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Comet Ridge Ltd ( (AU:COI) ) has shared an update.
Comet Ridge has moved to consolidate full control of its flagship Mahalo Gas Hub in Queensland, signing a binding agreement to acquire Santos QNT’s 42.86% stake in the Mahalo Gas Project, which will give it 100% ownership and operatorship over about 1,850 square kilometres of gas acreage. The company also secured key environmental approval for development of its wholly owned Mahalo North project, advanced Front End Engineering Design on both upstream facilities and a new high-pressure pipeline led by Santos and Jemena respectively, progressed potential NAIF debt funding into due diligence, and reported $7.1 million in quarter-end cash, collectively positioning the Mahalo Gas Hub as a larger-scale, more flexible east coast gas supply option with greater strategic control and potential efficiency gains for Comet Ridge and its stakeholders.
The most recent analyst rating on (AU:COI) stock is a Hold with a A$0.15 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 an ASX-listed gas exploration and development company focused on coal seam gas projects in Queensland’s Bowen Basin, targeting the east coast Australian gas market through its Mahalo Gas Hub assets. The company’s activities centre on progressing gas reserves into production via strategically located tenements close to existing pipeline infrastructure and major demand centres such as Gladstone and Wallumbilla.
Average Trading Volume: 1,054,281
Technical Sentiment Signal: Hold
Current Market Cap: A$161.5M
For detailed information about COI stock, go to TipRanks’ Stock Analysis page.