Comet Ridge Surprises Bull with Raising for Mahalo Buyout

Dow Jones
06/26

2339 GMT - Comet Ridge's capital raising to buy out joint venture partner Santos in the Mahalo natural-gas project in Australia surprises its bull at Bell Potter. Comet Ridge is raising up to 45 million Australian dollars to acquire Santos's stake and expects to make a final investment decision on Mahalo in 1Q of 2027. "We had previously expected Comet Ridge would introduce a project level partner to fund both the Santos acquisition and the Mahalo development, the latter of which remains pending," says analyst Stuart Howe. Bell Potter's price target falls 33% to A$0.14/share. That reflects the impact of Comet Ridge's share placement and share purchase plan, alongside project delays and an assessment of the company's future equity requirements. Comet Ridge last traded at A$0.099. (david.winning@wsj.com; @dwinningWSJ)

 

(END) Dow Jones Newswires

June 25, 2026 19:39 ET (23:39 GMT)

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