Comet Ridge Limited (COI) reported Wednesday that it has received an independent certification for Contingent Gas Resources at Carmichael, situated in the 100 percent held Galilee Basin permit ATP 744 in Queensland, Australia. The Certification follows an independent review of the conventional Carmichael Structure by the certifier SRK Consulting (Australasia) Pty Ltd. (SRK) of Brisbane, Australia.
The Carmichael Structure is situated just north of the Gunn Project Area where Comet Ridge already holds a significant Contingent Resource Certification for coal seam gas (CSG) (See Table 2).
SRK have attributed the Original Gas-In-Place (OGIP) and Contingent Resource (shown below in Table 1) to Comet Ridge’s net equity interest (being 100 percent in ATP 744) using a combination of probabilistic and deterministic methods to prepare the estimates of Original Gas-In-Place and Contingent Resources as at Aug. 5.
Table 1: ATP 744 Independent Resource Certification for Carmichael Structure
Notes to Table 1:
The Carmichael-1 well was drilled in 1995 by Maple Oil & Exploration NL, as an oil exploration well, to test the petroleum potential of the Late Carboniferous Lake Galilee Sandstone over a robust seismically defined anticlinal structure in the then ATP 588P (now ATP 744P). The structure is approximately 9 miles (15 kilometers) long on its main axis. Three separate zones within the Lake Galilee Sandstone flowed gas to surface at low rates.
An additional significant section of gas pay was not tested. The well discovered a large natural gas accumulation which was deemed uneconomic at the time based on drill stem test results, and historic low gas prices, and the well was plugged and abandoned.
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