COI 7.22% 9.0¢ comet ridge limited

galilee basin potential, page-2

  1. 321 Posts.
    Another interesting article

    COMET Ridge is pushing forward with its eight-well coal seam gas drilling campaign across ATP 743P and ATP 744P of Queenslands Galilee Basin and expects to spud the second well later this week.
    The second well, Catalina-1 will test the primary objective Betts Creek coal measure sequences in the northeast of ATP 743P and is expected to be drilled later this week subject to weather.

    The first well, Stiff-1, was drilled as an exploration well and tested the Betts Creek coal measure sequence in the northwest corner of ATP 743P.

    The well reached a total depth of 1414.3m and was terminated in the middle of the coal measure sequence.

    Comet said important data was acquired on both the depth of the coal measures and gas content of the intersected coal seams; however, due to deteriorating hole conditions, wireline logs and drill stem testing tools could not be run.

    The eight-well program is aimed at obtaining coal thickness and gas content values over a wide area of Comets portion of the eastern Galilee Basin to update the gas-in-place numbers ahead of any pilot production scheme.

    Technical work carried out by MBA Petroleum Consultants has indicated the two blocks have potential gas-in-place of 36 trillion cubic feet.

    Comet holds 100% of both ATP 744P and ATP 743P.

    -----read the bit in the 2nd last paragraph - 36 trillion cubic feet is a lot of gas.

    Don't forget that the Catalina-1 drill is on now.

    Also, interesting that the Skiff 1 drill had hole instability problems - won't this normally indicate strong gas flows like BUL at one fo their wells at Monslatt ? That put a rocket up BUL's price when that announcement was made, and subsequently, it proved true as further testing around that well proved that there was heaps of CSG.

    COI is currently undervalued.
    It has got expert management team with pedigree skills in the CSG industry.
    It has got cash.
    It is exploring in other countries as well.
    What would have been good is if they had released more details on WHY the hole was unstable.
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