Comet Ridge signs an agreement with Synterra Technologies

Company News

by Rachael Jones

Comet Ridge (ASX:COI) as the operator of the Galilee Basin Deeps Joint Venture has signed an agreement with Synterra Technologies to acquire 300-420 km of new 2D seismic across the Galilee Basin.

The seismic acquisition, to be undertaken by Terrex Seismic, is expected to commence in early December 2018 and take approximately 6 weeks to acquire.

The estimated gross cost of the survey will be up to $3.5 million and includes both acquisition and processing of the newly acquired data and reprocessing of 619 km of pre-existing 2D seismic data.

Vintage energy will fund 50 per cent of the planned $10 million capital expenditure program to earn an additional 15 per cent interest in the Joint Venture.
 

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