Comet Ridge Updates on Mahalo Gas Project Acquisition
Key points
- Revised acquisition terms due to market uncertainty
- Upfront cash reduced, completion date extended by three months
- Additional $30M contingent on gas sales milestones
Full summary
Comet Ridge Limited (ASX: COI) has announced a restructuring of its acquisition agreement for Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project. The revised terms include a reduction in the upfront cash component and an extension of the completion date by three months to August 2026. This restructuring aims to provide Comet Ridge with more time to secure funding, considering recent market uncertainties due to the Federal Government's gas reservation policy. The acquisition, once completed, will give Comet Ridge full ownership of the Mahalo Gas Hub, offering strategic benefits such as increased reserves, optimized development planning, and full control over strategic decisions.
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