Comet Ridge Starts Drilling at Mahalo East with Grant Support

3 min read | October 21, 2024 11:24 AM AEDT | By Team Kalkine Media

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Comet Ridge Starts Drilling at Mahalo East with Grant Support — Image source: shutterstock

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Highlights

Comet Ridge starts drilling at Mahalo East.

$5M government grant supports exploration.

Mahalo East 1 well aims to collect valuable coal reservoir data.

Comet Ridge (ASX:COI) has officially begun drilling operations at its Mahalo East project, a key component of the company's exploration activities in the northern Mahalo Hub. The drilling started with the Mahalo East 1 vertical well, marking an important step for ASX energy stock Comet Ridge as it moves forward with its development plans in the region.

This well is strategically located around 25 kilometres east of the Mahalo North Pilot Scheme, an area where Comet Ridge has already had success, with 2P and 3P Reserves certified. The Mahalo East project is one of the four ATP (Authority to Prospect) areas in which Comet Ridge holds 100% equity, giving the company full control over its exploration activities in the region.

Objectives of Mahalo East 1 Well

The Mahalo East 1 well has two primary objectives. First, it aims to gather core and log data across four coal reservoirs. This data will be crucial in understanding the geological characteristics of the coal seams in this region, which will help shape future development strategies. Second, the well is intended to serve as a production well for the upcoming Mahalo East 2 lateral well, further expanding the company’s operational reach.

The well will be drilled to a total depth of around 400 metres, with the intention of intersecting the coal reservoirs to collect as much technical data as possible. This is an important phase in the overall development plan for the Mahalo East project, which holds significant potential for the company's growth.

Support from Government Grant

Adding to the significance of the project, Comet Ridge's efforts at Mahalo East have been bolstered by a $5 million grant from the Queensland government’s Frontier Gas Exploration Grants Program. This financial backing reflects the importance of the Mahalo East project within the broader energy landscape, as Queensland looks to support new gas exploration to meet future demand.

Managing Director Tor McCaul emphasized the importance of this grant, noting that the financial support will play a vital role in accelerating the company's ability to gather the necessary data to integrate Mahalo East into its future development plans. The data collected from Mahalo East 1 will provide insights that could influence future production strategies and contribute to the broader energy supply in the region.

Comet Ridge will continue to provide updates on the progress of the Mahalo East 1 well as drilling operations move forward, keeping stakeholders informed on this critical exploration phase.

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