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10 stories mentioning ASX:COIUpdated 11d ago

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Asia

Comet Ridge Reaches Non-Binding Agreement to Supply Gas for Highview Power's Proposed Queensland Project

Comet Ridge (ASX:COI) entered a non-binding memorandum of understanding to supply 3.6 petajoules of gas per year to Highview Power's proposed electricity project in Queensland for a minimum of five years, according to a Monday filing with the Australian bourse.Highview's project will be constructed in two phases, with the first phase targeting a 400 megawatt four-hour battery energy storage system, per the filing.Comet Ridge described Highview as "a logical domestic customer" for its Mahalo Gas Hub.

ASX:COI
Asia

Comet Ridge Extends Closing Dates for Share Purchase Plan, Options Offers

Comet Ridge (ASX:COI) has extended the closing dates for its share purchase plan (SPP), SPP options offer, and placement options offer to July 24, providing eligible shareholders additional time to participate in the offers, according to a Thursday filing with the Australian bourse.Eligible shareholders can apply for up to AU$30,000 of new fully paid ordinary shares under the SPP, with no brokerage or transaction costs, and may receive one free attaching unlisted option for every two SPP shares subscribed, subject to shareholder approval at the general meeting on Aug. 6, the filing added.The company's shares fell 1% in recent Thursday trade.

ASX:COI
Asia

Comet Ridge Opens AU$5 Million Share Purchase Plan

Comet Ridge (ASX:COI) opened a share purchase plan targeting gross proceeds of up to about AU$5 million, according to a Friday filing with the Australian bourse.The plan allows eligible shareholders to subscribe for up to AU$30,000 worth of new ordinary shares at a price of AU$0.1025 each, the company said.Comet Ridge shares gained 2% in recent Friday trade.

ASX:COI
Asia

Comet Ridge, CleanCo Revise Gas Sale Agreement

Comet Ridge (ASX:COI) and CleanCo Queensland amended the key commercial terms of their gas sale agreement for the supply of 21 to 25 petajoules of natural gas from the Mahalo Gas Hub, according to an Australian bourse filing on Tuesday after market hours.The revised agreement postpones the start of gas deliveries to Jan. 1, 2030, reduces the take-or-pay commitment to 80% from 90%, and provides that gas price indexation to the consumer price index will commence on Jan. 1, per the filing.The deadline for the remaining financing and infrastructure-related conditions precedent has been extended to March 31, 2027, the filing said.The agreement also adds new conditions precedent requiring the company to provide evidence by March 15, 2029, that the Mahalo Gas Hub fields produced an average of at least 9 terajoules per day between Dec. 1, 2028, and Feb. 28, 2029, and that there has been no adverse change to CleanCo's gas requirements by March 31, 2027, the filing added.

ASX:COI
Asia

Update: Comet Ridge Secures Commitments for AU$40 million Placement; Shares Hit Five-Year Low

(Updates with the stock movement in the headline and last paragraph.)Comet Ridge (ASX:COI) received firm commitments for a two-tranche placement of new shares to existing and new investors to raise AU$40 million, according to a Wednesday Australian bourse filing.It plans to issue 390.2 million fully paid ordinary shares at an issue price of AU$0.1025 per share. The first tranche seeks to raise around AU$30.6 million utilising the company's capacity, while the second tranche seeks to raise around AU$9.4 million, subject to shareholder approval.It also plans to offer eligible shareholders the opportunity to participate via a share purchase plan to raise up to an additional AU$5 million.Comet Ridge shares declined nearly 22% in recent Wednesday trade and earlier hit their lowest level since July 2021.

