- Comet Ridge’s (COI) Mahalo Gas Project (MGP) has been granted approval under the Commonwealth Government Environment Protection and Biodiversity Conservation Act
- This marks the first of two environmental steps required to move this project to production
- The Mahalo Gas Project is located in Queensland’s Bowen Basin and is held in a joint venture with Santos and Australia Pacific LNG
- Comet is pleased with this approval, despite its primary focus recently being its wholly-owned Mahalo North block in the southern Bowen Basin
- If all necessary requirements are complete, the second and final step will be completed in the next few months
- Comet Ridge shares have climbed 10 per cent to trade for 9.9 cents per share
Comet Ridge’s (COI) Mahalo Gas Project (MGP) has been granted approval under the Commonwealth Government Environment Protection and Biodiversity Conservation Act (EPBC).
This approval marks the first of two environmental steps needed for MGP to progress forward to production. The second step is currently being assessed by the Queensland State Government Department of Environment and Science.
The company expects that if the project meets all state environmental regulatory requirements, the second and last step will be complete in the next few months.
The Mahalo Gas Project is located in the Denison Trough area of Queensland’s Bowen Basin. The permit covers an area of 911 square kilometres.
This project is held in a joint venture with Santos (STO) and Australia Pacific LNG. Comet holds a 40 per cent interest and the other members each hold a 30 per cent interest.
Comet Ridge Managing Director Tor McCaul says that although the company’s primary focus is on its wholly-owned Mahalo North Project, he’s pleased to receive this approval nonetheless.
Comet believes this is a significant step, as the Federal Government is focusing on natural gas to support the east coast power markets. The Queensland Government is also supportive of natural GA,s with an ongoing acreage bidding program supporting domestic gas production.
Comet Ridge shares have climbed 10 per cent to trade for 9.9 cents per share at 1:42 pm AEST.