Galilee Basin Project
ATP 743, 744 and 1015
- Comet Ridge holds a large acreage position of 4,998km2 in the eastern part of the Galilee Basin.
- Permits contain gross 3C Contingent Resources of 2,287 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).
- In November 2017, Comet Ridge and Vintage Energy Limited (Vintage) signed a Joint Venture Agreement, where Vintage has earned a 30% interest in the Galilee “Deeps” Joint Venture (GDJV).
Activities in the Galilee Basin projects have recently focused on completing technical work to :
- Secure tenure in the long term via permit renewal applications; and
- Underpin securing the large resource areas with Potential Commercial Area (PCA) applications to the Queensland Government.
ATP 743 – Comet Ridge has applied for permit renewal and PCA applications over the most prospective areas of ATP 743, including the Koburra structure in the north-west of the permit (PCA 319) and an area in the south-east of the permit (PCA 318), which is an extension of the Albany structure from ATP 744. The remaining area of the ATP was relinquished as part of the permit renewal and PCA application process submitted to the Queensland Department of Resources in August 2021.
ATP 744 – Comet Ridge submitted a permit renewal application for ATP 744 in September 2021 to the Queensland Department of Resources, along with three PCA applications – one over the Albany Structure (PCA 320), the second over the Schmitt East area (PCA 321) and the third over the Gunn area (PCA 322). A significant portion of ATP 744 is targeted to be retained by Comet Ridge due to a combination of the strong prospectivity and size of the Albany Structure (conventional sandstone gas) held by the Galilee Deeps Joint Venture (Comet Ridge 70% and Vintage Energy 30%) and also via the CSG Contingent Resource areas in the shallower sections, held 100% by Comet Ridge.
ATP 1015 – The permit term ends on 30 November 2022. In October 2021, Comet Ridge submitted PCA applications over two areas within the permit – Schmitt (PCA 323) and Ophir (PCA 324). Both of these areas are prospective for CSG and conventional sandstone gas.