Comet Ridge Spuds Mira 2 Well (Australia)

Comet Ridge announced the spud of the Mira 2 well on Monday, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin.

Mira 2 is the central well in the pilot scheme and is located approximately 290 metres from each of the three recently drilled Mira pilot wells. The Mira field is approximately 250 km west of Gladstone in central Queensland. The well is expected to reach a total depth of approximately 310 metres.

Mira 2 is the fourth well in an eight-well programme for the Mahalo Joint Venture and the last of four pilot wells in the Mira field. The Mira 2 well will also be cored through the reservoir section to gain additional data on coal parameters. Four step-out core holes will be drilled following Mira 2, to further extend the area available for booking reserves in the Mahalo block.

Comet Ridge currently has a 35% interest in ATP 337P Mahalo, having divested a 5% interest in the asset to Stanwell Corporation Limited in an agreement announced in September 2011. Under the terms of that agreement, Stanwell Corporation Limited will fund Comet Ridge’s expenditure for the Mahalo field and Mira field pilot schemes. The agreement also gives Stanwell Corporation an option to purchase half or all of Comet Ridge’s equity in the Mahalo block, based on 2P reserves booked.

Equity participants in ATP 337P Mahalo are Comet Ridge Mahalo Pty Ltd 35%, Stanwell Corporation Limited 5% (with an option to increase), Australia Pacific LNG Pty Ltd 30% and Santos QNT Pty Ltd 30%.

[mappress]
LNG World News Staff, January 15, 2013; Image: Comet Ridge