New Rolleston gas field ‘very valuable’
A POTENTIAL gas field north of Rolleston has been declared a "very valuable resource" as uncommitted gas reserves to supply the Gladstone liquefied natural gas export market become increasingly scarce.
Comet Ridge's Mahalo gas project, between Blackwater and Rolleston, has had a resource upgrade with the company confident it can be developed into a viable feeder operation.
Comet Ridge managing director Tom McCaul said the independently certified initial reserve booking demonstrated Mahalo's commercial prospects.
"This is a major milestone for Comet Ridge," Mr McCaul said.
"Uncommitted gas reserves in eastern Australia are becoming increasingly scarce, so we are pleased to have a material volume of 3P reserves to work into the 2P category.
"The company remains confident that, based on the combined experience of the board and management, the Mahalo block will continue to mature into a material field for shareholders.
"The combination of the size of the resource, the measured deliverability in the initial pilot wells' proximity to the market and infrastructure, and the state of the gas market makes this a very valuable resource."