Comet Ridge (ASX:COI) executed an agreement with Jemena Queensland Gas Pipeline (1) and Jemena Queensland Gas Pipeline (2) to undertake front-end engineering design work on a new Mahalo gas hub pipeline, according to a Tuesday Australian bourse filing.
The gas hub pipeline will connect the Mahalo joint venture compression facilities to the Queensland gas pipeline, owned and operated by Jemena, and the GLNG pipeline, allowing access to the gas market hubs of Gladstone and Wallumbilla in Queensland.
Jemena may construct the gas hub pipeline on a build-own-and-operate basis following the completion of the design and subject to achieving a final investment decision.
Comet Ridge holds a 57.14% interest in the joint venture and Santos (ASX:STO) has a 42.86% interest.
Comet Ridge's shares rose 8% on market close on Tuesday.
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