Comet Ridge predicts that the Mahalo gas hub could be the next major gas producing region on Australia’s east coast.
Comet ridge received independent certification of gas reserves for the Mahalo North project from consulting and advisory firm Sproule Incorporated.
The certification found:
- 1P reserves (proven reserves) of 11.9 PJ.
- 2P reserves (proven + probable reserves) of 42.9 PJ.
- 3P reserves (proven + probable + possible reserves) of 110.2 PJ.
Managing director of Comet Ridge Tor McCaul said that the company is happy to be able to progress the Mahalo North project so rapidly.
“Our team has captured, evaluated and incorporated an enormous volume of subsurface data into our geologic model,” McCaul said.
McCaul also said that Comet Ridge is particularly excited about the 3P reserves.
“[3P reserves] give an indication where 2P Reserves may ultimately trend with further gas flow testing, particularly in the central and northern parts of the block. We are also utilising this extensive geological model of the area to finalise a Contingent Resource booking in the Mahalo East Project,” he said.
Subscribe to Oil and Gas Today for the latest project and industry news.