Comet Ridge identifies the several new structural trends about 25km to the north of the Lake Galilee-1 well. The news sent the stock to edge up by 1.695% to last trade at $0.300 on 5 April 2019.
In the announcement to the Australian Securities Exchange, Comet Ridge Limited (ASX: COI) reported that the processing of the seismic data recently gathered is currently underway and is expected to be completed in this current quarter with interpretation and mapping to follow.
The report read that several new structural trends have been identified by the regional lines. Of particular interest in the core Albany-Lake Galilee region is a previously unknown, robust anticline with similar relief to the Albany structure. This feature was identified on trend about 25km to the north of the Lake Galilee-1 well by one of the new reconnaissance lines in a large area where no prior data existed.
The new leads could potentially extend the strong area of interest around the Albany and Lake Galilee wells. However, the company believes that additional data acquisition will be required to delineate the closure on the anticline.
With respect to Galilee Basin drilling program, Comet told that the construction of the wellsite pad at Albany-2 has commenced, however, due to local rain events, work on the pad will be briefly suspended. These rain events have also led to a number of road closures, resulting in a delay in the mobilisation of Ensign Rig 932 from the Cooper Basin. Given the uncertainty relating to improvement in road conditions, it is difficult to estimate when mobilisation will commence. The operator has advised that spudding of Albany-2 will be delayed until at least early May, with a further update to be provided when this timing becomes clearer.
The company stated that while it is still early in the evaluation process, initial views of the field processed preliminary brute stacks indicate several possible leads in the vicinity of Lake Galilee-1 well.
Galilee Basin Deeps Project is a joint venture between two ASX-listed companies, Vintage Energy Ltd and Comet Ridge Limited. Vintage holds 15% of the Galilee Basin Deeps Joint Venture while the major 85% interest is held by Comet Ridge which is also the operator of the project. This equity level will reportedly increase to 30% upon the completion of the Stage 2 farm-in funding obligations relating to the drilling of Albany-2 and Albany-1/ST1.
Based in Brisbane, Comet Ridge Limited is into the exploration and development of energy projects. The Group also holds 40% interest in the Mahalo Coal Seam Gas project located in Bowen Basin of Queensland.
The market capitalisation of the company stands at $214.72 million as at 5 April 2019. Over the past 12 months, COI witnessed a negative price change of 21.33% including a decline of 6.35% recorded in the past three months.
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