Under Queensland law, the development activities planned by Comet Ridge require an EA to be issued before a Petroleum Lease can be awarded to commence operations. Pic: via Getty Images.
Energy
Special Report: Comet Ridge has been awarded an Environmental Authority (EA) for its gas development project at Mahalo North in Queensland.
The Mahalo gas hub projects consists of low-cost, sales spec natural gas blocks, close to Gladstone, containing low CO2 gas reserves.
The company is developing Mahalo North to meet its domestic gas supply agreement with CleanCo Queensland Limited (CleanCo), a low-emission energy generator, retailer and developer.
CleanCo offers renewable energy from the sun and wind, firmed with low-emission generation to deliver competitive clean energy products.
The award is a key step forward for the company, with the EA (received from the Queensland Department of Environment, Science and Innovation (DESI)) covering development activities including new production wells, compression and water treatment facilities, gathering systems and access tracks.
This EA represents the first development approval for Comet Ridge’s 100% owned Mahalo projects and the company expects it will be a precursor for the Queensland Department of Resources to award the Petroleum Lease (PL) application (PLA 1128) for development activities in this area.
“This EA award is another key approval step as we move toward gas development in the Mahalo Hub,” Comet Ridge (ASX:COI) managing director Tor McCaul said.
“This approval is the culmination of almost two years’ effort that commenced with very detailed field surveys and specialist environmental analysis right across the project area, leading to our application to DESI 10 months ago.
The next approval required before development activities can commence is approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC).
A referral was submitted by Comet Ridge in October 2023 to the Federal Department of Climate Change, Energy, the Environment and Water (DCCEEW) under the EPBC Act and this process is ongoing.
We are pleased to now have one of our two key environmental approvals in place for Mahalo North and are working through the process for the EPBC approval from Canberra,” McCaul added.
This article was developed in collaboration with Comet Ridge, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
