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.