Comet Ridge Limited (COI) - Marching towards FID (Petra 20/10/23)
COI is advancing its large scale CSG assets in QLD’s South Bowen Basin, positioning itself to benefit from a favourable east coast gas market. Leveraging its highly successful Mahalo North pilot well development, COI has multiple Tier 1 partnerships in Jemena (pipeline), Santos (MGP operator), and CleanCo (binding offtake).
With a Mahalo North FID targeted for mid-2024, we have moved to reconcile COI’s current working interests at each of its projects (100% Mahalo North & East, 57% Mahalo Gas Project) with COI’s stated strategy, from our previous assumption of a 50/50 shared regional development with STO.
We also reduce our future equity price assumption, resulting in a minor reduction in our TP to A$0.38/sh (prev. A$0.40/sh).
Maintain BUY.
Comet Ridge Limited (COI) - Marching towards FID (Petra...
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20.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $221.5M | |||
| Open | High | Low | Value | Volume |
| 19.5¢ | 20.0¢ | 19.3¢ | $355.2K | 1.814M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | 19.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 20.0¢ | 445123 | 5 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| COI (ASX) Chart |