Located about 500m southwest of the recently drilled Mira 3 pilot well, the Mira 4 well is expected to be drilled at a total depth of 310m.

The well is also located about 250km west of Gladstone in central Queensland.

It is the second well in an eight-well program for the Mahalo Joint Venture and the second of four pilot wells in the Mira field.

Under an agreement signed in September 2011, Comet Ridge currently holds 35% interest in ATP 337P Mahalo, and sold a 5% interest in the asset to Stanwell.

Under the deal, Stanwell will fund Comet Ridge’s future exploration cost at ATP 337P Mahalo of about $8m.