Project Profile
Location: Northern New South Wales, north and west of Narrabri Gas Project and Wilga Park Power Station in PEL 238, Australia
Reserves: 65 PJ (net recoverable contingent resources) and 611 PJ (net recoverable prospective resources)
Area: 6,018 sq km
PEL 428 is located in northern New South Wales, immediately north and west of Santos’ Narrabri Gas Project and Wilga Park Power Station in PEL 238 permit. In 2010, Comet Ridge signed a Binding Heads of Agreement (HOA) to acquire Greenpower Energy Limited’s 20% interest in PEL 428, lifting Comet Ridge’s stake in the Joint Venture to 40%. On 21 June 2012, Comet Ridge signed an Asset Sale Agreement for the acquisition of Petrel Energy Limited’s 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 60% interest in PEL 428, with the rest of the share being hold by Santos (also the operator) which acquired Eastern Star Gas Limited in November 2011.
In April 2009 the Joint Venture drilled the Kurrabooma 1 core hole in the north west of PEL 428. This well was drilled to a depth of 439m and encountered approximately four metres of coal in the Bungil Formation. The extensive review of the magnetic and gravity data sets available over the northern Gunnedah Basin completed in early 2012 has identified some very promising new prospects in the north of PEL 428, including a better understanding of the likely extent of the Pilliga Trough. These new prospects need to be tested through a combination of seismic data acquisition and exploration drilling. An initial resource booking was announced on 7 March 2011 for PEL 428, which was assessed by independent reserves certifiers MHA Petroleum Consultants LLC. PEL 428 has been estimated to hold 65 PJ of net recoverable contingent resources and 611 PJ net recoverable prospective resources. A 75km seismic acquisition program is scheduled in PEL 428 for 2013, followed by a core hole. The seismic program is expected to be acquired in the south west leg of PEL 428, providing insights into the depositional environment of the Pilliga Trough.
Operators:
Santos: Operator with 40% interest
Comet Ridge
68.42% interest (CSG equity)
100% interest (Conventional equity)
Contractors:
MHA Petroleum Consultants LLC: Resource estimation study and formation mapping services