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Comet Ridge Spuds Turkey's Nest 1 Exploration Well in Queensland

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Coal seam gas explorer Comet Ridge confirmed Tuesday the start of drilling operations at the Turkey's Nest 1 well, at its onshore ATP 337P Mahalo asset in Queensland's Bowen Basin.

Turkey's Nest 1 is the second step-out core hole to be drilled following the recent drilling of pilot production wells in the Mira field. The well is sited 3 miles (5 kilometers) southwest of the Mahalo field pilot wells and around 165 miles (265 kilometers) west of Gladstone in central Queensland. Comet Ridge is aiming to drill the core hole to a total depth of around 1,378 feet (420 meters).

"Turkey's Nest 1 will be cored through the reservoir section and is being drilled to further extend the area available for booking reserves in the Mahalo block," the company said in its disclosure.

Comet Ridge currently has a 35 percent interest in the permit, having divested a 5 percent interest in the asset to Stanwell Corporation Limited in an agreement announced in September 2011. Under the terms of that agreement, Stanwell Corporation Limited 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.

The other partners in the permit are Australia Pacific LNG and Santos QNT, each with a 30 percent stake.


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