COI 2.50% 19.5¢ comet ridge limited

Sandstone Formation Flares Gas From Just 13 Metres::

  1. 142 Posts.
    lightbulb Created with Sketch. 166
    This news removes all doubt as to whether there is recoverable gas from the sandstone formation target in Galilee and to achieve a flow rate of 230,000 scf/d from just the first 13 metres with another 100 metres to go – that’s one heck of a result.

    Let’s not forget that Mira is flowing at 1,400,000 scf/d having horizontally drilled through 920 metres of coal to optimise results – looking to the future I wonder what could be achieved should a similar approach be adopted in this sandstone formation.

    Of course it would have been better had the drilling equipment not malfunctioned - but we have achieved what we set out to achieve and we have gone from a position of historic ‘gas shows’ when an unviable oil exploration hole Carmichael 1 was sunk back in 1995 to us flaring gas at 230,000 scf/d for 24 hours.

    We now have two horses in the race and the best way to validate our position to those who believed that our acreage in Galilee was not worth future exploration - was to flare that gas.

    Top marks all round.
 
watchlist Created with Sketch. Add COI (ASX) to my watchlist
(20min delay)
Last
19.5¢
Change
-0.005(2.50%)
Mkt cap ! $216.0M
Open High Low Value Volume
19.5¢ 20.0¢ 19.5¢ $166.7K 851.9K

Buyers (Bids)

No. Vol. Price($)
3 133600 19.0¢
 

Sellers (Offers)

Price($) Vol. No.
20.0¢ 201630 4
View Market Depth
Last trade - 16.10pm 19/06/2024 (20 minute delay) ?
COI (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.