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COMET RIDGE LIMITED — Capital/Financing Update 2022
Jun 20, 2022
64686_rns_2022-06-20_2d66d6d7-119d-49b7-915e-320fa18e1c43.pdf
Capital/Financing Update
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ASX Announcement
21 June 2022
Mahalo North 1 gas production continues to increase
Key points:
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Mahalo North 1 gas production continues to increase on a daily basis.
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Gas production now over 310 thousand cubic feet per day (Mcfd), an almost fourfold increase since the installation of the larger pump.
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Modelling indicates the well is draining a large area, improving the ultimate gas recovery potential of future development wells.
Comet Ridge Limited (ASX:COI) is pleased to advise that the Mahalo North 1 well continues to increase gas production on a daily basis, currently producing over 310 Mcfd, an almost fourfold increase since the recommencement of the production test on 26 May 2022. Comet Ridge previously reported a gas production rate of 85 Mcfd when the production test was paused in mid-May to install the larger pump (refer to ASX announcement on 30 May 2022).
Dewatering of the coal continues with the well maintaining a consistent water production rate of approximately 1,560 barrels of water per day (bwpd) compared to the original pump’s capacity of up to 800 bwpd.
Gas production is increasing daily as reservoir pressure reduces (see Figure 1 ).
Comet Ridge Managing Director, Tor McCaul said: “Modelling indicates this well is draining a large area of reservoir, which is encouraging for Mahalo North’s productivity. It also provides us with flexibility for future well spacing to optimise development and achieve strong ultimate gas recovery from each production well.”
Comet Ridge will continue to provide regular market updates as the production test continues.
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Figure 1: Mahalo North 1 flare
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
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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.
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