March 31 (Reuters) - Comet Ridge Ltd COI.AX :
* SIGNIFICANTLY REDUCED CONTRACTOR HOURS, SALARY OF ALL STAFF BY 30% TO 50% AND DRAMATICALLY REDUCED OTHER COSTS
* BOARD HAVE ELECTED TO STOP RECEIVING CASH PAYMENTS & TO HAVE THEIR FEES PAID IN EQUITY
* WILL HOLD IN EXCESS OF $8 MILLION IN CASH AT END OF 1Q 2020
* SUSPENDED FUTURE STIMULATION TESTING AT ALBANY IN GALILEE BASIN
* AFTER REVIEW, DETERMINED TO KEEP GALILEE & GUNNEDAH BASIN ASSETS & MAHALO NORTH & MAHALO BLOCKS IN PORTFOLIO UNDER ONE CORPORATE STRUCTURE