Comet Ridge Spuds Second Well in Galilee Basin Program

Brisbane-based coal seam gas explorer Comet Ridge Limited has spudded the second well, Schmitt 1, in its three-well Galilee Basin drilling campaign. This well is being drilled in ATP 1015P in central Queensland.

Queensland Energy Resources Limited (QER) currently holds 100 per cent equity in the permit. Under a farm-in agreement executed between QER and Comet Ridge in July this year, Comet Ridge can earn up to 75 per cent equity in the Farm-in Area (FIA) through a three-stage farm-in process.

The Schmitt 1 well is located 17 km SE of the recently drilled Gunn 2 well and 560 km WNW of Gladstone.  The well is expected to reach a total depth of approximately  955 metres and will  be cored to obtain key coal properties from the Permian aged Betts Creek Beds.

Following the drilling of Schmitt 1, the rig will move east to Cernan 1, which is the final well in the current programme and also completes the requirements of Phase 1 of the farm-in.