Comet Ridge Limited provide Mahalo project update Mira 5 well spuds

Thursday, Jan 10, 2013

Coal seam gas explorer Comet Ridge Limited (ASX:COI) is pleased to announce the spud of the Mira 5 well on Tuesday 8 January 2013, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin.

Mira 5 is located approximately 500 metres east of the recently drilled Mira 4 pilot well and is approximately 250 km west of Gladstone in central Queensland. The well is expected to reach a total depth of approximately 310 metres.

Mira 5 is the third well in an eight-well programme for the Mahalo Joint Venture and the third of four pilot wells in the Mira field.

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. 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%.

Source: Comet Ridge Limited

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