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Chariot Oil & Gas Limited provide operational update Turkey’s Nest 1 exploration well

Tuesday, Feb 19, 2013

Coal seam gas explorer Comet Ridge Limited (ASX:COI) announces the commencement of drilling operations at the Turkey’s Nest 1 well, at its ATP 337P Mahalo asset in Queensland’s Bowen Basin, on Sunday 17 February 2013.

Turkey’s Nest 1 is the second step-out core hole to be drilled following the recent drilling of pilot production wells in the Mira field. Turkey’s Nest 1 is located approximately 5 km southwest of the Mahalo field pilot wells and is approximately 265 km west of Gladstone in central Queensland.

The well is expected to reach a total depth of approximately 420 metres.

Turkey’s Nest 1 will be cored through the reservoir section and is being drilled to further extend the area available for booking reserves in the Mahalo block.

Comet Ridge currently has a 35% interest in ATP 337P Mahalo, having divested a 5% interest in the asset to Stanwell Corporation Limited in an agreement announced in September 2011. Under the terms of that agreement, Stanwell Corporation Limited will fund Comet Ridge's expenditure for the Mahalo field and Mira field pilot schemes. The agreement also gives Stanwell Corporation an option to purchase half or all of Comet Ridge's equity in the Mahalo block, based on 2P reserves booked.

Equity participants in ATP 337P Mahalo are Comet Ridge Mahalo Pty Ltd 35%, Stanwell Corporation Limited 5% (with an option to increase), Australia Pacific LNG Pty Ltd 30% and Santos QNT Pty Ltd 30%.

Source: Comet Ridge Limited

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