In a corporatefile.com.au open briefing released to the Australian Securities Exchange, Lydyard said the company is excited about the potential of its Australian portfolio.
"In Australia, there has been unprecedented growth in interest in coal seam methane with a number of significant transactions announced in Queensland with major international players," he told the open briefing.
"We have identified a large contingent coal seam methane resource at Mahalo (upwards of 1000 petajoules in place) in the Bowen Basin of Queensland, and the two permits in the Galilee Basin, in central Queensland, are prospective for coal seam methane and also deeper conventional oil and gas.
"We have recently conducted some resource estimates that suggest that the Permian coals in the Galilee Basin offer potential for in excess of 35,000 petajoules of gas.
"With their proximity to a number of potential LNG projects, these prospects offer Comet Ridge an excellent opportunity to capitalise on the growing demand for CSM, and once the Aussie team is in place we will evaluate the opportunities open to us in these areas," he said.
Comet Ridge is currently recruiting a new team to head up its Australian operations after selling its US assets to New York-based private equity firm Pine Brook Road Partners.
Lydyard said a local team is important particularly with the growing demand for CSM.
The company hopes to evaluate the opportunities to be gained from its Australian assets once a local team is in place.
In Queensland, Comet Ridge has a 40% interest in the Mahalo CSM project in the Bowen Basin and 100% interest in two large permits in the Galilee Basin; and in NSW a 60-70% interest in two permits in the Gunnedah Basin.
