Greymouth – New Zealand

Mining Permit PMP50100 (Greymouth) in the West Coast coal region of New Zealand’s South Island was awarded to Macdonald Investments Ltd (MIL) in July 2007 and covers 170km². By way of a two-stage farmin process Comet (through its merger with Chartwell) is earning a 50% interest in PMP50100.

Stage 1 has been completed earning Comet Ridge a 20% interest and operatorship. This program consisted of seismic acquisition and drilling two core holes. Stage 2 (spend of NZ$6.2m) is underway and involves further seismic (already completed), two additional core holes and a three-well production pilot scheme. This phase will take Comet Ridge’s interest to 50% with an option to increase to 60%.

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