Comet Ridge-Vintage Energy JV wins PCAs in Queensland
A joint venture of Comet Ridge and Vintage Energy has been awarded six potential commercial areas (PCAs) in central Queensland by the Queensland department of resources, the companies said in a joint statement issued on September 12.
These areas, numbered by the Queensland government as PCA 319 to 324, have been awarded to Comet Ridge and Vintage for a term of 15 years to enable further appraisal to be undertaken. The underlying permits, ATP 743 and 744, have also been renewed for a further term of 12 years.
Two authorities to prospect, ATPs 743 and 744, were initially awarded to Comet Ridge in 2009. Exploration was initially coalbed methane (CBM) focused with Comet Ridge undertaking a 2D seismic survey, the drilling of nine CBM exploration and appraisal wells and a short-term production test on the Gunn 2 well.
In 2018, Vintage farmed into the "Deeps" section of the blocks by funding the Albany 1 well and additional 2D seismic, which was aimed at the deeper sandstone reservoir sections of the Permian aged Galilee basin sandstone. In exchange for this expenditure, Vintage acquired a 30% interest in the "Deeps" whilst Comet Ridge retained 70%, along with its 100% interests in the CBM shallows.
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Vintage and Comet Ridge continue to hold ATP 1015 as part of the joint venture which sits immediately to the west of the core PCA areas. This block is expected to move through a similar ATP renewal and PCA award process, later in 2022.