This infusion of funds positions the company well for advancing its Mahalo joint venture and Mahalo North projects towards a final investment decision, it said.
Natural gas developer Comet Ridge has inked a memorandum of understanding (MoU) with ammonia producer Orica on potentially signing a long-term gas offtake agreement at Comet Ridge’s Mahalo North gas project.
Under the MoU, the parties will commit in the coming months to progressing an initial gas sales agreement and development funding structures through term sheet and binding documentation phases.
Jemena will undertake a pre-FEED study to build and operate a gas pipeline from the Mahalo North gas project to Jemena s Queensland Gas Pipeline (QGP).
Comet Ridge has received a notice from Santos to acquire the additional 12.86% option interest in the Mahalo Gas Project, per previously announced arrangements between the parties.