Comet Ridge Clears ASX Hurdle for Full Mahalo Gas Project Acquisition

The latest update is out from Comet Ridge Ltd ( (AU:COI) ).

Comet Ridge Limited has received confirmation from the ASX that its proposed acquisition of Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will increase Comet Ridge’s ownership of the project to 100%, will not trigger the need for shareholder approval or require the company to re-comply with initial listing requirements under ASX Listing Rules 11.1.2 and 11.1.3. This clarification removes a key regulatory hurdle for the transaction, smoothing the path for Comet Ridge to consolidate full control of its flagship Mahalo Gas Project, potentially strengthening its operational flexibility and strategic positioning in supplying gas to the east coast Australian market.

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 Limited is a publicly listed Australian energy company focused on developing natural gas resources for the constrained east coast gas market. The company holds a portfolio of gas tenements and prospective projects in Queensland and New South Wales, anchored by its flagship Mahalo Gas Hub near Gladstone, which comprises low-cost, sales-specification natural gas with very low CO2 reserves. Comet Ridge’s broader exploration assets, including a significant position in the Galilee Basin, are aimed at supplying cleaner energy and critical feedstock to domestic and international markets, with plans to sequentially develop its Mahalo-area permits to deliver meaningful gas volumes into the east coast market.

Average Trading Volume: 919,461

Technical Sentiment Signal: Hold

Current Market Cap: A$161.5M

Learn more about COI stock on TipRanks’ Stock Analysis page.