Comet Ridge (ASX:COI): Mahalo Gas Hub Planning and Development Decisions in 2026

Aditi Sarkar

10 November 2026 07:44 PM AEDT

Comet Ridge (ASX:COI): Mahalo Gas Hub Planning and Development Decisions in 2026

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Highlights

Comet Ridge (ASX:COI) develops and appraises coal seam gas interests in Queensland.
The Mahalo Gas Hub combines resource appraisal with development and infrastructure planning.
The company reported Mahalo development optimisation work in October 2026.
Final Investment decisions, funding and approvals remain key considerations.

Comet Ridge Limited (ASX:COI) explores, appraises and develops Natural Gas projects, with its principal activities centred on Queensland coal seam gas Assets and the Mahalo Gas Hub. Comet Ridge Limited (ASX:COI) shares closed at AUD 0.064 on 10 November 2026. During 2026, the company has continued work directed at progressing Mahalo towards development, while project design, Capital requirements and regulatory steps remain important considerations.

Mahalo project and development structure

The Mahalo project lies in the southern Bowen Basin, west of Gladstone, and includes petroleum Lease areas associated with the proposed development. Comet Ridge describes the project as having undergone substantial appraisal, with Well Testing used to characterise coal permeability and gas deliverability. However, geological evidence and granted tenure do not by themselves establish that a project has reached commercial operation. For Comet Ridge (ASX:COI), development requires the integration of production wells, gas and water handling facilities, gathering infrastructure and access to a transport route. Each component has its own engineering, regulatory and capital requirements. The distinction between appraisal progress and production readiness remains significant.

2026 planning and optimisation activity

Comet Ridge (ASX:COI) reported a Mahalo Gas Hub development optimisation and gas-market update on 27 October 2026. The company also released its September-quarter activities and cash-flow report on 30 October 2026. Those updates followed work on project development and financing pathways, rather than confirming that a completed gas production operation had commenced. Upstream front-end engineering design addresses the configuration of wells and facilities, while pipeline design examines the infrastructure needed to deliver gas to market. These workstreams help define the scope of a possible investment decision. Their completion, however, is not interchangeable with an approved final investment decision or construction completion.

Funding, approvals and market access

Comet Ridge (ASX:COI) must align the timing of any Mahalo development with financing, relevant approvals and a commercially workable route to customers. The company has also described a proposed pipeline connection to existing infrastructure serving the Gladstone area. Proximity to established pipelines can be relevant to development economics, but it does not remove the need for detailed engineering, agreements and expenditure. Gas market conditions and contracting arrangements can influence the commercial case for a project that is still progressing through planning. Until all material conditions are resolved, future production schedules and cash flows remain uncertain. Any project timetable should therefore be treated as conditional rather than guaranteed.

Operational and financial monitorables

For Comet Ridge (ASX:COI), the important milestones are evidence of completed engineering, approvals, firm financing arrangements and subsequent project execution. Progress at associated Mahalo areas also needs to be distinguished from the status of the central development. Changes to capital costs, funding terms or infrastructure design could alter development economics. Periodic cash-flow statements are relevant because appraisal and development work may require expenditure before material Operating Revenue is generated. Assessment of the company should focus on the timing and substance of announced milestones, rather than assuming that a resource estimate translates automatically into commercial sales.

Key Insights

Comet Ridge (ASX:COI) has progressed Mahalo planning during 2026, but commercial development remains contingent on investment decisions, financing, infrastructure and execution. Its project announcements should be read with careful attention to whether milestones are proposed, underway or completed.

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