Comet Ridge has interests in four coal seam gas assets in
Queensland, with ATP 337P Mahalo located in the Bowen Basin
and three assets located in the Galilee Basin.
*Subject to a 3 Phase farm-in where Comet Ridge can earn up
to 75% interest
In July 2012, Comet Ridge commenced a 12-well drilling programme
at ATP 337P Mahalo, including two pilot projects. Comet Ridge
has a 35% interest in ATP 337P Mahalo after it sold a 5% interest
to Stanwell Corporation in late 2011. Comet Ridge’s
expenditure commitments under this drilling programme are
to be carried by Stanwell up to A$8 million.
Comet Ridge has a 100% interest in two adjacent permits on
the eastern flank of Queensland’s Galilee Basin, ATP
743P and ATP 744P. These permits have a combined area of 12,991
sq km, and are sparsely explored to date. The drilling of
the Hergenrother 1 and Gunn1 wells in the south west of ATP
744P in early 2010 identified an area of favourable coal thickness
and gas content, which is referred to as the Gunn Project
In mid-2012, Comet Ridge signed a three-stage farm-in agreement
to earn up to 75% of the Lake Galilee Farm-in Area, located
between the east and west parts of Comet Ridge’s ATP
744P. The Farm-in expands the Gunn Project Area to the east,
allowing it to be appraised as a single project. Comet Ridge
expects to drill two wells to complete the first stage of
the farm-in by the end of 2012, and earn an initial 20% interest
in the asset.
Contingent Resource Certification:
In late 2010, Comet Ridge announced that NSAI had completed
a Resource Certification for each of the Gunn Project Area
(ATP 744P), and for ATP 337P Mahalo.
The current work programme focused on maturing Contingent
Resources into certified Reserves at both projects during