Oil and Gas News

Comet to increase stake in Mahalo

Mahalo gas project

Comet Ridge is closing in on the acquisition deal to procure Australia Pacific LNG’s (APLNG) 30 per cent interest in the Mahalo Gas Project, taking ownership to 70 per cent upon completion.

Comet Ridge announced that the two government documentation and approval steps for the acquisition of APLNG’s 30 per cent interest in the project, have been formally completed.

The Mahalo project Environmental Authority (EA) was previously included inside a wider EA for the Denison Trough area that included blocks held by Santos and APLNG.

A separate Mahalo Gas Project EA was required for the transaction to go through, which has now been awarded by the Queensland Government and this condition has been met.

The second government approval step of the Indicative Approval of the Queensland Minister for Resources for the 30 per cent transfer of equity interest to Comet Ridge from APLNG has also been received, and this condition is also now satisfied.

All other government approval steps necessary for fulfilling this transaction have been received, apart from the final documentation requirement relating to the joint venture which is currently in progress.

Comet Ridge’s ATP1191 Mahalo asset is located in the Denison Trough area of Queensland’s Bowen Basin near Rolleston, and covers an area of 911 km2.

In 2004, Comet Ridge farmed-in to the Mahalo JV Project Area acquiring a 40 per cent interest, with Santos and APLNG retaining a 30 per cent interest each.

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