Join our daily newsletter At The Bell to receive exclusive market insights
- Comet Ridge (COI) confirms the gas flow from its Mahalo North 1 pilot well has exceeded 1.7 million cubic feet per day (MMcfd)
- The company says this represents the highest recorded gas flow rate in the Mahalo Gas Hub area so far
- Further, the company says this confirms that the adjoining Mahalo Gas project high productivity fairway extends into Mahalo North
- Environmental field work is progressing alongside appraisal activities that Suvo says will help finalise a petroleum lease for Mahalo North by the end of the year
- Shares in Comet Ridge are up 2.86 per cent and trading at 18 cents at 12:25 pm AEST
Comet Ridge (COI) has confirmed the gas flow from its Mahalo North 1 pilot well has exceeded 1.7 million cubic feet per day (MMcfd).
The company said this represented the highest recorded gas flow rate in the Mahalo Gas Hub area so far.
Moreover, the performance of the Mahalo North pilot well has confirmed that the adjoining Mahalo Gas project high productivity fairway extends into Mahalo North.
According to Comet Ridge, production data suggested the well was draining a much larger area than originally modelled, indicating that future development wells in this area could be spaced further apart.
Managing Director Tor McCaul said this was an “outstanding” result from the pilot well.
“I can’t remember the last time a single pilot production well in Queensland generated this sort of gas flow performance on its own,” Mr McCaul said.
“Mahalo North is more than 15 kilometres from another successful pilot well, Mira 6, which is located in the Mahalo Gas project, so we have established a very large, sweet spot along the high productivity fairway, which also contains a third successful pilot well at Mahalo 7.”
He said Comet Ridge was now working to refine its reservoir models for this area to understand what the ultimate gas recovery could look like.
The production data obtained from Mahola North 1 will continue to be incorporated into the company’s extensive geological model for this area.
Comet Ridge has also been progressing environmental fieldwork in parallel with appraisal activities to help finalise a petroleum lease for Mahalo North by the end of the year.
Shares in Comet Ridge were up 2.86 per cent and trading at 18 cents at 12:25 pm AEST.
