Comet Ridge Limited (ASX:COI) entered into a binding agreement to acquire additional 30% interest in ATP 337P Mahalo Coal Steam Gas Asset from Australia Pacific LNG Pty Ltd. for AUD 20 million on August 3, 2021. As per the terms, upfront consideration of AUD 12 million funded via Santos loan and deferred consideration of AUD 8 million will be payable in tranches and a deposit of AUD 1 million on execution of agreement (to be deducted from the upfront consideration). As of March 30, 2022. the transaction has obtained the required regulatory and governmental approvals. The condition precedent relating to joint venture documentation is in progress. As of June 14, 2022, All the conditions mentioned in agreement have finally met and deal is now unconditional. The completion of the remaining AUD 11 million of the total AUD 12 million upfront consideration will occur by June 28, 2022. Payment of the remaining AUD 11 million of the total AUD 12 million upfront consideration to APLNG occurred on June 28, 2022.

Comet Ridge Limited (ASX:COI) completed the additional 30% interest in ATP 337P Mahalo Coal Steam Gas Asset from Australia Pacific LNG Pty Ltd. on June 28, 2022.