Comet Ridge has achieved multiple milestones across the Mahalo joint venture for the March 2024 quarter.
Throughout the quarter, the company completed its $15 million placement to progress the Mahalo joint venture and Mahalo North gas projects to the final investment decision.
Comet Ridge also agreed on the phase 1 sub-surface plan for the Mahalo joint venture with Santos. The select phase is being completed by Santos as a precursor to commencement of the front-end engineering design.
It also noted that the joint venture has approvals in place for gas extraction and processing requirements, with the final step of the new 80km pipeline connection to both Jemena’s Queensland Gas Pipeline and to GLNG’s pipeline to its Gladstone LNG facility.
The pipeline connection will require a Queensland Government pipeline licence and access arrangements with landholders, which are currently underway.
The company also noted that multiple Mahalo North environmental applications are in the various stages of regulatory processes of both state and federal authorities.
Elsewhere in the quarter, Comet Ridge noted that additional gas sales negotiations continued with strong interest from industrial users, gas aggregators and power generators.
As of the end of March 2024, the company had $19.6 million of cash.
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