Comet Ridge (ASX:COI) - Managing Director, Tor McCaul
Managing Director, Tor McCaul
Source: The Market Herald
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  • Comet Ridge’s (COI) 40 per cent owned Mahalo Gas Project has been granted petroleum leases 1082 and 1083 by the Queensland State Government
  • Fellow ASX-lister Santos (STO) holds 30 per cent, while the remaining 30 per cent is held by APLNG, with Origin Energy acting as operator
  • These grants mark the final regulatory approval needed for the Mahalo Gas Project to move towards production
  • Comet Ridge considers these approvals a testament to many years of exploration, appraisal and development activities
  • Comet Ridge is up 11.2 per cent and shares are trading for 9.9 cents each

Comet Ridge’s (COI) flagship Mahalo Gas Project has been granted petroleum leases 1082 and 1083 by the Queensland State Government.

The Mahalo Gas Project is located inside the northern part of the ATP 1191 Mahalo permit area.

Comet Ridge has a 40 per cent interest in the project, while Santos (STO) has a 30 per cent interest. The remaining 30 per cent is held by APLNG (where Origin Energy is the main operator).

These petroleum lease grants mark the final regulatory approval needed for the Mahalo Gas Project to move towards production.

The awards also follow the Commonwealth Government Environment Protection and Biodiversity Conservation Act (EPBC) approval in May and the subsequent Queensland Department of Environment and Science environmental approval in June.

“The Mahalo Gas Project is well-positioned to deliver meaningful gas production into the domestic and export market as part of an emerging greater Mahalo fairway,” Chairman James McKay said.

“The streamlined approval process shows it has the support of the Queensland government and we look forward to working with our joint venture partners in progressing Mahalo towards a Final Investment Decision’,” James added.

Comet Ridge considers these approvals a testament to many years of exploration, appraisal and development activities which prove Mahalo is a valuable development-ready gas project.

Additionally, the company continues to work at its wholly-owned Mahalo North Project. Activities include seismic interpretation to target optimal drilling areas. Eventually, Comet will tie Mahalo North into either the Mahalo Gas Project or other nearby facilities.

Comet Ridge is up 11.2 per cent and shares are trading for 9.9 cents each at 1:33 pm AEST.

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