Galilee Basin Project

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Galilee Basin

ATPs 743, 744 and 1015

Overview:

Comet Ridge holds a large acreage position of 4,742km² in the eastern part of the Galilee Basin.
PCAs numbered 319 to 324 have been awarded to Comet Ridge for a term of 15 years ending 9 September 2037. All three of the underlying permits, ATPs 743, 744 and 1015, have also been renewed for a further term of 12 years, ending 3 September 2033, 31 October 2033, and 30 November 2034, respectively.
Permits contain net 3C Contingent Resources of 2,162 PJ, which have been independently certified at two stratigraphic levels.
These comprise the sandstones or “Deeps” (from a depth of approximately 2,500 metres) in the Albany structure and also CSG or “Shallows” in the Gunn Project Area (from a depth down to approximately 1,000 metres).

The Galilee Deeps Joint Venture (GDJV)

In 2017, Comet Ridge and Vintage Energy created the Galilee Deeps Joint Venture (GDJV), with Vintage Energy earning a 30% interest by funding the Albany 1 well and additional 2D seismic aimed at the deeper sandstone reservoir sections.

The Albany 1 well (drilled in 2018) flowed 230,000 standard cubic feet of gas per day and confirmed these deeper sandstones could indeed be productive.

Following drilling the GDJV acquired 336km of 2D seismic, designed to identify regional structural trends and mature existing prospects towards drillable status. The GDJV participants have identified up to 20 sandstone leads and prospects in this deeper section of the basin for future appraisal.

With Galilee Basin tenure now secured for the long-term, Comet Ridge continues to work through the next phase of appraisal with Vintage Energy and is focused on several studies to extend technical knowledge on charge (source & migration), reservoir, seal, and trap.