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COMET RIDGE LIMITED Capital/Financing Update 2007
64686_rns_2007-02-22_9ee2f3af-cf1b-497f-8b3e-41883ac022a9.pdf
Capital/Financing Update
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ABN 59 078 012 745
Perth, Western Australia 6000
Phone: 61 8 6464 0400 Facsimile: 61 8 6464 0401 Email: [email protected] www.strikeoit.com.au
23 February 2007
Australian Stock Exchange Ltd Via Electronic Lodgement
WEEKLY OPERATIONS UPDATE
Strike Oil is pleased to announce the following update on drilling activities in the USA.
Gulf Coast, Texas
McGall 1 well: Flint Prospect, Fort Bend County
(Strike Oil, 25% Working Interest. Operator, Cypress E&P Corporation)
The McGall 1 exploration well was at 11252 feet (3514 metres) on 22 February 2007 (Texas Time). Current operation is preparing to run a hole opener prior to setting 9 5/8 inch casing.
Proposed total depth is 16,500 feet (5,030 metres).
The well is targeting a large gas prospect in the order of 200 billion cubic feet of gas potential in the Wilcox Formation.
Rocky Mountains, Colorado
Peltier 11-12 well: Bear River Prospect, Routt County
(Strike Oil, 33.75% Working Interest. Operator, Comet Ridge Limited)
Installation of an electric submersible pump is expected to occur in the next couple of days. Following installation and hook up of the surface equipment, the well will be placed on production test at a low rate.
An estimated 10 barrels of oil has accumulated in the mud tank during the hole conditioning operation.
For more information on the Bear River operation refer to the ASX release made by Comet Ridge (ASX Code: COI) on 23 February 2007(copy attached).
Strike Oil will make weekly Operations reports each Friday, unless otherwise warranted, while drilling operations are in progress.
Yours faithfully
SIMON ASHTON Managing Director - Strike Oil Limited
Further information:
Strike Oil Limited Simon Ashton - Managing Director T: 08 6464 0400 E: [email protected]
COMET RIDGE LIMITED ASX ANNOUNGEMENT 23 FEBRUARY 2007
The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement
OPERATIONS UPDATE - BEAR RIVER PROJECT, ROUTT COUNTY, COLORADO, USA
MAIN POINTS
- Completion going smoothly
- Oil recovered in mud tank & gas observed in drilling fluid
- Pump expected to be installed Friday
The directors of Comet Ridge Limited (ASX Code: COI) are pleased to provide the following operational update for the Peltier 11-12 well drilled on the Bear River prospect in Routt County, Colorado, USA.
As of report time (3pm, 22 February Denver time - 7am, 23 February Perth time) the Diamondback Energy rig has successfully conditioned the hole down to 6,657 feet and is pulling out of the hole. An estimated 10 barrels of oil have accumulated in the mud tank and gas was observed breaking out of the drilling fluid during the hole conditioning operation.
The drilling fluid that is currently in the hole will be circulated out and replaced with oil prior to the down-hole electrical submersible pump being installed tomorrow (Denver time). Following installation and hook up of the surface equipment the well will be placed on production test at a low rate.
The Peltier 11-12 well reached a total depth of 6,700 feet on 31 January. A 5 $\frac{1}{2}$ inch liner production liner including 700 feet of perforated joints was successfully run to total depth. Perforated pipe was set across three reservoir intervals (the first, second and third benches of the Niobrara Formation) all of which appear to be fractured. Oil and gas shows were recorded over all three zones.
Comet Ridge and partner Strike Oil Limited (ASX Code: STX) jointly funded the drilling of the Peltier well. Following completion of the well, all earning requirements on the Bear River prospect will have been completed and both companies will own a 33.75% working interest.
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USA 600 17th Street, Suite 600-S Denver, Colorado 80202 Phone: +1 (303) 226 1300 Fax: +1 (303) 226 1301
Comet Ridge Limited ABN 47 106 092 577 Email: [email protected] Website: www.cometridge.com.au
The Company will provide a further update to shareholders next Tuesday.
Yours sincerely
theydright $\varpi_7$
ANDREW LYDYARD Managing Director Comet Ridge Limited
For further information contact: Andy Lydyard (USA) Managing Director Phone: +1 (303) 226 1303 Fisher. +1 (303) 226 1301
Fax: +1 (303) 226 1301
Mobile: +1 (303) 547 4478
Email: [email protected]