get ready for a take off

hi guys

""The well is expected to take 4 days to drill""

if Mahalo #2 is successful next week then i'd expect a take off with Comets share price..

going by previous drilling results NO reason why Mahalo#2 wont be successful..

OPERATIONS UPDATE
The directors of Comet Ridge Limited (ASX Code: COI) are pleased to provide the
following activities update:
MAHALO, QUEENSLAND (COMET RIDGE EARNING 40%)
Mahalo 2 due to spud Saturday 26 August, 2006
The Operator of the Mahalo project, Santos Ltd, has advised that Mitchell Drilling
Contractors Rig 151 is moving to the Mahalo 2 location in the northern part of ATP 337P
in central eastern Queensland and is expected to commence drilling operations on 26
August.
The well is expected to take 4 days to drill to a total depth of 233m where an open hole
flow test of the target coal seams will be conducted.
The Mahalo 2 well is being drilled to test strong gas shows encountered in the Mahalo 1
on penetration of the target Bandanna Formation coals. No testing was possible in the
original hole due to safety concerns.
The hole will be drilled to 185m where 7” casing will be cemented. The prospective
interval down to 233m will then be drilled with air to limit formation damage and then flow
tested.
After completion of the testing Comet Ridge will have fulfilled its earning obligation under
the farm-in arrangement and will own a 40% working interest in the project with Santos
and Origin Energy each retaining 30%.
As indicated in previous Comet Ridge Limited ASX releases, the Operator has estimated
a contingent in-place gas resource of between 180 BCF and almost 1,000 BCF for the
Mahalo project area. The most likely volume is estimated to be in excess of 400 BCF.
Using a recovery factor of 40% infers that between 70 and nearly 400 BCF of gas might
be recovered. Recovery factors of 60% to 70% have been recorded in a number of
active coal seam gas developments in the USA.
COMET RIDGE LIMITED
ASX ANNOUNCEMENT
25 AUG 2006