Comet Ridge has announced it is set to commence lateral pilot well drilling at Mahalo East later this year.
Across the Mahalo gas hub in the Bowen Basin, Queensland, Comet Ridge holds 100 per cent equity in four project areas. The Mahalo gas hub has been extensively appraised and has demonstrated productivity from three separate pilot production tests.
Recently, the Mahalo North 1 pilot achieved a gas flow of 1.75 million cubic feet per day from a single vertical pilot production well intersected by a dual lateral well.
Now, Comet Ridge is finalising plans to commence drilling a new lateral pilot at Mahalo East later this year, as noted in its latest quarterly report.
The company also has a 57.14 per cent in the Mahalo Joint Venture Gas project, with Santos, who holds 42.86 per cent as operator.
Both companies are working to finalise select phase facilities design and capital cost optimisation as a precursor to beginning upstream front-end engineering design (FEED)
Planning work for the associated pipeline connection with Jemena is ongoing with a plan to commence both FEED studies concurrently.
The company also noted that as of the end of June 2024, it had $16.8 cash on hand.
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