Comet Ridge Ups Gas Reserves at Mahalo Project in Queensland

Comet Ridge Limited on Tuesday announced upgrade in gas reserves for the Mahalo gas project in Queensland, Australia.

“The initial independent certification of reserves at Mahalo was announced on 28 August 2014. As a result of the success of the Mahalo 7 horizontal well in providing significant gas flows, and also additional open source well data, both 2P and 3P reserves have been increased by converting part of the significant contingent resources in the block to the higher category of reserves,” the company said.

According to Comet Ridge, the most significant part of this reserves upgrade has been the conversion from the 1C contingent resource category, into the 3P reserves category, however some conversion of 3P to 2P Reserves has also been achieved.

The projects 2P reserves have increased by 36 percent to 30 petajoules (28 Bcf) while 3P reserves now stand at 219 PJ, (208 Bcf) representing a 77 percent increase.

The Mahalo pilot scheme is located in the Mahalo Joint Venture Area which forms part of ATP 1191. ATP 1191 is located in the Bowen Basin near Rolleston, Queensland, approximately 240 km west of Gladstone.

Comet Ridge Mahalo Pty Ltd (40 percent), Santos (30 percent) and Australia Pacific LNG Pty Ltd (30 percent) are the joint venture partners in the project.