Comet Ridge Ltd (AU:COI) has released an update.
Comet Ridge Ltd has successfully secured a $15 million placement to advance its Mahalo Joint Venture and Mahalo North gas projects towards the Final Investment Decision, with robust interest in additional gas sales from various sectors. Despite some delays in environmental applications for Mahalo North, the company remains in a strong financial position with $19.6 million in cash at the end of March 2024. The Mahalo Gas Hub, with significant equity interest from Comet Ridge, has shown promising productivity, particularly with a recent pilot production test yielding a gas flow of 1.75 million cubic feet per day.
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