Highlights

  • Comet Ridge (ASX:COI) shares traded at AUD 0.088, down 4.35% at the time of writing on 2 September 2026.
  • The company completed the Acquisition of Santos’ 42.86% interest in the Mahalo Gas Project in August 2026.
  • Comet Ridge now holds 100% ownership and operatorship of the Mahalo Gas Hub.
  • Investors continue to monitor development milestones, funding requirements and east coast gas market conditions.

The Australian Equity market remained under pressure during the session, with the S&P/ASX 200 (ASX:XJO) trading at 8,969.00 points, down 1.08% today, while the S&P/ASX 300 (ASX:XKO) was trading at 8,898.40 points, down 1.09% today. The energy sector moved in the opposite direction, with the S&P/ASX 200 Energy (ASX:XEJ) trading at 11,196.80 points, up 0.46% today.

Comet Ridge Limited (ASX:COI) recorded a share price of AUD 0.088, down 4.35%, at the time of writing on 2 September 2026. The daily movement reflects current trading activity in the company’s shares, although short-term price movements alone do not necessarily indicate changes in operational performance, asset quality or long-term fundamentals.

Gas Portfolio

Comet Ridge (ASX:COI) is an Australian energy company focused on the exploration and development of Natural Gas resources, with its key Assets located in Queensland and New South Wales.

The company’s flagship Mahalo Gas Hub is positioned as a central component of its development strategy. The project is located in Queensland’s Bowen Basin and is aimed at supplying natural gas into the east coast Australian market.

Gas developers are generally assessed on factors including resource quality, development timelines, infrastructure access, funding capacity and the ability to move projects from appraisal stages into production.

With increasing attention on domestic energy supply, companies developing gas resources continue to be monitored for their ability to deliver reliable Supply while managing development and Capital requirements.

Mahalo Milestone

In August 2026, Comet Ridge announced completion of the acquisition of Santos QNT Pty Ltd’s 42.86% interest in the Mahalo Gas Project, resulting in Comet Ridge holding 100% ownership and operatorship of the broader Mahalo Gas Hub.

The transaction was completed after all remaining conditions precedent were satisfied. Comet Ridge paid Santos cash consideration of $24.42 million and issued 83.78 million Comet Ridge shares as part of the upfront consideration. A further $30 million in contingent payments is payable to Santos in three equal tranches linked to the Mahalo Gas Project achieving cumulative sales gas milestones of 10 PJ, 20 PJ and 30 PJ.

Following completion, Comet Ridge became the sole owner and operator of the Mahalo Gas Hub, which covers approximately 1,850 square kilometres across the Mahalo Gas Project, Mahalo North, Mahalo East, Mahalo Far East and Mahalo Far East Extension permits. The company reported the hub contains 361 PJ of 2P Reserves and 676 PJ of combined 2P Reserves and 2C Contingent Resources.

The acquisition provides Comet Ridge with greater control over development timing, capital allocation and project sequencing as it progresses towards a potential Final Investment Decision.

Market Factors

Energy companies often experience share price movements influenced by investor sentiment, Commodity market conditions, project developments and broader equity market trends.

Comet Ridge’s daily decline of 4.35% may reflect market activity around the stock, sector positioning or investor considerations. However, a single Trading session does not necessarily indicate a change in the company’s underlying Business outlook.

Investors typically evaluate gas development companies by reviewing project economics, resource estimates, infrastructure availability, regulatory progress and funding strategies.

The Australian gas sector continues to attract attention due to discussions around domestic supply requirements, industrial Demand and the role of natural gas within the broader energy transition. For developers, the ability to progress projects efficiently and secure commercial pathways remains a key consideration.

Investor Focus

For Comet Ridge (ASX:COI), investor attention remains focused on the development pathway of the Mahalo Gas Hub following the move to full ownership.

The removal of the previous joint venture structure gives the company direct control over project decisions, but advancing a large-scale gas project requires further technical, financial and regulatory milestones.

Investors generally monitor upcoming developments such as engineering progress, funding arrangements, infrastructure connections and potential commercial agreements.

The company’s ability to advance the Mahalo Gas Hub towards production will remain an important Factor in assessing its future position within the Australian gas market.

Final Takeaway

Comet Ridge (ASX:COI) continues to advance its natural gas strategy with full ownership of the Mahalo Gas Hub representing a significant milestone for the company. The company’s share price stood at AUD 0.088, down 4.35%, at the time of writing on 2 September 2026.

While daily share price movements provide insight into market activity, they do not independently determine changes in business fundamentals. Investors continue to monitor Comet Ridge’s project execution, development plans and broader conditions affecting the Australian gas sector.