InvestSMART

Comet Ridge Limited (ASX:COI)

ALERT: Price-sensitive ASX Announcement for COI
Current share price for COI : $0.088 -0.017 (-16.19%)+
Announcement
Release
21 May 2026 9:14AM
Price at Release
$0.105
Full Release
download
Summary
Comet Ridge Limited has announced an update on the acquisition of Santos QNT Pty Ltd's stake in the Mahalo Gas Project. This acquisition will grant Comet Ridge full ownership of the Mahalo Gas Hub, enhancing its reserves and resources significantly. The acquisition deal includes a payment of $28 million, split between cash and shares, with additional contingent payments dependent on future gas sales. The terms have been adjusted to extend the completion and funding arrangement deadlines. The acquisition aims to optimize resource development and provide Comet Ridge with full operational control, ensuring better strategic decisions for the project. Shareholder approval is necessary for issuing shares to Santos.
Key Points
  • Comet Ridge Limited plans to acquire Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project.
  • The acquisition will consolidate 100% ownership of the Mahalo Gas Hub, increasing reserves and resources to 677 PJ.
  • The acquisition agreement includes a $28 million consideration, with $18 million in cash and $10 million in Comet Ridge shares.
  • There are contingent payments up to $30 million, linked to gas sales milestones.
  • Completion date for the acquisition has been extended, with funding arrangement deadlines also pushed back.
  • The acquisition is expected to optimize project development and provide strategic control over the Mahalo Gas Hub.
  • Comet Ridge aims to integrate Mahalo North and Mahalo East for efficient development.
  • Shareholder approval is required for the issue of Comet Ridge shares to Santos.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.