Comet Ridge, CleanCo Revise Gas Sale Agreement

MT Newswires Live

Jul 01

Comet Ridge (ASX:COI) and CleanCo Queensland amended the key commercial terms of their gas sale agreement for the supply of 21 to 25 petajoules of natural gas from the Mahalo Gas Hub, according to an Australian bourse filing on Tuesday after market hours.

The revised agreement postpones the start of gas deliveries to Jan. 1, 2030, reduces the take-or-pay commitment to 80% from 90%, and provides that gas price indexation to the consumer price index will commence on Jan. 1, per the filing.

The deadline for the remaining financing and infrastructure-related conditions precedent has been extended to March 31, 2027, the filing said.

The agreement also adds new conditions precedent requiring the company to provide evidence by March 15, 2029, that the Mahalo Gas Hub fields produced an average of at least 9 terajoules per day between Dec. 1, 2028, and Feb. 28, 2029, and that there has been no adverse change to CleanCo's gas requirements by March 31, 2027, the filing added.

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