Comet an October rocket

COAL seam gas player Comet Ridge’s stellar market run has continued this week, with the company’s ASX shares up 64% since the start of October.
Comet an October rocket Comet an October rocket Comet an October rocket Comet an October rocket Comet an October rocket

Comet's drilling operations

Andy Graham

Last week Comet Ridge completed Gunn 2, its first production well in the Galilee Basin at ATP744P.

It said all four coal intervals tested showed good to excellent productivity.

In the same week the company spudded its second CSG well in a three-well campaign at ATP 1015P.

Comet Ridge is funding two wells to earn a 20% stake in the permit and could earn up to 75% by funding further exploration.

Earlier in October Comet Ridge sold 94 million 10c shares to raise $9.4 million in a capital raising that was some $1.7 million oversubscribed.

This article first appeared in ILN sister publication EnergyNewsPremium.net.

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