COI - Comet Ridge

Up another 30% today. Got a please explain from the asx but said there was nothing up. nearly 80% in 2 days.

grace said:

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.

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Just happened to be sitting around looking at tweaking investments this morning (a rare morning off wk) and stunned by COI's jump yesterday and again this morning...
Have been sitting on some COI for some time - and certainly they seem to be making good progress recently, but 15c to ~25 is quite a jump in a little over a day.
Anyone know what's going on here... volumes aren't huge -
1.4 mill shares yesterday.
-d (still here - sometimes )

Hi folks,

COI ..... a sharp rally over the past two days, albeit on low volume, but
our astroanalysis looks positive for COI, especially in March/April 2011,
when we expect some significant news/moves, out of this camp ...

Looking ahead:

10-11112010 - another gap up ... ???

15112010 - positive news expected here.

02122010 - a positive spotlight on COI

16122010 - a difficult aspect here - finances ???

20-21122010 - a negative cycle in play

31122010 - a negative spotlight on COI

17012011 - positive cycle - finances ???

21012011 - negative news expected here

28-31012011 - 2 x minor and positive time cycles

10022011 - minor and positive news expected here

14022011 - negative aspect here

25-28022011 - 2 minor and positive cycles

07-10032011 - 3 x significant and positive cycles (a BIG move here???)

15032011 - major and positive news expected here.

31032011 - a positive spotlight on COI

04042011 - minor cycle

14-15042011 - major and positive cycle expeted here

29042011 - 2 x positive cycles ..... finances ???

..... more on COI, later.

have a great day

paul



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in today's reply to ASX's "speeding ticket"...

5. Is there any other explanation that the Company may have for the price change in the Securities of the Company?

The Coal Seam Gas (CSG) Sector is currently experiencing increased interest following the decision announced over the weekend by Queensland Gas Corporation that it had made a financial investment decision to proceed with QCLNG, the first CSG LNG Project in Queensland.

The Company also notes the coverage in the Australian Financial Review on Monday 1 November in relation to smaller cap CSG companies.


There are a number of other factors which may impact market perceptions of Comet Ridge’s long term value:

• Market speculation that the Santos GLNG and APLNG projects will reach FID (final investment decision) by the end of the year;
• The Company’s recent Announcement of 25 October in relation to a Contingent Resources booking in ATP 337P Mahalo where the Company shares equity participation with both Santos and APLNG;
• The Company’s recent Announcement in relation to doubling of equity in PEL 428 Gunnedah Basin to 40%;
• Comet Ridge’s statement in its announcement of 25 October and in its quarterly report released on 28 October that the company is working towards obtaining a resources booking in ATP 744P Galilee Basin in the near future.

looking good!

a lot more upside to this stock, to push it past its 52-week highs.

Trader Paul said:

Hi folks,

COI ..... a sharp rally over the past two days, albeit on low volume, but
our astroanalysis looks positive for COI, especially in March/April 2011,
when we expect some significant news/moves, out of this camp ...

Looking ahead:

10-11112010 - another gap up ... ???

15112010 - positive news expected here.

02122010 - a positive spotlight on COI

16122010 - a difficult aspect here - finances ???

20-21122010 - a negative cycle in play

31122010 - a negative spotlight on COI

17012011 - positive cycle - finances ???

21012011 - negative news expected here

28-31012011 - 2 x minor and positive time cycles

10022011 - minor and positive news expected here

14022011 - negative aspect here

25-28022011 - 2 minor and positive cycles

07-10032011 - 3 x significant and positive cycles (a BIG move here???)

15032011 - major and positive news expected here.

31032011 - a positive spotlight on COI

04042011 - minor cycle

14-15042011 - major and positive cycle expeted here

29042011 - 2 x positive cycles ..... finances ???

..... more on COI, later.

have a great day

paul



=====

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Hi Trader Paul

An updated commentary reflecting the time linesfor COI will be appreciated
Would full moon affect the market on Monday ?

Cheers

MC - $36m
SP - 12c
Shares - 307m
Options - 26m
Cash - $6m

COMET RIDGE ENTERS STRATEGIC GALILEE BASIN FARM-IN
• Comet Ridge farms-in to additional 825 km² of acreage in key area of the Galilee Basin
• Farm-in area expands Comet Ridge’s interest in the Gunn Project Area further to the east
• Three Stage farm-in to earn up to 75% of the Lake Galilee Farm-in Area (within ATP 1015P)
• Comet Ridge plans to drill two exploration wells in 4th quarter 2012 to complete Stage 1

Mahalo Drilling Programme Operations Update
• Mahalo 3 achieves very positive well results with coal thickness and permeability
• Well cased and suspended to be completed as pilot production well
• Mahalo 6 spudded Sunday 22 July
Comet Ridge announce that the Mahalo 3 well, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin, has returned very positive well results in terms of both thickness of coal intersected and permeability, across the main coal reservoir section. The well lies approximately 260km west of Gladstone in central Queensland and was drilled to target the shallow Bandanna Formation.
The Mahalo 3 well reached a total depth (TD) of 300 metres on Friday 19 July, intersecting a total of approximately eight (8) metres of net coal, with seven (7) metres of this coal in the main Castor-Pollux seam. The Castor-Pollux is the target of the reserves booking plan currently being executed by the joint venture.


