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Comet Ridge Limited (COI) - Favourable thematic with key news flow ahead ( Petra 16/1/24 )

The east coast gas sector has started 2024 strongly, with bellwether Cooper Energy (COE) up 72% and COI as the most advanced developer up 38% (Figure 1). Despite fundamentals improving (Figure 2) and elevated spot & contract prices (Figure 3), equity performance for the east coast gas sector languished in 2023 (Figure 4). Ultimately, we expect underlying fundamentals to come home to roost, and those such as COI with well advanced assets & large portions of soon-to-be-contracted gas (~90% 2P reserves uncontracted) will benefit.
BUY, PT A$0.38/sh (unch).