Comet Ridge (ASX:COI) reports that the Mahalo Gas Project has received petroleum lease approvals

Comet Ridge (ASX:COI) is pleased to announce that the Mahalo Gas Project has been granted Queensland State Government Petroleum Leases.

These Petroleum Lease awards are the final regulatory approval required for the project to move forward to production and follows the Commonwealth Government Environment Protection and Biodiversity Conservation Act (EPBC) approval in May and the Queensland Department of Environment and Science environmental approval in June.

This project is held 40 per cent by Comet Ridge (ASX:COI), 30 per cent by Santos (ASX:STO) and 30 per cent by APLNG (where Origin Energy (ASX:ORG) is the development Operator).

Shares in Comet Ridge (ASX:COI) are trading 23.6 per cent higher at 11 cents.

 
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Source: Finance News Network