Vintage crop: Comet Ridge gets excited over Galilee
Comet Ridge said it and Vintage Energy were a step closer to untapping the huge potential of the Galilee Basin in central Queensland as a gas resource.
Comet Ridge said the Galilee had huge potential
The Galilee has been better known as an environmental battle ground between Adani and environmentalists over coal production but Comet Ridge has been exploring the region since earning Authority to Prospect in 2009.
It teamed up with Vintage Energy in 2018, which funded the Albany 1 well and farmed into the Deeps, or the deeper sandstone sections.
The Albany 1 well has flowed at 230,000 cubic feet of gas a day, which Comet Ridge said confirmed the deeper sandstone sections could be productive.
Six areas within the ATP totaling 4700 sq/km now make up an area secured under Potential Commercial Area tenures for 15 years to enable further appraisal. The underlying ATP has also been renewed from another 12 years.
Comet Ridge managing director Tor McCaul said the basin held “huge potential” as a significant east coast gas production area.
“The potential jobs and economic benefits that this project could bring is something we are very excited about and we look forward to results from our further exploration.”
Earlier this month, Comet Ridge raised $24 million through a placement for pilot wells at its Mahalo blocks and to pay for its purchase of APLNG’s 30 per cent stake in the Mahalo project.
