Comet Ridge Provides Contingent Resource at Galilee Basin's Permit ATP 744

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

  • Comet Ridge Net  Equity Share (100 percent)
    • OGIP (petajoules or PJ): 1C - 130; 2C - 334; 3C - 861
    • Gas Contingent Resource (PJ): 1C - 56; 2C - 153; 3C - 417

Notes to Table 1:

  • Contingent Resource estimates have been prepared in accordance with the Society of Petroleum Engineers (SPE) 2007 Petroleum Resource Management System (PRMS) Guidelines as well as the 2011 Guidelines for Application of the PRMS approved by the SPE
  • Contingent Gas Resources are (100 percent) Unrisked Gross
  • The previous assessment of Contingent Resources attributed to ATP 744 was in Comet Ridge’s Gunn Project Area to the south of the Carmichael Structure and details of these were released to the market Nov. 25, 2010
  • NSAI, the author of the report attributing contingent resources in ATP 744 to Comet Ridge as at Nov. 25, 2010 has consented to the reporting of these resource figures in the context and manner in which they appear in this announcement

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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