PEL 428 is located in northern New South Wales, immediately north and east of Eastern Star Gas’ Narrabri Gas Project and Wilga Park Power Station in PEL 238 permit. Comet Ridge has a 40% interest in PEL 428, which covers an area of 6,018 sq km.

In 2010 Comet Ridge announced it had signed a Binding Heads of Agreement (HOA) to acquire Greenpower Energy Limited’s (ASX:GPP) 20% interest in PEL 428, This transaction was completed in early 2011, increasing Comet Ridge’s interest in the permit from 20% to 40%.

In April 2009 the Joint Venture drilled the Kurrabooma 1 core hole in the north west of PEL 428. This well was drilled to a depth of 439m and encountered approximately four metres of coal in the Bungil formation. Independent reserves certifiers, MHA Petroleum Consultants LLC, mapped the Bungil formation to be extensive across the north of Comet Ridge’s PEL 427 and PEL 428.

Eastern Star gas announced on 7 March 2011 an initial resource booking for PEL 428, which was assessed by MHA Petroleum Consultants LLC. Resources have been booked in the Early Cretaceous Bungil Seam in the north of the permit. This certification confirms the CSG potential of the northern part of this permit, with Comet Ridge’s share of these resources presented below:



A 75km seismic acquisition programme is scheduled in PEL 428 for 2011, followed by a core hole in 2012. The seismic line is expected to be acquired in a north-south direction in the south west leg of PEL 428, providing insights into the depositional environment of the Pilliga Trough.

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