Comet Ridge is a Brisbane-based ASX listed coal seam gas (CSG) exploration and development company with projects in Queensland, ASX code COI.
Their projects include gas exploration in the Galilee Basin and at Mahalo Gas Hub, both in Queensland.
Galilee Basin
Comet Ridge holds 4,998km2 in the eastern part of the Galilee Basin. COI have three licenses: ATP 743, ATP 744, and ATP 1015. Galilee “Deeps” Joint Venture (GDJV) is conventional sandstone gas in ATP 743 and ATP 744 in an area called “Albany Structure” ()” held by the Galilee Deeps Joint Venture (Comet Ridge 70% and Vintage Energy 30%).
Back in 2019, Analysts Expect Breakeven For Comet Ridge, “With the latest financial year loss of -AU$2.2m and a trailing-twelve month of -AU$3.3m, the AU$200m market-cap amplifies its loss by moving further away from its breakeven target.” However, “it turns out that they expect the company to grow 108% year-on-year”.
In the story headlined “Fracking plans near Adani coalmine raise new environmental fears“, Comet Ridge expressed hope in fracking at their exploratory wells close to the Adani Carmichael mine site, despite warnings from federal government studies that this could affect water resources in the Galilee Basin.
It appears that Comet Ridge were also hoping to sell gas to the nearby Adani Bravus coal mine but Adani said it had plans in place to provide energy for Carmichael operations and that these “do not contemplate the use of natural gas”.
Forward to 2024, and we see Comet Ridge $24.65 million in debt, with a negative income of $6 million. 2025 is worse, $74.74 million in debt and with negative $9 million income.
Comet Ridge share price is 0.17 as of 19 Oct 2023, down from highs of 0.37 in February 2019. For now, Comet Ridge’s hope are pinned to the Mahalo Gas Hub …
Mahalo Gas Hub
Located in the Dension Trough, approximately 240km west of Gladstone in the southern Bowen Basin, the Mahalo Gas Hub is a Joint Venture between Comet Ridge (70%) and Santos (30%) with Santos having options to take their share up to 50%.
Comet Ridge owns extensive landholding within the Mahalo Gas Hub, encompassing both the flagship Mahalo Gas Project and the fully-owned and operated permits situated to the northwest and northeast.
Top Twenty Shareholders
| 1. | CITICORP NOMINEES PTY LIMITED | 63,810,931 | 7.30% |
| 2. | BNP PARIBAS NOMS PTY LTD | 24,155,346 | 2.81% |
| 3. | BRIXIA INVESTMENTS LTD | 20,744,001 | 2.41% |
| 4. | MCKAY SUPER PTD LTD | 20,253,129 | 2.35% |
| 5. | GILBY RESOURCES PTY LTD | 18,000,000 | 2.09% |
| 6. | SIXTH ERRA PTY LTD | 17,969,150 | 2.09% |
| 7. | NORFOLK ENCHANTS PTY LTD | 17,660,000 | 2.05% |
| 8. | KABILA INVESTMENTS PTY LTD | 17,479,318 | 2.03% |
| 9. | HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED | 17,208,114 | 2.00% |
| 10. | MR JOHN NAUGHTON | 15,003,116 | 1.74% |
| 11. | WATERFORD ATLANTIC PTY LTD | 14,523,146 | 1.69% |
| 12. | POWER INDUSTRIES PTY LTD | 13,463,297 | 1.57% |
| 13. | NATIONAL NOMINEES LIMITED | 11,544,142 | 1.34% |
| 14. | MR CHRISTOPHER JOHN BLAMEY +MRS ANNE MARGARET BLAMEY | 10,840,197 | 1.26% |
| 15. | HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2 | 10,837,211 | 1.26% |
| 16. | MICHAEL JOYCE PTY LTD | 10,000,000 | 1.16% |
| 17. | ZERO NOMINEES PTY LTD | 10,000,000 | 1.16% |
| 18. | BRAZIL FARMING PTY LTD | 8,859,062 | 1.03% |
| 19. | NAUGHTON SUPER PTY LTD | 8,700,000 | 1.01% |
| 20. | BIAN GROUP PTY LTD | 8,248,383 | 0.96% |
| TOTAL | As at 17 September 2021 | 338,298,549 | 39.34% |
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