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COMET RIDGE LIMITED — Capital/Financing Update 2010
Nov 24, 2010
64686_rns_2010-11-24_e4aa326a-aae2-4b5d-84d8-3fee262673ee.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
25 November 2010
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Comet Ridge Limited announces Galilee Basin resource certification
Comet Ridge Limited (ASX:COI) today announced its first Coal Seam Gas (CSG) resource certification in Australia’s new CSG frontier, the highly prospective Galilee Basin in Queensland.
Comet Ridge announced a Contingent Resource Certification of 67 Petajoules (PJ) of 2C and 1,870 PJ of 3C Resources (recoverable) booked in the Gunn Project Area of ATP 744P, which is held 100% by Comet Ridge. The Gunn Project Area incorporates the south-western leg of ATP 744P where the Gunn 1 and Hergenrother 1 wells were recently drilled and tested.
In addition to the Contingent Resources detailed above, Comet Ridge has also booked 597 PJ of Prospective Resources in the Gunn Project Area.
The Contingent and Prospective Resources have been certified by industry recognised, Independent Reserves Certifiers, Netherland, Sewell & Assoc (NSAI) of Dallas, Texas.
The Contingent and Prospective Resources (recoverable) announced today by Comet Ridge are detailed below:
| ATP 744P Resources(PJ) | COIContingent Resources | Prospective |
|---|---|---|
| Interest2C3C | Resources | |
| Gunn Project Area(part of ATP 744P) | 100%671,870 | 597 |
Comet Ridge Managing Director Tor McCaul said the resource certification was a milestone for Comet Ridge.
“The Comet Ridge team is very pleased with this first step in the evolution of our part of the Galilee Basin. This Contingent and Prospective Resource certification indicates that about 2,500 PJ of gas is estimated to be technically recoverable from the Gunn Project Area alone.”
“The next 12 to 18 months will be very exciting for Comet Ridge as this part of the Galilee Basin matures from being a frontier Coal Seam Gas area into an area with the potential to become a major future CSG producer,” Mr McCaul said.
The certification is the second by Comet Ridge in Queensland in just over a month. On 25 October, the company announced that its Bowen Basin joint venture, ATP 337P Mahalo, had achieved a Contingent Resource Certification of 83 PJ (Petajoules) of 1C, 221 PJ of 2C and 442 PJ of 3C Resources (net to COI) .
Mr McCaul said it was Comet Ridge’s objective to establish reserves at both the Galilee Basin and Bowen Basin permit areas to meet the upcoming requirements of the LNG plants approved for Gladstone.
AUSTRALIA ASX CODE: COI Level 1 283 Elizabeth Street Brisbane Qld 4000 GPO Box 798 Brisbane Qld 4001 Phone: +61 7 3221 3661 Facsimile: +61 7 3221 3668
Comet Ridge Limited ABN 47 106 092 577 E-mail: [email protected] Website: www.cometridge.com.au
ASX ANNOUNCEMENT
A standard LNG Train in Gladstone is expected to consume approximately 4,200 to 4,500 PJ over 20 years.
Comet Ridge drilled five wells in its 2010 exploration core hole programme in permits ATP 743P and ATP 744P, which span a total area of 12,991 km[2] . The most promising results were obtained at Hergenrother-1 and Gunn-1 in the south west of ATP 744P, where net coals of 16m thickness were intercepted. Gas contents of 4.0 to 4.5 m3/t dry ash free (DAF) were recorded in this area and drillstem testing has confirmed that the coals are productive.
Mr McCaul said “Our technical effort in the Galilee Basin over the next 12 to 18 months will have two objectives – firstly to move a large part of this identified Contingent and Prospective Resource across into the Reserves category, and secondly to expand our activities further across ATP 743P and ATP 744P to gain more Contingent and Prospective Resources.”
A recent regional mapping exercise has identified a structural nose in the Gunn Project Area. This feature contains the Hergenrother-1 and Gunn-1 wells. Comet Ridge’s primary focus is now on better understanding the structural features in the Gunn Project Area ahead of the next drilling campaign. This is likely to involve seismic acquisition in 2011 and options are currently being evaluated.
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Disclosure regarding Certifications
The gas Contingent and Prospective Resource estimates provided in this statement were determined by Mr John Hattner of Netherland, Sewell and Associates Inc, Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner is a full-time employee of NSAI, and is considered to be a qualified person as defined under the ASX Listing Rule 5.11 and has given his consent to the use of the Contingent and Prospective Resource figures in this announcement.
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ASX ANNOUNCEMENT
COMET RIDGE LIMITED - OVERVIEW
Comet Ridge Limited is a Brisbane based, ASX-listed (ASX Code: COI) coal seam gas (CSG) exploration and development company with a focus on Queensland, NSW and New Zealand. The Company also has exposure to prospective conventional oil and gas fields in the United States via a joint venture.
The Company has several projects in various stages of maturity. Comet Ridge Limited plans to grow shareholder value through the establishment and development of gas reserves from the significant resource potential of its projects.
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Stephen Rodgers Company Secretary Comet Ridge Limited
For further information please contact:
Tor McCaul Managing Director Comet Ridge Limited [email protected] +61 7 3221 3661
Media: Rhyll Cronin Principal Consultant Three Plus [email protected] +61 7 3503 5700
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