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COMET RIDGE LIMITED — Capital/Financing Update 2019
Dec 23, 2019
64686_rns_2019-12-23_110afb57-5034-4fb4-b3b4-2ba331196f30.pdf
Capital/Financing Update
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ASX Announcement
24 December 2019
Stimulation update - Albany 2 & Albany 1 wells
Comet Ridge Limited (ASX:COI) has completed a multi-zone stimulation program at its Albany 2 well as the Company tests the commercial capability of its two “deeps sandstone” wells in the Galilee Basin (see Figure 1 below).
Three prospective sandstone reservoir zones (treated in two stages) in the mid to upper portion of the Lake Galilee Sandstone sequence were successfully treated with large volumes of sand and ceramic proppant. This was the first ever attempt to stimulate the Lake Galilee Sandstone in the Galilee Basin and vindicates the view that these sands are high-grade stimulation candidates.
A decision to not place a slightly deeper treatment was made (third stage), as an injectivity test showed the treating pressure would go above the pressure rating for the wellhead. In future Albany wells, a higher pressure rated wellhead can be used.
The liquid used to carry the proppant into the reservoir is currently being flowed back to storage tanks. The well will then be further flowed with the assistance of nitrogen to lift the liquid stream from the well. This is expected to occur for the next few days.
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Figure 1 – Albany 2 well during stimulation operations in the Galilee Basin
A compelling east coast gas play
Comet Ridge Limited | ABN 47 106 092 577 | ASX: COI
Level 3, 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email: [email protected] cometridge.com.au
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A workover rig will arrive to run a 2-3/8” diameter production tubing string into the well during January, to set the well up for longer term production testing.
The stimulation equipment has now been moved 7km north-west to the Albany 1 well where it will undertake a planned four stage stimulation following the return of the Condor Energy Services Pty Ltd crew after the ChristmasNew Year break. Consideration is being given to mobilising a larger sized coiled tubing unit to assist with the stimulation program commencing in early January. Figure 2 shows one of the workstations in the central control vehicle during a stimulation treatment.
Albany 1 is expected to receive similar sand and ceramic proppant into four sandstone reservoir zones throughout the well, and similarly to Albany 2, will be flowed back to tanks before the workover rig arrives to run the production tubing string. Once the wells have been completed with production tubing, the scheduled production testing program will commence.
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Figure 2 – A workstation in the control vehicle during stimulation of the Albany 2 well
By Authority of Board, Mr Tor McCaul, Managing Director For more informaton or photos:
Tor McCaul Managing Director Phone +61 7 3221 3661 [email protected]
Peter Harding-Smith Chief Financial Officer Phone +61 7 3221 3661 [email protected]
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About Comet Ridge
Comet Ridge Limited is a publicly listed Australian energy company focused on the development of gas resources for the east coast Australian market. The company has tenement interests and a suite of prospective projects in Queensland and New South Wales. Our flagship Mahalo and Mahalo North projects are low cost, sales spec gas plays close to Gladstone, targeting first gas by 2021. Our exploration assets in the Galilee and Gunnedah basins offer further upside amid increasing domestic and international demand for gas as a source of cleaner energy.
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