Comet Ridge Secures Vital Gas Sales Agreement with CleanCo

Comet Ridge Limited (ASX: COI) has successfully executed a significant seven-year Gas Sales Agreement (GSA) with CleanCo Queensland Limited (CleanCo), a government-owned, low-emission power generator, pending approval from CleanCo's shareholders. Under this agreement, Comet Ridge will supply natural gas from the Mahalo Gas Hub in Central Queensland to CleanCo's Swanbank E power station. The contract encompasses a total volume ranging from 21 PJ to 25 PJ and allows for supply commencement within a flexible 12-month window, beginning on July 1, 2025.

This GSA marks a crucial milestone for Comet Ridge, as it transitions from a developer to a gas producer. The company is actively pursuing further contracts, given its substantial reserves at the Mahalo Gas Hub. Comet Ridge Managing Director, Tor McCaul, emphasized the importance of this partnership in contributing to energy security and facilitating the transition to Net Zero in East Coast Australia. Key terms of the GSA include the commencement date, volume, delivery point, contract duration, market-based pricing with CPI escalation, and monthly repayments. The agreement is contingent on several conditions, including ministerial approval and seller-related requirements.

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