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Comet Ridge Limited (ASX:COI)

ALERT: Price-sensitive ASX Announcement for COI
Current share price for COI : $0.083 -0.003 (-3.49%)+
Announcement
Release
31 Jul 2026 11:27AM
Price at Release
$0.086
Full Release
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Summary
The June 2026 Quarterly Activities Report for Comet Ridge Limited details ongoing developments in their Mahalo Gas Project, including securing additional gas sales agreements, progressing funding arrangements, and conducting front-end engineering design (FEED) work. The company reports a cash balance of $27.7 million and a secured debt facility of $9.5 million with PURE Asset Management. They raised $40 million through a placement and $875,750 via a Share Purchase Plan. The restructuring of the Mahalo Gas Project acquisition agreement with Santos has been noted, and the company continues to engage in discussions for project financing. Exploration and evaluation outflows totaled $2.864 million for the quarter.
Key Points
  • Comet Ridge executed a Memorandum of Understanding for gas supply with Highview Power.
  • The company is progressing with funding arrangements and gas sales agreements for the Mahalo Gas Project.
  • Comet Ridge reported a cash balance of $27.7 million as of 30 June 2026.
  • The secured debt facility with PURE Asset Management totals $9.5 million, maturing on 30 June 2027.
  • Payments to related parties for the quarter totaled $224,000.
  • The company completed a successful placement, raising $40 million, and an additional $875,750 from a Share Purchase Plan.
  • Comet Ridge and Santos restructured their acquisition agreement for the Mahalo Gas Project.
  • Cash outflows for exploration and evaluation amounted to $2.864 million for the quarter.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.