Queensland gas junior Comet Ridge finally expects to be able to complete a delayed gas sales contract with Queensland government-owned CleanCo, now that the new gas rules are out, said managing director Tor McCaul, who said gas activities had slowed across the east coast as a result of the intervention.
“Everything has pretty much been delayed only because of the uncertainty on what might come out,” Mr McCaul told The Australian Financial Review.
“The December announcement was so unworkable that our internal view was there would have to be some major changes because the industry just couldn’t function [with what was proposed then].”
He cited the government’s decision in April to drop the “reasonable price” provision and the removal of an arbitration process in the rules as the key changes that now made the code workable.
COI Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
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