Comet Ridge enters Galilee farm-in

Agreement: Comet will earn up to a 75% interest in the Lake Galilee farm-in area

related stories

Josh Lewis

 27 July 2012 09:04 GMT

Coalbed methane (CBM) focused company Comet Ridge has entered an agreement with fellow Australian company Queensland Energy Resources (QER) to farm-in to area in the onshore Galilee basin.

The agreement will see Comet earn up a 75% interest in the Lake Galilee farm-in area, which covers 825 square kilometres in the south-east portion of QER’s ATP 1015P permit in Queensland.

Comet will earn an initial 20% interest in the area by drilling two wells by 30 November this year and will see its stake climb to 50% by drilling an additional three wells by 30 November next year.

It will earn its final 25% interest in the farm-in area by drilling another four wells and developing a pilot by 30 November…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index