News: Comet Ridge to raise capital

Comet Ridge (ASX:COI) has been granted a trading halt by the ASX in relation to a proposed capital raising.

The halt will last until the earlier of the announcement being made or the commencement of trade on Monday, 20 October 2014.

Comet Ridge is focused on the exploration and appraisal of its coal seam gas assets in Queensland and northern New South Wales particularly increasing pilot gas production at the Mahalo Block to support Reserve upgrades.

Its joint venture partners APLNG and Santos participate in two of the export liquefied natural gas projects in Gladstone, Queensland.

Two pilot schemes are currently operating at the Mahalo Block, which has 22 petajoules of Proved and Probable Reserves as well as 328PJ of Best Estimate Contingent Resources.