Comet Ridge Spuds Second Galilee Basin Well, Australia

Brisbane-based coal seam gas explorer Comet Ridge announced that the second well in its current three-well Galilee Basin drilling campaign spudded at the Schmitt 1 location.

This well is being drilled in ATP 1015P in central Queensland.

Queensland Energy Resources currently holds 100 percent 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.

Schmitt 1 is the first 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 km 2 and is part of ATP 1015P.

The Schmitt 1 well is located 17 km SE of the recently drilled Gunn 2 well and 560 km WNW of Gladstone. The well is expected to reach a total depth of approximately 955 metres and will be cored to obtain key coal properties from the Permian aged Betts Creek Beds.

Following the drilling of Schmitt 1, the rig will move east to Cernan 1, which is the final well in the current programme and also completes the requirements of Phase 1 of the farm-in.

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LNG World News Staff, October 29, 2012; Image: Comet Ridge