Upstream energy company Comet Ridge (ASX: COI) is in pre-open this morning following the ASX granting the company a trading halt, pending details of a proposed capital raising involving sophisticated and professional investors.
Comet held around $4.7 million at the end of the June quarter 2013, with the company focused on exploration and appraisal of coal seam gas from its Queensland and northern New South Wales assets.
During the June quarter Comet maintained its operational focus on the company’s Queensland assets and in particular, the Mahalo gas project in the Bowen Basin.
The Mahalo joint venture (Comet 35%, Stanwell 5%, APLNG 30%, Santos 30%) commissioned and commenced dewatering at both the Mahalo Field and Mira Field pilot schemes during the period.
The objective of the Mahalo Block pilot program is to establish commercial gas rates, which have the potential for the joint venture to book gas reserves.
Mahalo is close to infrastructure linking to Gladstone.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 1st August 2013.
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