Comet Ridge Limited Revealed Drilling Update At Mahalo Gas Project – A Quick Look

COI

Coal Seam Gas (CSG) exploration company, Comet Ridge Limited (ASX: COI) is currently having a 40 percent interest in the Mahalo CSG project. Mahalo CSG project is having various wells which include Sirius Road 1 (Horizontal well) and Sirius Road 2 (vertical Intercept well) which are providing the first production test opportunity of the deeper portions of the southwest part of the Mahalo Gas Project.

The company informed that the Sirius Road 2 lateral well was spudded at 0430 hrs on 21 December 2018. After the spudding, the company has drilled 12-1/4” surface hole at the Sirius Road 2 lateral well. Further, the company has run and cemented a 9-5/8” casing at the Sirius Road 2 lateral well which is being directionally drilled in a 8-1/2” intermediate hole at a depth of 512 metres. The company is planning to drill to the Castor seam where 7” casing will be run and cemented. 

Sirius Road 2 will be focused on the key 3.3 metre Castor seam, and it will be drilled as a single lateral well. The well is going to intersect the Sirius Road 1 well, and after that, it will be drilled laterally to the north to allow testing of the coal on the limits of the presently known field area.

The Pollux seam which is below Castor seam, is intersected in Sirius Road 1 is having a thickness of 0.9 metres, and it is thinner than the three adjacent offset wells. In the current programme, the company is planning to drill three vertical wells which will be completed with tubing and pumps.

The operations phase of the current programme is having three stages for the wells which include drilling, completing with tubing and pumping and then performing a production test. Earlier on 19 December 2018, the company announced the successful drilling of the Sirius Road 1 vertical to a total depth of 506 metres. Sirius Road 1 was spudded on 13 December 2018, and it has intersected a total net coal package of 6.9 metres, with the Castor seam measuring 3.3 metres and was in line with expectations.

As at 30 September 2018, the company was having Cash and cash equivalents $24.862 million.

In the last six months, the share price of the company decreased by 10.45 percent as on 21 December 2018. COI’s shares traded at $0.300 with a market capitalization of circa $218.36 million as on 24 December 2018 (AEST 4:00 PM).


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