Comet to Spud Oz Galilee Well
Australian Comet Ridge is expecting to spud its Albany-1 appraisal well in the Australian east coast’s Galilee Basin next week, the company said May 7.
Comet’s managing director Tor McCaul said the appraisal well in the north east of the Galilee Basin is an “exciting prospect” for the company.
“Drilling of the Albany-1 well represents the culmination of considerable technical work. The well will be an appraisal of an existing gas discovery utilising modern air drilling techniques,” he said.
“Should this appraisal well prove successful, Comet Ridge along with its joint venture partner Vintage Energy have identified approximately two dozen follow up leads and prospects to further explore and appraise in this large petroleum basin,” he added.
An independent resource certification has indicated 417 PJ (11.14bn m3) of recoverable gas at the 3C contingent resource level, 153 PJ at the 2C level and 56 PJ at the 1C level, Comet said.
The drilling of Albany-1 will be the first phase in a farm-out work program, under which, Vintage Energy is farming into the sandstone section of the block (the “Deeps”) by funding the first A$3.35mn (US$2.52mn) of the cost of drilling the first well to earn a 15% interest in the Deeps.
Vintage also has the option to fund the second phase of the program which contains further drilling and seismic acquisition in order to acquire a further 15% interest.
Comet said it is continuing to engage with a range of potential gas transporters and customers and believes Galilee gas could be brought relatively quickly into the east coast network to make a material difference to the current market.