pel 427, page-2

Following the current shareholders update, a corehole will be drilled by ESG in January 2009 in each of PEL427 and PEL428.

ESGs Edgeroi #1 core hole in their operative focus area PEL238 intersected 23.5 metres of "thick, fractured coals with high gas contents" (ESG) just 25km south of PEL427. These results "have increased the prospectivity of the southern portion of PEL427" (Jeff Schneider).

The PEL427 and PEL428 permits are adjacent to PEL238 and covering approximately 12,900 km2 (3.2 million acres).





Coals occur within the Permian, Triassic, Jurassic and Cretaceous sections in the two COI permits.








Over the northern part of PEL427 are low rank coals in the Bungil Formation (Cretaceous). These coals - and coals in the deeper Wandoan Fmt. (Triassic) - produced relatively strong mud gas shows on penetration by early wells (Moree-1, 1972, Operator: Mayfair; Pearl-1, 1984, Operator: OCA/Origin).

source: own research and undated article by Andy Lydyard

I expect Comet will be re-rated soon, if the CSM projects are progressing - a SP of 5 cent (resp. a mc of about $5.3 million) is ridiculous ...