Comet Ridge Limited
(ASX:COI) has reported that production at its Mahalo 7 well continues to increase.
The company reported that the single well gas rate has now passed 361,000 standard cubic feet per day and continues to increase.
Comet Ridge notes the production operator is now implementing a gradual decrease in separator pressure in several stages. The operator will then start up the project’s vertical wells, one at a time, which the company says is likely to commence around the end of this month.
The Mahalo project is located near Gladstone in the southern Bowen Basin, Queensland. Equity participants are Comet Ridge Mahalo Pty Ltd, Australia Pacific LNG and Santos QNT Pty Ltd in equal parts.
Comet Ridge recorded a net loss of $18.57 million at 30 June 2015.
