Duet reaches deal with Chevron

Duet Group (DUE) subsidiary DBP Development Group has reached a deal with Chevron Australia to build, own and operate the domestic gas pipeline for the Chevron-operated Wheatstone Project.

In a statement to the Australian Securities Exchange, Duet said it will launch a fully underwritten placement to raise approximately $100 million to fund the project.

Duet said the placement will be conducted via a variable price bookbuild with an underwritten floor price of $2.03 per new stapled security, with the final price to be determined by the bookbuild.

The underwritten price represents a 2.4% discount to Duet's closing price last Friday.

The group subsequently entered its shares into a trading halt ahead of the placement launching.