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COMET RIDGE LIMITED — Capital/Financing Update 2011
Jun 9, 2011
64686_rns_2011-06-09_5993f4a1-2e47-4c5d-b244-1bf1a1f408ec.pdf
Capital/Financing Update
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10 June 2011
Operational Update – Florence Drilling Programme Completed and Record Production Established
Brisbane based Comet Ridge Limited (ASX: COI) today announced that Denver based Comet Ridge Resources LLC (CRR) has recorded an average oil production rate in excess of 1100 barrels per day, setting a new record for CRR production. Comet Ridge Limited has a 17.257 % equity interest in CRR.
CRR undertook a six well oil appraisal programme during April and May 2011. Five of those wells have been successfully completed for production. Total field oil production has now risen to over 1100 barrels per day and strong oil prices are still being achieved, generating significant cash for CRR.
CRR is now well positioned to focus on pursuing further high value and short payback oil targets in the Florence field, testing the large Caldwell Creek structure at Grays Harbor in Washington State later this year and to capture new business opportunities.
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Stephen Rodgers Company Secretary Comet Ridge Limited
For further information please contact:
Media: Tor McCaul Rhyll Cronin Managing Director Associate Comet Ridge Limited Three Plus [email protected] [email protected] +61 7 3221 3661 +61 7 35035700
Comet Ridge Limited T: +61 7 3221 3661 E: [email protected] 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN 47 106 092 577 F: +61 7 3221 3668 W: www.cometridge.com.au GPO Box 798, Brisbane, Qld, 4001 Australia
ASX CODE: COI
Comet Ridge Limited
COMET RIDGE LIMITED - OVERVIEW
Comet Ridge Limited has significant Coal Seam Gas (CSG) projects in key regions of Queensland, northern New South Wales and New Zealand, as well as oil and gas interests in the United States. Gas resources have been independently certified at three projects. The company is listed on the Australian Securities Exchange (ASX Code: COI) and is based in Brisbane. The Board and Management are experienced in establishing and developing energy projects.
Corporate Strategy
Comet Ridge has gained early entry into well-located exploration areas, allowing shareholders to gain substantial leverage into the upside value potential associated with exploration success.
Comet Ridge conducts CSG exploration and appraisal, with the aim of maturing exploration acreage from Gas Resources into Proven and Probable Gas Reserves. This process initially involves drilling wells in order to certify Prospective and Contingent Resources and then through further appraisal via Pilot Projects, progressing into certified Reserves.
Where possible, Comet Ridge takes high equity positions in its large exploration permits, including a 100% interest in both its Galilee Basin and New Zealand assets. Comet Ridge has 40% equity in the ATP 337P Mahalo block in the Bowen Basin, and holds 25% and 40% equity respectively in PEL 427 and PEL 428 in NSW.
Certified Resources
In executing our strategy, Comet Ridge has successfully independently certified the following Prospective and Contingent Resources:
| Comet Ridge Limited – Net Recoverable Resources | Comet Ridge Limited – Net Recoverable Resources | Comet Ridge Limited – Net Recoverable Resources | |
|---|---|---|---|
| Project | Location | ContingentResource(PJ) | ProspectiveResource(PJ) |
| Gunn Project Area(ATP 744P) | Galilee Basin, Qld | 1,870 | 597 |
| Mahalo Block(ATP 337P) | Bowen Basin, Qld | 442 | - |
| PEL 427 and PEL 428 | Northern NSW | 231 | 1022 |
| Total | 2,543 | 1,619 |
Work Program
Comet Ridge has an active exploration and appraisal work program for CSG projects in Queensland, northern NSW and New Zealand. The first Pilot Project for ATP 337P Mahalo is planned for 2011, with additional exploration and appraisal work planned for the Galilee Basin, northern NSW and NZ.
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Comet Ridge Limited T: +61 7 3221 3661 E: [email protected] 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN 47 106 092 577 F: +61 7 3221 3668 W: www.cometridge.com.au GPO Box 798, Brisbane, Qld, 4001 Australia
ASX CODE: COI