Comet Ridge has signed a three-stage farm-in agreement with Queensland Energy Resources to earn up to 75 per cent of the Lake Galilee Farm-in Area, located in ATP 1015P of Queensland’s Galilee Basin.
Comet Ridge plans a three-well exploration and appraisal drilling program in this part of the Galilee Basin for 2012, which will further appraise the extent and characteristics of the coals in the Gunn Project Area.
In addition, Comet Ridge has had discussions with several parties to examine the feasibility of developing gas-fired electricity generation to supply the significant Galilee Basin coal mine province being proposed along the eastern boundary of Comet Ridge’s ATP 744P.
Supplying gas to domestic gas customers via Queensland’s gas network, and/or to the Gladstone LNG projects, are longer term commercial options that are also under consideration.
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Image caption: A map of the Lake Galilee Farm-in Area.