Comet Ridge Discovers Strong Gas Volumes at Queensland Wells; Shares Fall 6%

MT Newswires Live

Dec 09, 2024

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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The final report is expected early next week as laboratory analysis concludes.</p><p>Shares of Comet Ridge fell past 6% at market close.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"COI.AU","symbol_name":"COMET RIDGE LTD","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2490716137","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2490716137","pubTimestamp":1733726799,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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