Comet Ridge Secures A$5M Grant For Mahalo East Pilot Test

Comet Ridge Ltd (ASX: COI) has secured a A$5 million grant from the Queensland Government to undertake a pilot test at Mahalo East block.

The 100% held Mahalo East block (ATP 2061) in the Bowen Basin currently has an independently certified 2C contingent resource of 31 petajoules.

Comet Ridge will use the A$5 million grant to drill and test a new pilot scheme, comprising a vertical production well and a lateral well.

Enhanced steering technology

This pilot will be similar to Comet Ridge’s successful Mahalo North pilot, with a trial of enhanced steering technology to improve lateral well length and design.

This technology can then be applied more widely across the Mahalo Gas Hub and the Bowen Basin.

Comet Ridge plans to start operations for this pilot program next quarter.

“Tight east coast gas market”

Comet Ridge Managing Director Tor McCaul said: “Comet Ridge is very pleased to be the recipient of a Frontier Gas Exploration Grant, a further endorsement of the significant position that Comet Ridge has established in the Mahalo Gas Hub area within the Bowen Basin.

“The Mahalo East block is 100% held by Comet Ridge and a successful outcome would further demonstrate the significant scale and strategic importance of the Mahalo Gas Hub in a tight east coast gas market.

McCaul said that the steering technology Comet plans to utilise for the Mahalo East lateral (horizontal) well will aid in the assessment of the optimum well length and design that can be applied across its entire Mahalo Gas Hub.

“Longer lateral wells equate to less wells required for development and less surface impact and cost,” added McCaul.

 

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