ASX Announcement : Comet Ridge Limited

COMET RIDGE ADDS TO GUNNEDAH BASIN ACREAGE POSITION

* Comet Ridge is paying A$750,000 for Petrel Energy’s interests in PEL 6, PEL 427 and PEL 428

* Existing CSG interests in PEL 427 and PEL 428 increased to 50% and 60% respectively

* Prospective PEL 6 block added to Comet Ridge portfolio

 

Coal seam gas explorer Comet Ridge Limited (ASX:COI) is pleased to announce that it has signed an Asset Sale Agreement for the acquisition of Petrel Energy Limited’s interests in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in northern New South Wales. Comet Ridge will acquire these petroleum licences from Petrel Energy for A$750,000 cash.

These three contiguous licences are located in the northern Gunnedah Basin, immediately north and west of Santos’ Narrabri CSG Project, and cover a total area of approximately 18,000 km

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2. Prior to this transaction Comet Ridge held a 25% interest in PEL 427 and a 40% interest in PEL 428. This transaction further consolidates Comet Ridge’s position in the northern Gunnedah Basin.

* Santos holds remaining interests, as a result of its acquisition of Eastern Star Gas in 2011