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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.