Comet Ridge (COI)

Shares / Stock Code

COI

Stock Exchange / Sharemarket

ax

Comet Ridge (COI) is a natural gas and coal seam gas exploration company with production assets in Queensland and in New South Wales. Gas explorers own rights to explore for commodities in certain areas, and discovery goes through several stages from initial finding to test and appraisal wells and finally to production. Often joint ventures are formed to offset the risk and costs involved. The company was listed on the ASX in April 2004. Its head office is situated in Perth. COI has expanded its business over the years mainly through its joint venture partnerships locally and abroad.

Comet Ridge has tenement interests and a range of projects in Australia and New Zealand and an investment in a joint venture company based in the United States. The Galilee Basin is located approximately 500 kilometers west of Gladstone. The Mahalo Block is located in the Bowen Basin, approximately 150 kilometers north of Fairview CSG field. The mining permit PMP50100 in the West Coast coal region of New Zealand’s South Island covers approximately 170 square kilometers. Comet Ridge’s interest in the Gunnedah Basin permits consists of PEL427, which covers approximately 7,014 square kilometers and PEL428, which covers approximately 6,025 square kilometers. Its other projects include Buller Block and North Waikato Block. On April 16, 2009, the Company acquired Chartwell Energy Limited.

Comet Ridge company focuses on large volumes of natural gas or coal seam gas trapped in extensive coal deposits. COI has a joint venture in the US with Strike Oil Ltd and AJ Lucas Group Ltd to pursue oil and gas opportunities in the Rocky Mountain region of the USA. In addition, gas is typically sold under long-term contract arrangements with utilities, large industrial users and steel plants. Key competitors include CH4 Gas Ltd (CHX), Bounty Oil & Gas (BUY), Purus (PUR) and Hillgrove (HGO).