The ATP 743 permit covers an area of 6,476 square kilometres in central Queensland 500 kilometres northwest of Gladstone.
Previous petroleum and CSG exploration wells in an area of the basin where the permit is situated, have intersected thick Permian coals over a wide area and Comet Ridge will be targeting those coals in its upcoming 8-well corehole drilling program.
In addition both Native Title and Environmental approvals have been obtained for the neighbouring permit ATP 774, which lies to the southeast of ATP 743 and Comet Ridge expect that this additional permit will be awarded to them in the near future.
Comet Ridge Managing Director Tor McCaul said that all services had been tendered and evaluated for the upcoming 8-well drilling program and the company was now moving to finalise contracts.
Drilling is expected to commence in December 2009 with significant gas-in-place potential independently reported as 36 trillion cubic feet in the two Galilee Basin blocks.