ASX:COI
Asia

Comet Ridge Partner Gets Natural Gas Pipeline License From Queensland Government

Comet Ridge (ASX:COI) said its partner firm Jemena received a point-to-point petroleum pipeline license from the Queensland government for the transport of natural gas from the Mahalo gas hub into two transmission pipelines to the south, according to a Wednesday filing with the Australian bourse.The license is for a high pressure, carbon steel, buried natural gas pipeline with a length of about 85.4 kilometers, per the filing.Comet Ridge said it plans to enter into a deal for Jemena to build, own, and operate the Mahalo gas hub pipeline to transport Comet's gas to market under a tariff arrangement.Shares of Comet Ridge were down 23% in recent Wednesday trade and earlier hit their lowest since July 2021.

ASX:COI
Asia

Comet Ridge Secures Commitments for AU$40 million Placement

Comet Ridge (ASX:COI) received firm commitments for a two-tranche placement of new shares to existing and new investors to raise AU$40 million, according to a Wednesday Australian bourse filing.It plans to issue 390.2 million fully paid ordinary shares at an issue price of AU$0.1025 per share. The first tranche seeks to raise around AU$30.6 million utilising the company's capacity, while the second tranche seeks to raise around AU$9.4 million, subject to shareholder approval.It also plans to offer eligible shareholders the opportunity to participate via a share purchase plan to raise up to an additional AU$5 million.

ASX:COI
Asia

Comet Ridge Revises Terms for Stake Acquisition in Queensland Gas Project; Shares Gain 21%

Comet Ridge (ASX:COI) restructured the terms of its acquisition of Santos' (ASX:STO) 42.86% stake in the Mahalo gas project in Queensland to reduce the up-front cash component and extend the completion date by three months, according to a Thursday filing with the Australian bourse.The restructuring comes after recent uncertainty generated by the Australian government's disclosure related to a gas reservation policy that created suboptimal conditions for Comet Ridge to complete a funding initiative, the company said.Under the revised terms, Santos will receive firm consideration of AU$28 million at completion, including AU$18 million in cash and AU$10 million worth of Comet shares. Up to an additional AU$30 million of contingent payments will be made based on the achievement of production milestones at the project.The original agreement in December 2025 called for an upfront payment of AU$40 million and a contingent payment of up to AU$20 million."With these revised terms, Comet is confident it can use the time to execute a funding mechanism that will allow it to complete the acquisition agreement on terms that preserve value for Comet's shareholders," the company said.Shares of Comet Ridge surged 21% in recent Thursday trade, while Santos was down more than 1%.

ASX:COIASX:STO
Asia

Comet Ridge Secures Extension to Gas Sales Agreement Conditions, Shares Down 4%

Comet Ridge (ASX:COI) said it has mutually extended the dates of two remaining conditions for its gas sales agreement (GSA) with CleanCo Queensland to June 30, according to a Friday Australian bourse filing.The conditions relate to Comet Ridge securing finance and gas transportation and processing agreements to satisfy the supply requirements under the GSA, the filing added.Comet Ridge said it continues to engage with CleanCo and other prospective gas buyers to optimize gas sales from the Mahalo Gas Hub area.The company's shares fell 4% in recent Friday trade.

ASX:COI
Asia

Comet Ridge Says Australian Government's Domestic Gas Reservation Policy Has No Direct Impact on Mahalo Assets, Shares Fall 3%

Comet Ridge (ASX:COI) said the Australian government's policy of domestic gas reservation from liquefied natural gas (LNG) exporters, due to begin on July 1, 2027, has no direct policy impact on the firm but may influence markets in which it operates, according to a Tuesday Australian bourse filing.It expects a "significant amount of consultation" to occur between gas producers and the government departments until the implementation of the policy. Comet Ridge believes that the government wants more supply in the market and may introduce a scheme that incentivizes new production from projects like Mahalo.Comet Ridge noted that a significant proportion of its total natural gas reserves and resources are in the Mahalo block petroleum leases, PLs 1082 & 1083, and the potential commercial areas, PCAs 302 to 304, in the Mahalo gas hub, which have no domestic gas requirements.Its shares fell 3% in recent trading on Tuesday.

ASX:COI

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