Project Profile
Location: New South Wales, northeast of Narrabri Gas Project in PEL 238 permit, 50km southwest of Goondiwindi, south to Bellata and east of Moree, Australia
Reserves: 140 PJ (net recoverable contingent resources) and 1,100 PJ (net recoverable prospective resources)
Area: 5,162 sq km
PEL 6 is located in northern New South Wales, north east of Santos’ Narrabri Gas Project and Wilga Park Power Station in PEL 238 permi, 50km southwest of Goondiwindi, stretching south to Bellata and east of Moree. The initial partners in the license were Eastern Star Gas Limited as CSG Operator of Joint Ventures in PEL 6, with Orion Petroleum Limited and Comet Ridge Limited as partners.
On 21 June 2012, Comet Ridge signed an Asset Sale Agreement for the acquisition of Petrel Energy Limited’s (previous Orion Petroleum) interests in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in northern New South Wales. At the conclusion of the acquisition of Petrel Energy’s Gunnedah Basin assets, Comet Ridge will have a 22.5% CSG interest in PEL 6, which covers an area of 5,162 sq km. Comet Ridge will also have a 20% conventional petroleum interest in PEL 6, with the rest of the share being hold by Santos (also the operator) which acquired Eastern Star Gas Limited in November 2011.
An initial resource booking revealed on 7 March 2011 for PEL 6, which was assessed by independent reserves certifiers MHA Petroleum Consultants LLC. Resources have been booked in the the Early Cretaceous Bungil Formation. PEL 6 has been estimated to hold 140 PJ of net recoverable contingent resources and 1,100 net recoverable prospective resources. Between March 2009 and June 2010 the Joint Venture drilled three CSG exploration wells; Gwydir-1, Milguy-1 and Camurra-2. Situated in the southern half of PEL 6, each of these wells was designed to test the Middle Triassic coals of the Moolayember Formation. This programme confirmed the consistent widespread presence and gas content of the Moolayember Formation coals. A 75km seismic acquisition programme is scheduled in PEL 6 in 2013, followed by a core hole.
Operators:
Santos: Operator with 77.5% interest
Comet Ridge
29.5% interest (CSG equity)
99.7% (Conventional equity)
Contractors:
MHA Petroleum Consultants LLC: Resource estimation study