Coal seam gas explorer Comet Ridge has spudded the Mira 5 well at its ATP 337P Mahalo asset in Queensland’s Bowen Basin, 250km west of Gladstone in Central Queensland.

Mira 5 is the third well in an eight well program for the Mahalo Joint Venture and the third of four pilot wells in the Mira field. The well is expected to reach a total depth of about 310m.

Comet Ridge has a 35 per cent interest in ATP 337P Mahalo, having divested a 5 per cent interest in the asset to Stanwell Corporation in an agreement announced in September 2011.

Under the terms of the agreement, Stanwell Corporation will fund Comet Ridge’s expenditure for the Mahalo field and Mira field pilot schemes. The agreement also gives Stanwell Corporation an option to purchase half or all of Comet Ridge’s equity in the Mahalo block, based on 2P reserves booked.

Equity participants in ATP 337P Mahalo are Comet Ridge, Stanwell Corporation (with an option to increase), Australia Pacific LNG and Santos QNT.

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