Project Profile

Location: Eastern flank of Queensland’s Galilee Basin, south east of permit ATP 1015P, Australia
Reserves: 2,500 PJ (Contingent and Prospective Resources certified in the Gunn Project Area only)
Area: 12,991 sq km
Start-up Year: -

In mid-2012, Comet Ridge signed a three-stage farm-in agreement to earn up to 75% of the Lake Galilee Farm-in Area. The farm-in area is located in the south east of permit ATP 1015P. The Lake Galilee Farm-in Area consists of two separate areas totalling approximately 825 sq km. The Farm-in expands the Gunn Project Area to the east, allowing it to be appraised as a single project. On 25 November 2010, Comet Ridge revealed a Contingent Resource Certification by NSAI covering only the south-western leg of ATP 744P, known as the Gunn Project Area, showing that prospective resources could be around 2,450 PJ.

ATP 744P to gain additional Contingent and Prospective Resources Comet Ridge’s Galilee Basin permits are located on the shallower eastern edge of the basin, making it closer to gas infrastructure and the Gladstone LNG precinct than most Galilee Basin CSG permits. The permits are also close to the numerous Galilee Basin coal mining projects proposed by Hancock Coal, Waratah Coal, Adani and Bandanna / ACMI, each with significant power demand requirements. With approximately 2,500 PJ of Contingent and Prospective Resources certified in the Gunn Project Area alone, and the remainder of ATP 743P and ATP 744P relatively underexplored, these permits have sufficient reserves potential to contribute significantly towards the gas demands of both the local coal mining industry and the growing LNG industry at Gladstone.

History:

Comet Ridge drilled five wells in these two permits during late 2009 and early 2010. The most promising results were obtained at Hergenrother-1 and Gunn-1 in the south west of ATP 744P, where net coals of 16m thickness were intercepted. Gas contents of 4.0 to 4.5 m3/t dry ash free (DAF) were recorded in this area, and drill stem testing has confirmed that the coals are permeable. Drilling was followed by a regional mapping exercise, which identified a structural nose in the Gunn Project Area. This feature contains the Hergenrother-1 and Gunn-1 wells. Comet Ridge has focused on better understanding these structural features in the Gunn Project Area ahead of the drilling campaign scheduled for late 2012. This activity involved a seismic acquisition programme in 2011 and a geophysical interpretation of a major Airborne Gravity survey over the eastern part of Galilee Basin in early 2012.

Operators:

Comet Ridge: Operator with 70% interest

Vintage Energy: 30% interest (subject to US$8.5 million funding)

Contractors:

Netherland, Sewell & Associates, Inc. (NSAI):  Contingent Resource Certification paper

Comet Ridge entered into a non-binding MOU with APA Group to work towards the transportation of gas from Comet Ridge’s Galilee Basin permits in Queensland to east coast gas markets in Australia. (11/05/2016)