Highlights

  • Comet Ridge is advancing its Mahalo Gas Hub Assets in central Queensland.
  • The flagship Mahalo Gas Project involves a joint venture with Santos and ongoing development planning.
  • A 2026 Acquisition update and gas Supply initiatives form part of the company’s commercial activity.
  • Project financing, infrastructure access and development approvals remain relevant considerations.
  • The northern Mahalo permits provide additional appraisal opportunities alongside the flagship project.

Comet Ridge Limited (ASX:COI) is an Australian energy company developing gas resources for the east coast market, with its main activities centred on Queensland’s Mahalo Gas Hub. Its 2026 developments include an update on the Mahalo project acquisition, work on commercial gas arrangements and continued preparation for development. Ownership, sales and funding shape its development pathway.

Mahalo Project Ownership and Development

The Mahalo Gas Hub lies in central Queensland, approximately 240 kilometres from Gladstone. Its flagship Mahalo Gas Project has awarded petroleum leases and sits near established infrastructure serving Queensland gas customers. Comet Ridge Limited (ASX:COI) identifies this development as the foundation for its broader plans across adjoining permits.

The company currently reports a 57.14% interest in the Mahalo joint venture, with Santos holding 42.86% and acting as operator. The company’s website also lists an acquisition completion update dated 24 August 2026. The precise effects of that update should be assessed through the related formal announcement rather than assumed from its headline.

The development pathway includes front-end engineering design for wells, gathering systems, processing facilities and connection infrastructure. A final Investment decision remains a separate step from holding exploration or development approvals; it depends on completing commercial and technical work.

Northern Permits and Reserve Position

Beyond the joint venture, Comet Ridge Limited (ASX:COI) holds 100% interests in Mahalo North, Mahalo East and the Mahalo Far East permits. The company is evaluating whether these assets can support additional gas supply individually or complement the initial Mahalo development.

The company reports net 2P gas reserves of nearly 250 PJ and 3P reserves of approximately 530 PJ across its Mahalo Gas Hub area. Development sequencing, approvals and access to processing and transport infrastructure will influence the conversion of reserves into delivered gas.

Mahalo North and Mahalo East are contiguous with the established project area. Reservoir performance influences infrastructure design.

Commercial Agreements and 2026 Milestones

On 30 June 2026, Comet Ridge Limited (ASX:COI) announced that it and CleanCo had reaffirmed their commitment to a gas sales agreement. The company also reported a memorandum of understanding with Highview for gas sales on 20 July 2026. These steps indicate commercial engagement, although a memorandum of understanding should not be treated as equivalent to completed production or recognised revenue.

Commercial planning must be coordinated with Upstream development and pipeline arrangements. Comet Ridge Limited (ASX:COI) relies on project participants, infrastructure providers and prospective customers to progress complementary elements of the development. Funding remains important.

Execution Requirements and Project Risks

For Comet Ridge Limited (ASX:COI), material considerations include the timing of a final investment decision, construction funding, gas transport connections and contractor availability. Delays in any one element can affect overall project sequencing. Environmental obligations and land access requirements also remain relevant throughout construction planning.

Gas Demand and negotiated supply terms may influence the commercial setting, but project outcomes cannot be inferred from broader market conditions alone. The distinction between reserves, approved development rights, contractual arrangements and actual cash-generating production is important when interpreting future company disclosures.

Key Insights

Comet Ridge Limited (ASX:COI) has a defined Queensland gas development portfolio, with the Mahalo joint venture as its principal project and adjoining wholly owned areas available for further appraisal. Its 2026 commercial activity provides context for the proposed development pathway. The key operational distinction is between planning and agreements already disclosed, and the financing, construction and production steps that remain to be completed.