Comet Ridge Raises Funds for Mahalo CSG Project

Comet Ridge Limited has raised A$9million through placement of shares to fund the completion of the Mahalo Project work programme.  

Following completion of the placement, the company will have approximately A$13 million cash on hand.

Over the next six months the company will continue pumping operations at the Mahalo and Mira Field Pilots, and to complete the work-over programme.  

The target of both Mahalo Project pilot schemes is to achieve commercial gas rates from one or more wells leading to conversion of CSG Resources to 2P Reserves, which Comet Ridge is targeting by the first quarter of 2014, it said in a statement. 

In July 2012, Comet Ridge commenced a 12-well drilling programme at ATP 337P Mahalo, including two pilot projects.