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COMET RIDGE LIMITED — Capital/Financing Update 2022
Jul 4, 2022
64686_rns_2022-07-04_c644472b-f852-4305-ab76-24ea864913cd.pdf
Capital/Financing Update
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ASX Announcement
5 July 2022
Mahalo North gas production passes 530 Mcfd
Key points:
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Mahalo North 1 gas production continues to increase.
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Gas production now over 530 thousand cubic feet per day (Mcfd), a 71% increase over the past two weeks.
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Water rate declining slowly from peak rate of 1,560 barrels of water per day (bwpd) as expected.
Comet Ridge Limited (ASX:COI) is pleased to advise that the Mahalo North 1 well continues to increase gas production, currently producing over 530 Mcfd. Gas production has increased by 71% over the two weeks since Comet Ridge last reported gas production passing 310 Mcfd on 21 June.
Comet Ridge Managing Director, Tor McCaul said: “Pleasingly, over the last several days we have seen the water rate slowly declining, from approximately 1,560 bwpd down to its current level of approximately 1,440 bwpd in parallel with the increasing gas rate and decreasing bottomhole pressure.”
Comet Ridge will continue to provide regular market updates as the production test continues.
By Authority of the Board per: Tor McCaul, Managing Director
For more informaton:
Tor McCaul Phil Hicks Managing Director Chief Financial Officer Phone +61 7 3221 3661 Phone +61 7 3221 3661 [email protected] [email protected]
About Comet Ridge
Comet Ridge Limited (ASX: COI) is a publicly listed Australian energy company focused on the development of natural gas resources for the strained east coast Australian market. The company has tenement interests and a suite of prospective projects in Queensland. Our flagship Mahalo Gas Hub project consists of low cost, sales spec natural gas blocks, close to Gladstone. Our exploration assets offer further upside amid increasing domestic and international demand for natural gas as a source for cleaner energy and as a key manufacturing feedstock that makes thousands of products, used daily.
A compelling east coast gas play
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
Comet Ridge Limited | ABN 47 106 092 577 | ASX: COI