Mira-2 is the central well in the pilot scheme and is about 290 metres from the other three recently drilled Mira pilot wells.

The well will also be cored to get additional data on coal parameters.

Coals intersected in Comet Ridge’s Mira 5 well are productive and consistent with those earlier drilled at the Mira field.

In similar fashion to the recently drilled Mira 4 well, Mira 5 intersected 8.7m of coal over four separate, closely spaced intervals in the Castor Pollux reservoir.

Mira 5 is the third well in an eight-well program for the Mahalo joint venture and also the third of four pilot wells in the Mira field.

Mira 5 is about 13km southeast of the Mahalo pilot area and 250km west of Gladstone in central Queensland. The well reached a total depth of 320m.

Production casing has been run and cemented in the Mira 5 well – and suspended as a future pilot production well. The well will be completed for production later this month, with tubing and a pump installed downhole.

The drilling rig is moving 290m to the northwest to the Mira 2 well location and is expected to spud that well shortly. Mira 2 is the fourth and final pilot well to be drilled in the Mira field and will be cored to gain additional data on coal parameters.

Comet Ridge has a 35% interest in ATP 337P Mahalo, having divested a 5% interest in the asset to Stanwell Corporation Limited in an agreement announced in September 2011.

Under the terms of that agreement, Stanwell Corporation Limited will fund Comet Ridge's expenditure for the Mahalo and Mira field pilot schemes.

The agreement also gives Stanwell Corporation an option to purchase half or all of Comet Ridge's equity in the Mahalo block, based on 2P reserves booked.

Equity participants in ATP 337P Mahalo are Comet Ridge Mahalo Pty Ltd 35%, Stanwell Corporation Limited 5% (with an option to increase), Australia Pacific LNG Pty Ltd 30% and Santos QNT Pty Ltd 30%.