- Comet Ridge (COI) continues to see gas production grow on a daily basis at its Mahalo North 1 well in Queensland
- Currently, the well is producing over 310 million cubic feet per day, nearly a fourfold increase since the recommencement of the production test late last month
- The production test was paused last month to install a larger pump at the well
- According to Comet, every day gas production is increasing as reservoir pressure reduces
- On the market, COI are up 6.45 per cent and trading at 16.5 cents per share at market close
Comet Ridge (COI) has continued to see gas production grow on a daily basis at its Mahalo North 1 well in Queensland.
The well is currently producing over 310 million cubic feet per day, which the company said is nearly a fourfold increase since the recommencement of the production test on May 26, 2022.
In mid-May, the production test was paused to install a larger pump and the well had a gas production rate of 85 million cubic feet per day.
Dewatering of the coal continues with the well maintaining a consistent water production rate of around 1560 barrels of water per day, which is higher than the original pump’s capacity of up to 800 barrels of water per day.
According to Comet, every day gas production is increasing as reservoir pressure reduces.
“Modelling indicates this well is draining a large area of reservoir, which is encouraging for Mahalo North’s productivity,” Managing Director Tor McCaul said.
“It also provides us with flexibility for future well spacing to optimise development and
achieve strong ultimate gas recovery from each production well.”
On the market, COI was up 6.45 per cent and trading at 16.5 cents per share at market close.