Australia's Comet Ridge logs best day in over 5-years on cutting Mahalo deal price

Comet Ridge

21/05/2026 05:11

** Comet Ridge soars up to 28.57% to A$0.135, marking its sharpest intraday spike in over five and a half years

** Natural gas explorer revisesits Mahalo Gas deal, trimming consideration to A$28 million  ($19.92 million) from A$40 million, structured as A$18 million cash and A$10 million in equity to oil major Santos STO.AX

** Revised terms also introduce up to A$30 million in earn‑outs, tied to phased gas sales milestones of 10, 20 and 30 petajoules from the project

** Acquisition will hand COI full ownership of a foothold in the East Coast gas market - Co

** Stock down 3.7% YTD

($1 = 1.4053 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))