Weak start for Comet Ridge

Australia’s latest Coal Seam Gas company, Comet Ridge Ltd, trading under the ASX code COI, closed at 17 cents after listing and commencing trading yesterday.
Weak start for Comet Ridge Weak start for Comet Ridge Weak start for Comet Ridge Weak start for Comet Ridge Weak start for Comet Ridge

Comet Ridge managing director, Andy Lydyard said, “While we would like to have closed at a small premium, we are very pleased to have successfully listed. A handful of small shareholders have sold at a discount to the issue price, with only 125,000 shares out of 35 million traded today. That suggests that the market is comfortable with our assets and our management and we are undervalued compared to our peers.”

The Company is focused on the early development and commercialisation of its Coal Seam Gas (CSG) exploration projects in central and southeastern Queensland and northern NSW. Aggressive drilling programs aimed at establishing commerciality have started on both its namesake Comet Ridge CSG project in the Bowen Basin in central Queensland and the Walloon Coal Measures Project in southeastern Queensland.

The Company has drilled 6 wells over the past 3 months and has another 4 currently drilling. Work continues on the commissioning of the Tipton West Pilot near Dalby in southeast Queensland, where dewatering of a number of the wells has commenced.

Lydyard said “Establishing gas reserves at Tipton West and proving the Comet Ridge concept are our two main operational objectives between now and the end of June, at the same time we’ll be working hard to communicate our story to the market.”


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