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Comet Ridge continues Queensland coal seam gas drilling

MENAFN - ProactiveInvestors - Australia - 13/11/2012


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(MENAFN - ProactiveInvestors - Australia) Comet Ridge (ASX: COI) has spudded the final well in its current three well coal seam gas drilling campaign in the Galilee Basin, Queensland.

The Cernan-1 well in ATP 1015P will test a new geological play, adjacent to the Gunn Project Area, and is expected to reach a total depth of about 930 metres.

It also fulfils the requirement to drill two wells under the first phase of COI's farm-in to Queensland Energy Resources ' ATP 1015P Farm-in Area, giving it a 20% stake in the area.

This can be increased to a maximum of 75% by committing to another two phases, the second consisting of three wells and the third of drilling four wells plus developing a pilot.

COI is the operator of the Farm-in Area, which covers 825 square kilometres.

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