Comet Ridge Updates on Humboldt Creek 2 Well, Australia

Coal seam gas explorer Comet Ridge announced that the Humboldt Creek 2 well at its ATP 337P Mahalo asset in Queensland’s Bowen Basin, has intersected 9.4 metres of net coal.

Humboldt Creek 2 is the third step-out core hole to be drilled following the recent drilling of pilot production wells in the Mira field. Humboldt Creek 2 is located approximately 24 km south-southeast of the Mira field pilot wells and is approximately 245 km west of Gladstone in central Queensland. The well reached a total depth of 483 metres.

The rig is preparing to move to the final well in the current drilling programme, Lowesby West 1.

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 and step-out drilling. 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%.

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LNG World News Staff, March 27, 2013; Image: Comet Ridge