 33cps

There was an announcement a couple of days ago in relation to PJ's of contingent resources, and also, there is BG spending big bucks in Gladstone. I was hoping this one would stay off the radar for a little while longer.