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Comet Ridge Ltd ( (AU:COI) ) just unveiled an announcement.
Comet Ridge reported progress on front-end engineering design at its Mahalo Gas Project, with Santos advancing upstream FEED for field, gathering, compression and water facilities ahead of a planned handover if Comet Ridge completes the acquisition of Santos’s 42.86% stake. Pipeline partner Jemena has finished technical FEED work for a new high-pressure gas pipeline, secured environmental approval and is awaiting a pipeline licence to connect Mahalo gas into the Queensland Gas Pipeline.
The company highlighted that completion of the Santos acquisition would consolidate 100% ownership of the Mahalo Gas Hub, lifting 2P reserves and 2C resources to 677 PJ and giving Comet Ridge full operational control and greater scale to optimise development and costs. Comet Ridge also extended key condition dates under its gas sales agreement with CleanCo to late May 2026, saw the expiry of remaining PURE warrants, continued data room engagement on funding and transactions, and ended the quarter with $2.63 million in cash.
The most recent analyst rating on (AU:COI) stock is a Buy with a A$0.25 price target. To see the full list of analyst forecasts on Comet Ridge Ltd stock, see the AU:COI Stock Forecast page.
More about Comet Ridge Ltd
Comet Ridge Ltd is an Australian energy company focused on coal seam gas exploration and development on the east coast, with a key position in Queensland’s Bowen Basin. Its portfolio is centred on the Mahalo Gas Hub, where it targets supplying domestic gas markets via nearby pipeline infrastructure and hubs at Gladstone and Wallumbilla.
Average Trading Volume: 1,284,210
Technical Sentiment Signal: Buy
Current Market Cap: A$203.4M
Learn more about COI stock on TipRanks’ Stock Analysis page.