ASX Energy Stock, Comet Ridge, Building Strong Foundation for Growth
Comet Ridge is an under-the-radar stock that is steadily building a strong foundation as approvals are secured and the project moves closer to development.
Comet Ridge Limited (ASX: COI)
on 22 December announced that it received EPBC approval for the Mahalo North natural gas development located in Queensland’s Bowen Basin.
The company holds a 100% working interest in Mahalo North and the EPBC approval allows Comet Ridge to construct, operate, decommission and rehabilitate up to 68 coal seam gas wells along with associated gas facilities and gathering lines.
On 17 December, the company announced that it entered into binding agreements to acquire Santos QNT Pty Limited’s 42.86% interest in the Mahalo Gas Project which will lift its ownership to 100% on completion.
The transaction includes $40 million in firm consideration plus up to $20 million in contingent payments which consolidates Comet Ridge as the operator of the entire Mahalo Gas Hub.
This acquisition also lifts total 2P plus 2C reserves and resources to 677 PJ which strengthens the company’s position in the east coast domestic gas market.
The company made solid progress during the September quarter as Front End Engineering Design (FEED) work advanced across both upstream facilities and the planned pipeline connection for the Mahalo Gas Hub.
Santos progressed upstream FEED while Jemena advanced pipeline FEED, with key studies including geotechnical sampling, ecology, constructability and route selection largely completed which keeps the project on track toward a Final Investment Decision.
Comet Ridge ended the September quarter with a cash balance of $10.6 million while operating cash outflow for the period was $826,000.
Looking ahead, the company is focused on completing FEED, securing gas sales agreements and funding and moving Mahalo Gas Hub towards a Final Investment Decision which positions it to become an important supplier to Australia’s east coast gas market.
(Source: Company Reports)
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