Comet Ridge has interests in two adjacent permits in northern New South Wales, PEL 427 and PEL 428, covering a combined area of 13,028 km2. These permits are located immediately north of Eastern Star Gas’ Narrabri Gas Project and Wilga Park Power Station in PEL 238.

PEL 427 and PEL 428 contain the northern extent of the Gunnedah Basin, and are overlaid by the southern extent of the Surat Basin, with both basins currently producing coal seam gas via commercial project developments.

There has been considerable consolidation of coal seam gas permits in the Gunnedah and Sydney Basins since 2008, with the key Operators reducing to Santos, Eastern Star Gas, Dart / Apollo and AGL. Comet Ridge’s Gunnedah Basin permits are well located strategically as this area has the potential to mature into a major CSG producing province, regardless of whether the gas flows north to LNG projects in Gladstone or south to Newcastle and Sydney.

Eastern Star gas announced on 7 March 2011 an initial resource booking for PEL 427 and PEL 428, which was assessed by independent reserves certifiers MHA Petroleum Consultants LLC of Denver. This certification confirms the CSG potential of these permits, with Comet Ridge’s share of these resources presented below:



Both permits have seismic acquisition and core hole drilling programmes scheduled, with PEL 427 seismic and drilling expected to be completed by mid 2011. PEL 428 is expected to have its programme completed by September 2012.

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