Hot off the press: Canaccord's price target on Comet Ridge rises...

Hot off the press:

Canaccord's price target on Comet Ridge rises 5.8% to A$0.55/share on expectations the company will develop its Mahalo gas project in a more capital-efficient way. It was buoyed by Origin Energy's investor day that showed the economic benefit of horizontal drilling in coal seam gas. "Comet Ridge has taken this a step further with its dual-lateral at Struan 3, which has intersected over 2,300m of coal in the Castor and Pollux seams," Canaccord says. Attention will soon shift to Comet Ridge's financing plans for Mahalo. "While we're hopeful that it won't be quite as tortuous as Senex Energy's debt funding process, whose A$150 million reserve based lending facility was a trailblazer for the CSG sector, we still expect it to take six months" at least, Canaccord says.