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COMET RIDGE LIMITED — Capital/Financing Update 2011
Mar 6, 2011
64686_rns_2011-03-06_82abcfd1-ca6e-48ee-a7d5-1bcc777552f7.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
7 March 2011
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Encouraging initial CSG Resource Booking for PEL 427 & PEL 428, Northern NSW
Comet Ridge Limited (ASX:COI) today said it’s Joint Venture Operator in northern NSW, Eastern Star Gas Limited (ASX:ESG), had announced encouraging initial resource bookings for two JV permit areas.
Eastern Star Gas, as CSG Operator of Joint Ventures in PEL 427 and PEL 428, today announced the first independent assessment of the coal seam gas resources in these two licences. Comet Ridge holds a 25% stake in PEL 427 and will hold a 40% stake in PEL 428, following the signing of a binding heads of agreement in October 2010 to lift its stake in that permit from 20%.
Comet Ridge Managing Director, Tor McCaul said he was pleased that this assessment by MHA Petroleum Consultants LLC confirms the CSG potential of its northern NSW acreage.
“In particular, Comet Ridge is excited by the Contingent Resource booking in the Black Jack and Maules Creek Formations in the southeast corner of PEL 427, where the Joint Venture has a work programme scheduled for the first half of 2011,” Mr McCaul said.
“This programme includes reprocessing of existing seismic data, acquiring new seismic and the drilling of a core hole to confirm the characteristics and areal extent of these Bellata Trough coals.”
Comet Ridge was also pleased with the booking for PEL 428. Both permit areas adjoin Eastern Star Gas’ PEL 238 which contains the Narrabri Gas Project and Wilga Park Power Station.
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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
The Eastern Star Gas ASX Release is attached.
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 Associate Three Plus [email protected] +61 7 3503 5700
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INITIAL RESOURCE FOR PELs 6, 427 & 428
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Sydney, Australia – 7 March, 2011 – Eastern Star Gas Limited (ASX:ESG & OTCQX:ESGLY) as CSG Operator of Joint Ventures in PELs 6, 427 & 428, located in northern NSW with Orion Petroleum Limited (ASX: OIP) and Comet Ridge Limited (ASX: COI) is pleased to announce the first independent assessment of the coal seam gas resources in these licences.
| Recoverable Contingent | Recoverable Prospective | |
|---|---|---|
| Licence | Resources | Resources |
| (PJ) | (PJ) | |
| PEL 6 | ||
| ESG 77.5% | 152.8 | 1160.5 |
| OIP 22.5% | ||
| PEL 427 | ||
| ESG 50% | 751.1 | 2457.8 |
| OIP 25% | ||
| COI 25% | ||
| PEL 428 | ||
| ESG 40% | ||
| OIP 20% | 107.3 | 1018.9 |
| COI 20% | ||
| DP/COI 20%* | ||
| Totals | 1011.2 | 4637.2 |
*A Binding Heads of Agreement was signed on 14 October 2010 to transfer the Davidson Prospecting Pty Ltd (DP) 20% interest in PEL428 to COI.
The resource estimates provided in this statement were determined by Mr Timothy L. Hower of MHA Petroleum Consultants LLC in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of MHA, is a qualified person as defined under the ASX Listing Rule 5.11 and has consented to the use of the resources figures in this announcement.
The estimate of resources was generated following nearly three years of exploration activity by ESG across the licence areas including coreholes and seismic. These data were combined with preexisting well and seismic data to delineate the resources in these areas for the first time. In particular, we are excited to note the interpretation that the Black Jack Formation and Maules Creek Formation resources identified by the Edgeroi-1 and -2 coreholes in PEL 238 continue into southern PEL 427.
In the immediate term, ESG’s appraisal and development field efforts will focus on the Narrabri Gas Project in PEL238 while a programme to convert these resources to reserves is designed.
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Eastern Star Gas Limited ABN 29 094 269 780
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Mr David Casey, Managing Director of ESG, said: “As Operator, ESG has applied its significant CSG experience in the unique conditions of the coals of the Gunnedah Basin, to the Joint Ventures’ permit areas. The resource estimates released today are testament not only to the success of our recent exploration programme, but also to the significant upside that exists for continued gas reserves growth for ESG in addition to the Narrabri Gas Project in PEL238 which already has 3P+3C of 9,012 PJs.”
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Eastern Star Gas Limited ABN 29 094 269 780