Comet Ridge ready to spud appraisal well in the Galilee Basin in May
Tuesday, Apr 24, 2018
Comet Ridge has advised that preparations for the drilling of the Albany 1 deep sandstone appraisal well in the Galilee Basin have been completed with all major services contracts in place.

Comet Ridge Managing Director Tor McCaul said the executed major service contracts included the drilling rig contract with Easternwell for their Rig 101.

“Drilling of the Albany 1 well will commence as soon as possible after this rig has been released from current drilling operations for another Operator and we expect it to arrive on site around the middle of May,” Mr McCaul said.

Albany 1 will be the second well drilled within closure on this very large sandstone structure, evaluated initially by the Carmichael 1 well. That well was drilled in 1995 and flowed gas at low rates, from three intervals in the thick (circa 140m) Galilee Sandstone sequence.

Mr McCaul said that Albany 1 is an appraisal well, rather than an exploration well, because the structure had already produced gas during testing in 1995. The structure is mapped as being approximately 15km along the main axis and up to 8km across at its widest point.

An independent resource certification has indicated 417PJ+ of recoverable gas at the 3C contingent resource level, 153 PJ+ at the 2C level and 56 PJ+ at the 1C level.

Under the work program, Vintage Energy Ltd (“Vintage”) is farming into the sandstone section of the block (the “Deeps”) by funding the majority of the cost of drilling the first well to earn a 15% interest in the Deeps. Vintage can also fund half of the second phase program which contains further drilling and seismic acquisition in order to acquire a further 15% interest.

Mr McCaul said it was pleasing to see many months of work by the combined Comet-Vintage team come to fruition in advancing Albany 1 to the important point where it was close to spud. Only the cellar and conductor installation are required before the rig arrives, and this will be completed by 2 May.

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