Comet Ridge Ltd (AU:COI) has released an update.
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Comet Ridge Ltd has announced the successful completion of the Mahalo East 1 vertical well, revealing promising gas potential with higher than expected permeability in key coal seams. The company has commenced drilling the Mahalo East 2 lateral well, targeting the Aries Seam, supported by a $5 million grant from the Queensland Government. These developments enhance Comet Ridge’s confidence in the Mahalo Gas Hub’s role in addressing the East Coast gas supply shortfall.
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