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COMET RIDGE LIMITED — Capital/Financing Update 2012
Oct 10, 2012
64686_rns_2012-10-10_037d5e87-206d-4d6e-93e2-08423309b883.pdf
Capital/Financing Update
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11 October 2012
Galilee Basin Drilling Campaign Commences
Appraisal well spuds in Gunn Project Area to further define gas resource
Two further wells in Lake Galilee Farm-in Area to follow
Brisbane-based coal seam gas explorer Comet Ridge Limited (ASX:COI) is pleased to announce that a three-well drilling campaign in the Galilee Basin has commenced with the spud of the Gunn 2 well yesterday in ATP 744P in the Galilee Basin, central Queensland.
Comet Ridge holds 100 per cent equity in the permit.
The Gunn 2 well is located 93 km NNW of Aramac and 576 km WNW of Gladstone. The well is expected to reach a total depth of approximately 1,050 metres and will continue to evaluate and obtain key information from the main reservoir coals in the Permian aged Betts Creek Beds.
Comet Ridge has previously defined the Gunn Project Area (GPA), in the south western part of ATP 744P, with the drilling of the Hergenrother 1 and Gunn 1 exploration wells in 2010. This area of the block is approximately 1,400 km[2] in area and was further delineated with an extensive 252 km 2D seismic survey in 2011.
As announced on 25 November 2010, a contingent recoverable gas resource of 1,870 PJ has been independently certified over the GPA with an additional 597 PJ of prospective resources.
Managing Director Tor McCaul commented: “With the market in eastern Australia tightening for natural gas, the company is pushing ahead with plans to convert its considerable resource base to reserves in both the Galilee Basin and at Mahalo (ATP 337P) in the Bowen Basin.”
Following the drilling of Gunn 2, the rig will move southeast to Schmitt 1 and Cernan 1 as part of the farm-in to the Lake Galilee Farm-in Area which was announced in late July (see map on page following).
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Stephen Rodgers Company Secretary Comet Ridge Limited
For further information please contact:
| For further information please contact: | |
|---|---|
| Media: | |
| Tor McCaul | Dianne Monopoli |
| Managing Director | Principal Consultant |
| Comet Ridge Limited | Three Plus |
| [email protected] | [email protected] |
| +61 7 3221 3661 | +61 7 3503 5700 |
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
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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 certified, by independent professional certifiers, at four 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, with the intention of 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 35% equity in the ATP 337P Mahalo block in the Bowen Basin, and announced on 21 June 2012 that it has signed an agreement to increase its equity to 22.5%, 50% and 60% respectively in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in New South Wales. This transaction is subject to government and joint venture consent to transfer.
Work Programme
Comet Ridge has an active exploration and appraisal work program for CSG projects in Queensland, northern New South Wales and New Zealand. Drilling for the first Pilot Project for ATP 337P Mahalo was undertaken in July 2012, with additional exploration and appraisal work planned for the Galilee Basin and Mahalo in 2012 and 2013.
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