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Comet Ridge Ltd ( (AU:COI) ) has issued an announcement.
Comet Ridge has secured key federal environmental approval under the Environment Protection and Biodiversity Conservation Act for its 100%-owned Mahalo North natural gas development in Queensland’s Bowen Basin, complementing an existing Queensland environmental authority. The EPBC approval, following extensive assessment by federal agencies, allows the company to build, operate, decommission and rehabilitate up to 68 coal seam gas wells and associated infrastructure over a 141 km² area, and comes shortly after Comet Ridge agreed to acquire full ownership of the adjacent Mahalo Gas Project and advanced its NAIF financing assessment, marking a major step toward expanding its Mahalo Gas Hub and boosting future gas supply to Australia’s east coast 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 an Australian publicly listed energy company focused on developing natural gas resources for the constrained east coast gas market. Its flagship Mahalo Gas Hub in Queensland comprises low-cost, sales-specification natural gas blocks with very low CO2 reserves near Gladstone, complemented by additional tenements in the Galilee Basin and a joint block in New South Wales with Santos, positioning the company to meet rising domestic and international demand for natural gas as a cleaner energy source and key industrial feedstock.
Average Trading Volume: 782,950
Technical Sentiment Signal: Hold
Current Market Cap: A$155.5M
For detailed information about COI stock, go to TipRanks’ Stock Analysis page.