COMET RIDGE ADDS TO GUNNEDAH BASIN ACREAGE POSITION
• Comet Ridge is paying A$750,000 for Petrel Energy’s interests in PEL 6, PEL 427 and PEL 428
• Existing CSG interests in PEL 427 and PEL 428 increased to 50% and 60% respectively
• Prospective PEL 6 block added to Comet Ridge portfolio
• Santos holds remaining interests, as a result of its acquisition of Eastern Star Gas in 2011

FROM MARCH QUARTERLY (JUNE NOT RELEASED YET)

New Zealand Permits:
PMP 50100 Greymouth Block – West Coast (Comet Ridge 100%)
PEP 50279 Buller Block – West Coast (Comet Ridge 100%)
PEP 50280 North Waikato – Waikato (Comet Ridge 100%)
Over the past several months, Comet Ridge has completed a significant piece of technical analysis across its entire 8,600 km² acreage position in NZ which included the interpretation of the recent aerial magnetic surveys and Airborne Gravity Gradiometry surveys.
This effort also achieved the first coal seam gas contingent resources independently certified on the West Coast of 244 PJ across the Greymouth coalfields.
Comet Ridge has made application to NZP&M (NZ Petroleum and Minerals) to extend the five year licence term for a further five years on both exploration blocks.

USA
Comet Ridge Resources LLC (Comet Ridge 17.257%)
During the quarter, Comet Ridge Resources LLC (CRR) continued to bring on line and open up the six new Florence producers that were drilled towards the end of 2011. Company production averaged 930 barrels of oil per day for the quarter.
The Yeti well at Grays Harbor in Washington State is on schedule for drilling in June 2012.
CRR continues to actively evaluate a number of farm-in and acquisition opportunities in the USA.

Mahalo Pilot Drilling Programme Concludes Successfully


• Successful four well pilot drilling programme concluded with the drilling of Mahalo 5
• Mahalo 5 also intersected main Castor-Pollux coal seam with good permeability
• Mahalo JV (COI 35%) extremely pleased with results and moving to implement pilot production scheme


Comet Ridge Limited announce that a successful four well drilling programme has been concluded at its Mahalo pilot project in ATP 337P, north of Rolleston in the Bowen Basin in central Queensland. The well results have been very positive, and facilities will now be constructed to develop the first production pilot in the Mahalo area.

The Mahalo field is located approximately 260 km west of Gladstone with Mahalo 5 situated 280 metres to the southwest of Mahalo 3. Mahalo 5 is the fourth and final well in the current pilot drilling programme.

The Mahalo 5 well reached a total depth (TD) of 312 metres on Monday 30 July, intersecting a total of approximately 7.8 metres of net coal, with 6.8 metres of this coal in the main Castor-Pollux seam.

The Castor-Pollux is the target of the reserves booking plan currently being executed by the joint venture. Production casing has been run and cemented in place. The rig is due to be released on 1 August.

Formation flow testing of this well has shown very good permeability.

This result means that all four pilot wells have exhibited good continuity and thickness of coal across the main reservoir section. Comet Ridge Limited Managing Director, Tor McCaul said the joint venture was extremely pleased with the Mahalo drilling results and also the speed, efficiency and safety of the drilling operation.

The JV intends to plan, design and construct the pilot facilities for expected commissioning late 2012.

Pilot well drilling in the Joint Venture’s second pilot, Mira, will be conducted later in the year, followed by a further four core holes to extend the delineation of gas in the block.

The objective of both these pilot production projects is to demonstrate commercial gas flows in ATP 337P Mahalo, with the intention of achieving an early initial reserves certification.

springhill said:

MC - $36m
SP - 12c
Shares - 307m
Options - 26m
Cash - $6m

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COI has performed well since this post in July. SP appreciation commenced around the 9th October and has since topped out at a high of 23c on 3rd Dec.
Although I haven't had the time to review their announcements during this period, the news flow has been quite astounding. The directors are certainly earning their remuneration. Well done.

Todays announcement here.
http://www.asx.com.au/asxpdf/20130102/pdf/42c7kwfzhmh9n8.pdf

COI layout (as of Sept quarter)
MC - $78m
SP - 19.5c
Shares - 402m
Options - Nil Quoted
Cash - $13.5m

Thursday saw a gap up closing on the days high with very high volume (effort). Today we had a wider range up bar on above average volume closing again on the days high. Nothing alarming yet. Would like to see a test for floating supply.

A ten year chart. Increased volume over the last 2 trading days. Small.
10 year monthly chart.