Comet Ridge Partner Gets Natural Gas Pipeline License From Queensland Government

MT Newswires Live06-24

Comet Ridge (ASX:COI) said its partner firm Jemena received a point-to-point petroleum pipeline license from the Queensland government for the transport of natural gas from the Mahalo gas hub into two transmission pipelines to the south, according to a Wednesday filing with the Australian bourse.

The license is for a high pressure, carbon steel, buried natural gas pipeline with a length of about 85.4 kilometers, per the filing.

Comet Ridge said it plans to enter into a deal for Jemena to build, own, and operate the Mahalo gas hub pipeline to transport Comet's gas to market under a tariff arrangement.

Shares of Comet Ridge were down 23% in recent Wednesday trade and earlier hit their lowest since July 2021.

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