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Comet Ridge Limited provide Mahalo project update

Thursday, Jan 24, 2013

Coal seam gas explorer Comet Ridge Limited (ASX:COI) is pleased to announce the spud of the Scrubber Gully 2 well earlier this morning, at its ATP 337 Mahalo asset in Queensland’s Bowen Basin.

Scrubber Gully 2 is the first of four step-out core holes to be drilled following the recent drilling of pilot production wells in the Mira field. Scrubber Gully 2 is located approximately 5.2 km southeast of the Mira
field pilot wells and is approximately 245 km west of Gladstone in central Queensland. The well is expected to reach a total depth of approximately 500 metres. Scrubber Gully 2, and three further step-out core holes, will be cored through the reservoir section to further extend the area available for booking reserves in the Mahalo block.

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%.

Source: Comet Ridge Limited

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