Could turn out to be a very interesting result for COI. Today's announcement reads well.
Comet Ridge Limited (ASX Code: COI) is pleased to advise that its recently drilled Montani 1 coal seam gas (CSG) Exploration Core Well, encountered a significant section of coal and shale. The rig has now been moved to the Hergenrother 1 well site to continue the Galilee Basin Exploration Core Well Programme.
Montani 1 was designed to test the primary objective Betts Creek Coal Measure Sequences in the central permit area of ATP 744P. The well reached a total depth of 938 metres, having intersected 24 metres of coal and 22 metres of shale. A drillstem test was run over a thick coal interval in the top of the Betts Creek section before the well was plugged and abandoned as planned and the rig released on 9 May 2010.
On Friday 14 May 2010, the Hergenrother 1 well was spudded in the most westerly portion of ATP 744P, approximately 130 km south-southwest of Montani 1. Similarly, the primary objective of this well is to test the Betts Creek Coal Measure Sequences in the western portion of the permit block. This well is also the most southerly well drilled to date in the current exploration programme. The well is expected to take approximately 14 days to drill to a target depth of approximately 900 metres.
COI Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
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