Extract from June Quarterly: "The award of ATP 2063, a 338 km2...

Extract from June Quarterly:

"The award of ATP 2063, a 338 km2 natural gas block, follows the award of Mahalo North (ATP 2048) in April 2020 and Mahalo East (ATP 2061) in September 2020. All of these permits are held 100% by Comet Ridge with a combined total area of 885 km2 . Combining these blocks and sharing one large development for the whole Mahalo Hub area will provide greater capital efficiency, as well as a material injection of natural gas into the east coast market, at a critical time with southern gas production declining and gas prices strengthening."

and

"Significant progress inside the Mahalo Joint Venture has been made during and a�er the first quarter of 2021, regarding the structure of the Mahalo Joint Venture and Comet Ridge’s plans for significant progress in the Mahalo Hub Area."

and

"The Mahalo Gas Project, with the two Petroleum Leases (PL’s) already awarded, is Comet Ridge’s flagship gas project and when in produc�on, will provide the scale and infrastructure to underpin development of Comet Ridge’s 100% owned blocks in the Mahalo Gas Hub. The Mahalo Gas Project, focussed ini�ally on the shallow fairway in PL 1082 and 1083 (see Figure 1), is currently a joint venture between Comet Ridge (40%), Santos (30%) and APLNG (30%)."

My guess is that COI will purchase the outstanding 60% stake from Santos and APLNG in return for either a stake in COI or some form of royalty/profit share from gas produced.

Regards

SP