Strong gas flow for Comet in Gladstone

March 3, 2016

Comet Ridge provided an operational update on the progress of the onshore Mahalo 7 well, which is being produced in combination with the Mahalo 6 vertical intercept well through a pump in Mahalo 6.

The pump speed has been held constant while the gas rate has continued to steadily increase over time with successive reductions in the well bottomhole pressure. The gas rate has now passed 426,000 scf/d.

The joint venture is about to bring the vertical wells back on line, to contribute further to the total Mahalo pilot gas production. This is a short horizontal well and, therefore, is only contacting approximately 360m of coal. A development horizontal well in this area should be much longer and in contact with significantly more coal with proportionally higher gas rates.

Comet managing director Tor McCaul said in addition to strong gas flow performance, the Mahalo 6 and 7 combination had produced relatively minor amounts of water around 20 bbl/d, with the trend in water production now reducing.

“This would indicate that water handling capital and operating cost expenditure in a development scenario may be very low, further strengthening the company’s view on the value of the asset,” McCaul said.

The Mahalo project located in the southern Bowen basin in Gladstone, is about 11km from an infrastructure connection to the Gladstone liquefied natural gas (LNG) market with significant gas supply requirements.

Equity participants in ATP 1191 Mahalo are Comet Ridge Mahalo (40%), Australia Pacific LNG (30%) and Santos QNT (30%).



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