Vintage Energy farms into Comet’s Galilee sandstone gas potential
Wednesday, Nov 01, 2017
  • Agreement executed with Vintage Energy Pty Limited for Galilee Basin Sandstone Farm-in
  • Funding by Vintage of approx. $8.5 million will entitle it to 30% interest in the Sandstone targets
  • Key step in unlocking Galilee Basin
  • Transaction is subject to Vintage funding and other conditions
  • Comet Ridge continues to hold the Coal Seam Gas Contingent Resource at 100% equity

Comet Ridge Limited (COI) is pleased to advise that an agreement to farm-out the Sandstone reservoir sequence of its Galilee Basin permits ATP743, ATP744, and ATP1015 (Galilee Permits) has been executed with Vintage Energy Pty Limited (Vintage).

The farm-out relates only to the ‘Deeps Area’ (Deeps) within each of the Petroleum blocks, which is defined as including all strata commencing underneath the Permian coals (Betts Creek Beds or Aramac coals) with the main target being the Galilee Sandstone sequence, which has previously flowed gas to surface during formation testing at the Lake Galilee 1 (1964) and Carmichael 1 (1995) wells. Comet Ridge Managing Director, Tor McCaul, said this transaction is a key step in unlocking significant value potential from the Galilee Basin.

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