Oz Comet Ridge Closes Share Placement Plan

Australian explorer Comet Ridge has closed its share purchase plan announced last month following the completion of the A$10mn (US$6.9mn) placement to institutional and sophisticated investors, it said December 17 in a statement.

The funds raised will be used for Mahalo North coalbed methane project (tenure management, engineering, phase 1 drilling and seismic surveys); Mahalo gas project (pre-FID joint venture activities); Galilee Deeps project (testing of Albany 1 and 2, tenure management and resource certification in conjunction with joint venture partner, Vintage Energy); and general corporate costs and working capital purposes.

Comet Ridge is focused on the development of gas resources for the east coast Australian market. The company has tenement interests and projects in Queensland and New South Wales.