Home Commercial trading Comet Ridge (ASX:COI) and Vintage Energy (ASX:VEN) JV awarded potential trading areas in the Galilee Basin – The Market Herald

Comet Ridge (ASX:COI) and Vintage Energy (ASX:VEN) JV awarded potential trading areas in the Galilee Basin – The Market Herald

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  • Queensland Department of Resources awards Comet Ridge (COI) and Vintage Energy (VEN) six Prospective Trade Areas (PCAs) for a further 12 years
  • The parties have identified up to 20 tracks and prospects in the deeper part of the basin for future evaluation
  • Commenting on the price, Comet Ridge managing director Tor McCaul said the basin has huge potential to play an important role in Queensland’s gas sector and could be an important producer for the East Coast gas market. .
  • At market close, shares of Comet Ridge were trading at 19.5 cents and shares of Vintage at 8.6 cents.

Comet Ridge (COI) and Vintage Energy (VEN) have been assigned six Prospective Trading Areas (PCAs) by the Queensland Department of Resources (DoR).

The joint venture (JV) has been awarded an additional 12 years for ATP 743 and 744 permits, and has identified up to 20 tracks and prospects in the deeper part of the basin for future evaluation.

Originally awarded in 2009, the company had undertaken exploration that was initially focused on coal seam gas (CSG) with Comet Ridge performing a major 2D seismic survey, the drilling of nine CDG exploration and appraisal wells and a short term production test on the Gunn 2 fine.

In 2018, Vintage mined the “Deeps” section of the blocks by funding the Albany 1 well and an additional 2D seismic survey, which targeted the deeper sandstone reservoir sections of the Permian-aged Galilee Basin sandstone.

In return, Vintage acquired a 30% stake in the “Deeps” while Comet Ridge retained 70%, along with its 100% interest in the CSG Shallows.

As part of the normal process of exploring for natural gas in Queensland, the JV has carried out a technical review to determine which parts of ATP 743 and 744 are considered the most commercially promising.

The joint venture has identified six distinct areas, totaling approximately 4,700 square kilometers, whose tenure is to be secured under Potential Commercial Area (PCA) applications.

Commenting on the price, Comet Ridge managing director Tor McCaul said the basin has huge potential to play an important role in Queensland’s gas sector and could be an important producer for the East Coast gas market.

“The potential jobs and economic benefits this project could bring is something we are very excited about and look forward to the results of our further exploration in this area over time,” he said.

At market close, shares of Comet Ridge were trading at 19.5 cents and shares of Vintage at 8.6 cents.