Wednesday, 02 January 2013 14:31
Coal seam gas explorer Comet Ridge today announced that drilling results from the Mira 3 well, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin, have been very positive.
The well intersected 8.9m of coal over four separate, closely spaced intervals in the Castor Pollux reservoir. Wireline testing was conducted on all four of these coal intervals. The results indicate good to excellent coal productivity at this pilot location.
Mira 3 is the first well in an eight-well program for the Mahalo Joint Venture and the first of four pilot wells in the Mira field.
Mira 3 is around 13km southeast of the Mahalo pilot area and is around 250km west of Gladstone in central Queensland. The well reached a total depth of 320 metres.
Production casing has been run and cemented in the Mira 3 well and the well suspended as a future pilot production well. The well will be completed for production during January, with tubing and a pump installed downhole.
The drilling rig is currently moving 500m to the southwest to the Mira 4 well location and is expected to spud that well shortly. Mira 4 is the second pilot well to be drilled in the Mira field.
Comet Ridge has a 35 per cent interest in ATP 337P Mahalo, having divested a 5 per cent interest in the asset in late 2011. Under the terms of that divestment, Stanwell Corporation will fund Comet Ridge’s future expenditure at ATP 337P Mahalo up to $8 million.
Stanwell Corporation has an option to purchase Comet Ridge’s equity in the Mahalo block, based on 2P reserves booked, under an agreement initially announced in September 2011.
Equity participants in ATP 337P Mahalo are Comet Ridge Mahalo 35 per cent, Stanwell Corporation 5 per cent (with an option to increase), Australia Pacific LNG per cent and Santos QNT 30 per cent.
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