Comet Ridge (ASX:COI) has entered into binding agreements to acquire Santos QNT’s 42.86% interest in the Mahalo Gas Project, increasing its holding from 57.14% to 100% and consolidating ownership of the entire Mahalo Gas Hub in Queensland, covering approximately 1,850km2.
The acquisition will position Comet Ridge as operator of the project, encompassing the Mahalo development leases, surrounding potential commercial areas, and the Mahalo North and East extensions.
Under the agreement, Comet Ridge will pay $40 million in cash consideration on completion, scheduled to occur at the project's final investment decision or by Jue 30, 2026, whichever comes first.
An additional $20 million in contingent payments is linked to production milestones, with $10 million payable after 10 PJ of sales gas and a further $10 million after 20 PJ.