Comet Ridge gets approvals for APLNG Mahalo stake
Sydney-listed Comet Ridge on March 30 said it had received key government approvals required for its acquisition of Australia Pacific LNG's (APLNG) 30% stake in the Mahalo gas project in Queensland. The deal was announced in August last year.
The Mahalo gas project environmental authority has now been awarded by the Queensland government, the company said. Comet Ridge has also received the indicative approval of the Queensland minister for resources for the transfer of the equity interest.
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“Subsequently all government approval steps required for the transaction have now been met. The final condition precedent relating to joint venture documentation is in progress,” Comet Ridge said.
The acquisition will take Comet’s interest in the project from 40% to 70%. The company will pay A$12mn ($9mn) in cash to APLNG on the completion of the deal, and a further A$8mn post-completion in deferred tranches. Comet Ridge has also executed a funding and option agreement with the Mahalo joint venture partner, Santos.