Mereenie JV Signs Gas Sales Agreement with Northern Territory, Arafura Rare Earths

MT Newswires Live07-29

A consortium of oil and gas companies, including Horizon Oil (ASX:HZN), Central Petroleum (ASX:CTP), New Zealand Oil & Gas (ASX:NZO, ASX:NZE:NZO), and Cue Energy Resources (ASX:CUE) has entered into a gas sales agreement with the Northern Territory Government, according to a Monday filing with the Australian bourse.

The Mereenie joint venture partners will supply up to 25 terajoules per day (TJ/d) or 33.2 petajoules (PJ) of gas to the Northern Territory from Jan. 1, 2025, to Dec. 31, 2030.

This agreement follows a competitive bidding process, with the joint venture considering options in both the Northern Territory and the East Coast of Australia, where gas shortages are anticipated in the coming years.

The Mereenie JV has also restructured the existing gas sales agreement with Arafura Rare Earths (ASX:ARU) to supply up to 4.1 PJs for three years from Jan. 1, 2028 to Dec. 31, 2030 to align gas supply when Arafura's Nolans rare earths project in the Northern Territory mine comes online, according to the filing.

The agreement with Arafura is conditional on it making a final investment decision to proceed with Nolans' development by Dec. 31, 2024, the filing stated.

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