Comet Ridge’s ATP 337P Mahalo asset is located in the Denison Trough area of Queensland’s Bowen Basin near Rolleston, and covers an area of 989 sq km. Comet Ridge has a 40% interest in ATP 337P Mahalo.

On 25 October 2010, Comet Ridge announced a Contingent Resource Certification by NSAI, the first certification for Comet Ridge in any of its Australian or New Zealand acreage. The following table represents Comet Ridge’s share of Joint Venture Contingent Resources:

Eleven wells have been drilled in the ATP 337P Mahalo to date, with six of these drilled since Comet Ridge was assigned its interest in 2004. Results from wells drilled within the ATP 337P Mahalo permit have shown favourable gas contents, gas saturations and net coal parameters. Permeability data within the permit is limited, but good permeability has been demonstrated in several wells.

It is Comet Ridge’s objective to establish 2P and 3P Reserves at ATP 337P Mahalo over the next twelve months. To deliver on this outcome the ATP 337P Mahalo Joint Venture is planning a multi-well appraisal programme for 2011, including a Pilot Project. Success in the 2011 appraisal programme is expected to result in an additional Pilot Project in 2012, followed by additional core holes to further delineate the extent of the coals.

Coal Seam Gas activities exploration activities have increased in the general area in recent years with the drilling of Katrina 1 in 2007, Luka 1 in 2009 and Bungawarra 1 and 2 in mid 2010. These wells were drilled outside the ATP 337P Mahalo area, but both Katrina 1 and Luka 1 were drilled near the permit boundary by Comet Ridge’s ATP 337P Mahalo Joint Venture Partners.

The ATP 337P Mahalo Joint Venture drilled the Scrubber Gully 1 corehole in July 2009, which successfully demonstrated coal continuity from adjacent permits into the central-eastern portion of the joint venture area.
ATP 337P Mahalo is well placed with respect to existing infrastructure, with the gas pipeline linking the Northern Denison Trough gas fields to the existing Wallumbilla to Gladstone (Jemena) pipeline located along the western boundary of the permit. A proposed gas pipeline linking the Fairview CSG field to future LNG projects in Gladstone is also expected to follow a similar route to the Jemena pipeline in this area.

ATP 337P was awarded on 1 October 1983 for a period of 4 years to CSR Ltd (60%) and OCA (40%), and included 181 blocks. The ATP 337P permit is now in its seventh 4-year renewal period, covers 58 graticular blocks, and is due for renewal on 1 October 2011. ATP 337P Mahalo is a subset of ATP 337P, and covers 14 graticular blocks. Comet Ridge was assigned its 40% interest in ATP 337P Mahalo in 2004, with Santos and APLNG retaining a 30% interest each. Santos and APLNG each hold a 50% interest in the remainder of ATP 337P.

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