Comet Ridge Limited provide Mahalo Project update Mira 4 well spuds

Friday, Jan 04, 2013

Coal seam gas explorer Comet Ridge Limited (ASX:COI) is pleased to announce the spud of the Mira 4 well on Thursday 3 Ja nuary 2013, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin.

Mira 4 is located approximately 500 metres southwest of the recently drilled Mira 3 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 4 is the second well in an eight-well programme for the Mahalo Joint Venture and the second 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 future expenditure at ATP 337P Mahalo up to $8 million. 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.

Source: Comet Ridge Limited

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