Coal seam gas explorer Comet Ridge has signed an Asset Sale Agreement for the acquisition of Petrel Energy's interests in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in northern New South Wales. Comet Ridge will acquire these petroleum licences from Petrel Energy for A$750,000 cash.
• Comet Ridge is paying A$750,000 for Petrel Energy's interests in PEL 6, PEL 427 and PEL 428
• Existing CSG interests in PEL 427 and PEL 428 increased to 50% and 60% respectively
• Prospective PEL 6 block added to Comet Ridge portfolio
• Santos holds remaining interests, as a result of its acquisition of Eastern Star Gas in 2011