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Comet Ridge commences drilling at Shoemaker 1 well

Brisbane-based coal seam gas company Comet Ridge (ASX: COI) has kicked off drilling at the Shoemaker 1 CSG exploration well, the second well in the programme at the Galilee Basin in Queensland

Due to wet weather in the central north Queensland area, access to the Catalina 1 location was restricted and the rig was redirected to the next well in the programme Shoemaker 1.

During the afternoon trade, shares in the company rose 1c, or 3%, to 34.5c.

This well will test the primary objective Betts Creek Coal Measure Sequence in the central area of Comet Ridge’s acreage where offset wells have intersected significant coals.

The well is planned to take approximately 16 days to drill and should reach a total depth of about 900m.

The Australian-listed company has tenement interests and a suite of prospective projects in Australia and New Zealand and an investment in a joint venture company based in the United States.



Disclosure: The author holds no positions in the company