Comet Ridge Spuds Galilee Basin Well, Australia

Comet Ridge announced that the third well in its current three-well Galilee Basin drilling campaign spudded at the Cernan 1 location. This well is being drilled in ATP 1015P in central Queensland.

Queensland Energy Resources Limited (QER) currently holds 100 per cent equity in the permit. Under a farm-in agreement executed between QER and Comet Ridge in July this year, Comet Ridge can earn up to 75 per cent equity in the Farm-in Area (FIA) through a three-stage farm-in process.

Cernan 1 is the second of two wells that will meet the requirements of Phase 1 of the Farm-in, which will earn Comet Ridge 20 per cent equity in the FIA.

Comet Ridge is also the Operator of the FIA which covers an area of 825 km2 and is part of ATP 1015P.

The Cernan 1 well is located 13 km east of the recently drilled Schmitt 1 well and is approximately 560 km WNW of Gladstone.

Cernan 1 is testing a new geological play, adjacent to the Gunn Project Area, and is expected to reach a total depth of approximately 930 metres.

[mappress]
LNG World News Staff, November 13, 2012; Image: Comet Ridge