In Australia, the junior explorer has interests in the Mahalo CSM project in the Bowen Basin and two large permits in the Galilee Basin of Queensland and two permits in the Gunnedah Basin of northern New South Wales.

Comet told the market on Friday that it planned to further evaluate the two Queensland projects, with potential drilling later in the year.

“A large contingent gas resource has been delineated at Mahalo and further investment in this project is warranted,” the company said.

“The two Galilee Basin permits are prospective for coal seam gas and also conventional oil and gas.”

The company added that all its Australian projects were near announced infrastructure developments, including several potential LNG projects at Gladstone Port.

Across the Pacific, Comet plans to kick-off drilling operations with at least three wells at the Florence oil project, in Colorado, towards the end of this quarter.

“The wells at Florence are anticipated to establish production, reserves and cash flow for the company and lead to an ongoing drilling program,” the company said.

Drilling of one or two wells is planned for the Grays Harbor project, in Washington state, later in the year, following a seismic acquisition program due to begin in April.

In the middle of the year, the company plans to drill additional wells at Tow Creek and Chehalis.

To fund this year’s work program, Comet last week launched a pro-rata 1 for 4 non-renounceable rights entitlements issue, involving the placement of over 26 million shares at 16.5c each to raise $4.3 million.