COMET Ridge Limited has announced an equity raising of up to approximately $2 million to help fund its appraisal and exploration activities in Queensland.

The raising will be undertaken trough a placement to bring in $1 million and a non-renounceable entitlement offer to raise up to approximately $1.05 million.

Comet Ridge managing director Tor McCaul said the funds raised will be used for working capital while the company finalises the appraisal programme for reserves upgrade at Mahalo prior to commencing development. The company is also progressing funding discussions for drilling on the Albany Structure in the Eastern Galilee Basin.