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COMET RIDGE LIMITED — Capital/Financing Update 2008
Jul 7, 2008
64686_rns_2008-07-07_8263ca42-c758-45b3-b979-56d31087fd78.pdf
Capital/Financing Update
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ASX Announcement
Comet Ridge Limited | ABN 47 106 092 577
Comet Ridge
8 July 2008 ASX CODE: COI Operations Update
FIRST WELL ON FLORENCE PROJECT, GOLDEN #33-20, DRILLING AHEAD AT 696 FEET
The board of Directors of Comet Ridge Limited (ASX Code: COI) advises that drilling operations on the Florence project in south eastern Colorado in underway after being delayed by a few days by restrictions imposed by the State of Colorado on moving the larger parts of the rig.
All of the drilling rig and equipment is now on location and drilling operations have commenced. Please see further details below:
Well Information:
| Well Information: | |
|---|---|
| Well Name: | Golden #33-20 |
| Operator: | Comet Ridge USA* |
| Location: | Well is within the limits of the Florence oil field approximately |
| 1km south west of the town of Florence, Fremont County, CO. | |
| Current Operation: | Preparing to drilling out surface casing |
| Proposed Total Depth: | 4,926 feet measured depth (md) |
| 4,500 feet true vertical depth (tvd) | |
| Current Depth: | 696 feet md, 692 feet tvd |
| Progress since last report: | 696 feet |
| Hydrocarbon indications: | None |
| Comet Ridge Limited Interest: | 43.75% equity in Comet Ridge Resources, LLC** which has a |
| 97.25% working interest | |
| Report Time: | 6am Monday 7th July, 2008 |
| Mountain Daylight Standard Time | |
| Next routine report: | Tuesday 15th July, 2008 |
* Comet Ridge USA is operating on behalf of Comet Ridge Resources, LLC/Pine Ridge Oil &Gas, LLC
** Comet Ridge Limited’s current equity interest in Comet Ridge Resources, LLC
Newly formed Pine Ridge Oil and Gas, LLC, a wholly owned subsidiary of Comet Ridge Resources, LLC, (COI 43.75%** equity interest) is paying 100% of the well costs and will own a 97.25% interest in the Florence project after drilling this well.
For further information please contact:
Andy Lydyard, Managing Director [email protected] +1 303.226.1303
David Waterhouse, Waterhouse IR [email protected] +613 9639 9099
AUSTRALIA
C/- Endeavor Corporate Suite 8, 7 The Esplanade Mt Pleasant, West Australia 6153 Phone: +61 8 9316 9100 Fax: +61 8 9315 5475
UNITED STATES ASX CODE: COI 600 17th Street ASX Listed: 19 April 04 Suite 800-S Shares on Issue: 105 million Denver, Colorado 80202 USA Unlisted Options: 10.25 million Phone: +1 (303) 226.1300 Top 20: 44% Fax: +1 (303) 226.1301 Directors: 12%
Comet Ridge Limited | E-mail: [email protected] Website: www.cometridge.com.au USA Phone: 1-303-226-1300