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Coal seam gas explorer Comet Ridge Ltd. has signed a three-stage farmin agreement with Queensland Energy Resources (QER) Pty Ltd. to earn up to 75% of the Lake Galilee farmin area. The farmin area is southeast of permit ATP 1015P, between the east and west parts of Comet Ridge’s ATP 744P, in which Comet Ridge has a 100% interest.
The Lake Galilee farmin area consists of two separate areas totaling approximately 825 sq km. These areas represent 21% of QER’s total permit area in ATP 1015P. QER will retain a 100% interest in the remaining area of ATP 1015P, while Comet Ridge will become operator of the Lake Galilee farmin area.
Comet Ridge’s managing director, Tor McCaul, commented, “This transaction creates a continuous acreage position across our key area in the Galilee Basin, expanding the Gunn project area to the east and allowing it to be appraised as a single project. We are very keen to commence exploration and appraisal drilling in the Lake Galilee farmin area to better understand the eastern extent of our Gunn Project Area.”
Comet Ridge has planned 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