Comet Ridge Outlines Drilling Program

Comet Ridge, in its quarterly report, said that it is currently in the final stages of planning for the drilling of three appraisal wells in and around the Gunn Project Area in Queensland  with drilling expected to commence in June/July with the objective of optimally designing and locating the pilot scheme.

The company is also considering options to complete and run an early production test on one of these wells during the second half of this year, ahead of the main pilot commencing in 2013.  Early production performance data from the single well production test can then be used to optimise the design for the main pilot wells that will be drilled in 2013.

Meanwhile, the Mahalo 3 well is scheduled to spud on 30 May. Four drilling leases have been prepared in the Mahalo area in order to rapidly install the first pilot scheme. Two four spot pilots and an additional four core holes have been scheduled for 2012, giving a target of 12 wells to drill for this year.

The aim is to convert significant 2C and 3C Contingent Resources (193 & 387 PJ)  into 2P and 3P Reserves.  It is anticipated that a second Pilot Project will be progressed in 2012 to expand the reserves base for ATP 337P Mahalo.

In NSW, Comet Ridge will be working closely with Santos (the CSG operator of blocks PEL 427 & 428) during 2012 to continue with our seismic acquisition and drilling plans.

Comet Ridge has completed a significant piece of technical analysis across its entire 8,600 sq km acreage position in NZ which included the interpretation of the recent aerial magnetic surveys and Airborne Gravity Gradiometry surveys. 

This effort also achieved the first coal seam gas contingent resources independently certified on the West Coast of 244 PJ across the Greymouth coalfields.

Comet Ridge has made application to NZP&M (NZ Petroleum and Minerals) to extend the five year licence term for a further five years on both exploration blocks.