2312 GMT - Comet Ridge's signal that a final investment decision on its Mahalo natural-gas project in Australia won't happen this year contributes to Bell Potter cutting its price target by 19% to A$0.21/share. Still, analyst Stuart Howe remains bullish about Comet Ridge, highlighting that Mahalo is one of the few development-ready projects capable of delivering near-term gas supply to eastern Australia. Comet Ridge expects preliminary design and engineering work at Mahalo to continue through this year. Only when this is completed will it make a final investment decision, or FID, with partner Santos. "We expect Comet Ridge's majority equity positions in the Mahalo projects and a strong gas market outlook to provide support for development funding across debt, equity and gas prepayments," Bell Potter says. "However, we also acknowledge risks to FID timing." (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 05, 2025 18:12 ET (23:12 GMT)
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