mahalo drilling commenced

hi guys

drilling commenced, with a small change in planned drilling (see below). page 2 worth reading..(can't post).

14 February 2006 The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement Dear Sir/Madam Mahalo Drilling Commenced • Comet Ridge’s Second Phase earning program commenced at Mahalo • Two core holes to be drilled • Mahalo 2 to be drilled with more capable rig mid year The directors of Comet Ridge Limited (ASX Code: COI) are pleased to advise that Mitchell Drilling Contractors Rig 120 is on location and that drilling operations on the first of two core holes, Mira 1, commenced on 10 February, 2006. Mira-1 will be followed immediately by Humboldt-1. Cores will be cut across the target Bandanna Formation coals and gas desorption analyses conducted. Both wells will be drill stem tested to gather information on coal permeability, a key parameter that governs how well water and gas flows through the coal. Mira-1 will be drilled to a depth of 243 metres, and Humboldt-1 is programmed to drill to 248 metres. Both wells are expected to take seven days to drill and test. Comet Ridge has also been advised that the Operator, Santos QNT Pty Ltd, and Mitchell Drilling have reviewed the proposed drilling and flow testing programme for Mahalo 2, and has determined that a different rig is required to safely conduct the planned operations. This will result in the Mahalo 2 test being delayed until mid year. Santos has indicated that it has access to rigs that are better suited to the task and that efforts will be made to expedite the drilling of this well. The three wells will fulfil Comet Ridge’s earning obligations resulting in the company owning a 40% interest with Santos and Origin Energy, owning 30% each.