Comet Ridge Restructures Santos Acquisition Terms to Strengthen Mahalo Gas Hub Expansion Strategy
Comet Ridge Limited (ASX: COI) has revised the terms of its agreement to acquire Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, reducing the upfront cash commitment while extending the transaction timetable to support a more flexible funding process. Under the amended structure, the upfront firm consideration payable at completion has been reduced to AU$28 million, comprising AU$18 million in cash and AU$10 million in Comet Ridge shares.
The revised agreement also includes up to AU$30 million in contingent payments linked to future gas production milestones from the Mahalo Gas Project. Comet noted that the extension provides additional time to complete a funding solution amid uncertainty surrounding the Federal Government’s proposed gas reservation policy.
Upon completion, the acquisition would deliver Comet Ridge 100% ownership of the Mahalo Gas Hub, increasing total 2P reserves and 2C resources to approximately 677PJ. Management highlighted that full ownership would improve development sequencing, operational flexibility and strategic control over one of the east coast gas market’s significant undeveloped gas positions.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Comet Ridge Restructures Santos Acquisition Terms to Strengthen Mahalo Gas Hub Expansion Strategy
Comet Ridge Limited (ASX: COI) has revised the terms of its agreement to acquire Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, reducing the upfront cash commitment while extending the transaction timetable to support a more flexible funding process. Under the amended structure, the upfront firm consideration payable at completion has been reduced to AU$28 million, comprising AU$18 million in cash and AU$10 million in Comet Ridge shares.
The revised agreement also includes up to AU$30 million in contingent payments linked to future gas production milestones from the Mahalo Gas Project. Comet noted that the extension provides additional time to complete a funding solution amid uncertainty surrounding the Federal Government’s proposed gas reservation policy.
Upon completion, the acquisition would deliver Comet Ridge 100% ownership of the Mahalo Gas Hub, increasing total 2P reserves and 2C resources to approximately 677PJ. Management highlighted that full ownership would improve development sequencing, operational flexibility and strategic control over one of the east coast gas market’s significant undeveloped gas positions.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au