Comet Ridge (ASX:COI) completed its acquisition of Santos' (ASX:STO) roughly 42.9% interest in the Mahalo gas project in Queensland, according to a Monday filing with the Australian bourse.

Comet Ridge said it now holds 100% of the Mahalo Gas Hub area and is the project's operator.

The company paid AU$24.4 million in cash to Santos and issued about 83.8 million shares as part of the up-front consideration, per the filing. An additional AU$30 million in future contingent payments is payable to Santos in three equal tranches on the Mahalo project achieving 10 petajoules, 20 petajoules, and 30 petajoules of cumulative sales.

Santos shares fell nearly 3% in recent Monday trade.