GSA Negotiation Period with CleanCo has been Extended

Source: www.gulfoilandgas.com 6/24/2022, Location: Not categorized

Key points:
• The Gas Sales Agreement (GSA) negotiation period with CleanCo Queensland Limited (CleanCo) has been extended until the earlier of executing a GSA or 31 December 2022.
• Comet Ridge has provided a notice to CleanCo Queensland Limited to commence gas sales negotiations and these negotiations are ongoing.
• The GSA period has been mutually extended to allow the parties to assess key terms, document and negotiate in good faith a GSA.
Comet Ridge Limited advisesit has agreed with CleanCo to extend the Gas Sale Agreement (GSA) negotiation period until the earlier of executing a GSA or 31 December 2022.

The 2019 Agreement between Comet Ridge and CleanCo provided that either party could commence negotiations of a GSA which Comet Ridge initiated in September last year. The parties have commenced negotiations on the key terms of a GSA and have now mutually agreed to extend the negotiation period further to allow sufficient time to properly consider all aspects of the agreement. This extension coincides with Comet Ridge finalising the acquisition from APLNG of an additional 30% interest in the Mahalo Gas Project and now being focused on firming up development timeframes with continuing Mahalo joint venture partner, Santos QNT Limited.

Comet Ridge Managing Director, Tor McCaul, said: “Comet Ridge has full rights to market and sell its equity share of production from the Mahalo Gas Project and its 100% owned northern Mahalo blocks and has a strategy of bringing these assets into production to supply east coast gas users, such as CleanCo”.

By Authority of the Board per: Tor McCaul, Managing Director


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