Comet Ridge Limited advises that Crown Minerals has today consented to the transfer of the forty percent (40%) interest held by Macdonald Investments Limited (“MIL”) in the Petroleum Exploration Permits (PEP) 50279 and 50280 to Chartwell NZ Pty Ltd.
Chartwell NZ Pty Ltd, a wholly owned subsidiary of Comet Ridge Limited, now holds a one hundred percent (100%) interest in these exploration blocks with effect from 9 April 2009.
MIL made a strategic decision to withdraw from these exploration permits in order to concentrate resources on the Greymouth (PMP 50100) block, where drilling of a five well coal seam gas pilot scheme will commence in 3Q 2009.
Year 2 of the exploration phase for both PEP 50279 and 50280 is underway, with the Comet group technical team continuing exploration studies work on these large blocks.