Comet Ridge has executed a binding agreement to acquire APLNG’s 30% interest in the Mahalo Gas Project
However, Santos firm option to acquire 12.86% of Mahalo from Comet Ridge (STO to 42.86%) at proportional acquisition value Expansion option – Santos right (on terms to be agreed) to Mahalo interest to 50% and acquire 50% of Mahalo North and Mahalo East
Consequently, if SANTOS exercise its options, COI will only be acquiring 10% of MGP for $6.67M (depending on negotiated terms) but will also be selling 50% of Mahalo North and Mahalo East for a price to be determined.
Consequently, depending on prices to be negotiated and Santos exercising its options, the rearrangement could end up cash neutral.
Regards
SP
COI Price at posting:
9.3¢ Sentiment: Hold Disclosure: Held
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