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Comet Ridge Awarded Second Galilee Basin Tenement ATP 744

Source: www.gulfoilandgas.com 10/19/2009, Location: Not categorized

Comet Ridge Limited is pleased to advise that the Queensland Government has awarded ATP 744 to the Company. The Coal Seam Gas (CSG) exploration permit in central Queensland’s Galilee Basin is adjacent to ATP 743 which was awarded to Comet Ridge last month.

The Company holds 100% equity in both permits which are located about 500km northwest of Gladstone and cover a combined total area of approximately 13,000 square kilometers.

A number of petroleum and CSG exploration wells drilled since the 1960s in the area of the Galilee Basin where the permit is situated, intersected thick Permian coals over a wide area. Comet Ridge will be targeting these coals in its upcoming 8-well, core hole drilling programme.

Comet Ridge’s Managing Director Mr Tor McCaul said the award of ATP 744 enabled the Company to roll out its upcoming Galilee exploration programme with maximum flexibility across both blocks following the recent finalisation of a drilling contract with Atlas Drilling Co Pty Ltd.

Technical work undertaken by MBA Petroleum Consultants indicates significant gas-in-place potential of 36 trillion cubic feet (TCF) within the two Galilee Basin blocks.

Mr McCaul said the upcoming drilling programme, scheduled to get underway in November, would obtain coal thickness and gas content values over a wide area of Comet Ridge’s portion of the eastern Galilee Basin to update the gas-in-place estimate ahead of any pilot production scheme.

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