Comet Ridge (ASX:COI) said drilling operations at Mahalo East 1 and Mahalo East 2 wells in Queensland showed strong gas volumes desorbing from the coal samples, according to a Friday filing with the Australian bourse.
Both wells were drilled with the support of the Queensland Government's Frontier Gas Exploration Grants Program, which allocated AU$5 million to the company, the filing said.
Additionally, the Mahalo JV Project where Comet Ridge has a 57.14% stake has received approval to begin Front-End Engineering Design (FEED), a step toward a Final Investment Decision.
The energy company is focused on securing Environment Protection and Biodiversity Conservation approval for its Mahalo North project, with field analysis and sampling in response to a data request. The final report is expected early next week as laboratory analysis concludes.
Shares of Comet Ridge fell past 6% at market close.
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