A subsidiary of Sydney company Comet Ridge has acquired a 40% interest in a new oil and gas lease covering 10,386 ha across southern Washington state.

St Helens Energy and project operator Cascadia Energy Corporation are planning to drill later this year and early next year in the Vader prospect.

“The partners are pursuing a large potential, shallow coal seam gas resource in the Eocene aged Cowlitz Formation”, Comet Ridge Managing Director, Andrew Lydyard, said. “These coals have been extensively explored as a coal resource and numerous gas shows have been recorded in coal holes and water wells in the Vader area.”

“In addition, a 700,000 cfpd gas flow was recorded from a conventional sandstone reservoir lying at 213 m in the northern part of the acreage position. St Helens and Cascadia have a partial interest in the lease the well was drilled on.”

Lydyard said St Helens now has a 40% interest in leases and lease options covering in excess of 63,133 ha over the contiguous Vader and Cedar Creek prospect areas. The JV partners are also evaluating the potential for conventional gas in deeper sandstones.

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Location of Vader and Cedar Creek Projects, USA