Comet Ridge drills Mira 5 well in Bowen Basin in Queensland, Australia

Australia-based coal seam gas explorer Comet Ridge has drilled the Mira 5 well at its ATP 337P Mahalo asset in Bowen Basin, Queensland, Australia.

The Mira 5 well located about 500m east of the Mira 4 pilot well and about 250km west of Gladstone in central Queensland, is expected to reach a total depth of about 310m.

It is the third well to be drilled in an eight-well programme for the Mahalo joint venture, and also the third of four pilot wells in the Mira field.

Comet Ridge currently holds 35% interest in ATP 337P Mahalo and sold a 5% interest in the asset to Stanwell, as part of a deal announced in September 2011.

As a part of the agreement, Stanwell will fund Comet Ridge’s expenses related to the Mahalo field and Mira field pilot schemes and has the option to buy half or all of Comet Ridge’s equity in the Mahalo block, based on 2P reserves booked.

Other companies participating in ATP 337P Mahalo are Australia Pacific LNG and Santos QNT, each holding 30% interest respectively.

Comet Ridge has recently drilled Mire 4 well and has cased and suspended as a future pilot well after reaching a total depth of 310m.

Mire 4 well is located about 13km southeast of the Mahalo pilot area and is about 250km west of Gladstone in central Queensland.

---

Image: Mahalo JV area pilot well locations. Photo: Courtesy of Comet Ridge.