Australia: Comet Ridge Completes AUD 9 Million Private Placement

Comet Ridge Limited announced the successful completion of a A$9 million placement to institutional and sophisticated investors of 50 million new shares at A$0.18 per share.

The Placement was oversubscribed with strong support from existing and several new institutional investors. Net proceeds of the Placement will be used to fund the completion of the Mahalo Project work programme, including work-overs and operations, other portfolio project costs, corporate and technical costs and working capital.

Commenting on the outcome of the Placement, Managing Director Tor McCaul said, “We thank our major shareholders for their ongoing support, and we are delighted to welcome new investors to the share register. Following completion of the Placement, we will have approximately A$13 million cash on hand. Our operational focus over the next six months will be to continue pumping operations at the Mahalo and Mira Field Pilots, and to complete the work-over programme outlined in previous Mahalo Project operational update announcements.”

Mr McCaul added, “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”.

[mappress]