Highlights

  • Comet Ridge completed the Acquisition of the remaining interest in the Mahalo Gas Hub during 2026.
  • The company now holds full ownership and operatorship of the Queensland gas project.
  • Funding activities were completed to support acquisition costs and project development activities.
  • The Mahalo asset remains focused on supplying gas to the east coast market.
  • Future updates will focus on engineering work, commercial arrangements and development milestones.

Comet Ridge Limited (ASX:COI) is a Queensland-focused coal seam gas explorer and developer with projects across the Bowen and Surat basins. During 2026, the company progressed a major change in its Mahalo Gas Hub ownership structure, moving to full ownership and operatorship of the project while continuing development planning activities.

Mahalo Gas Hub Ownership Expansion

Comet Ridge completed the acquisition of the remaining interest in the Mahalo Gas Hub during 2026, resulting in the company holding 100 per cent ownership and operatorship of the project. The transaction provides the company with full control over project timing, development planning and future commercial discussions associated with the asset.

Acquisition Funding and Capital Activities

The company funded the Mahalo acquisition through capital raising activities completed during 2026. The funds were directed towards acquisition costs, front-end engineering design activities, pre-investment decision expenditure, Working Capital requirements and rehabilitation bonding obligations. Capital management remains an important consideration as the project advances through development stages.

Resource Position and Project Potential

Comet Ridge has reported a significant resource position across its Mahalo portfolio. The company’s Assets include the Mahalo, Mahalo North, Mahalo East, Mahalo Far East and Mahalo Far East Extension permits. These areas contain reported reserves and resources that form the basis of future development planning.

Gas Supply and Market Pathway

The Mahalo Gas Hub is being developed with the objective of supplying gas into the Queensland and broader east coast market. The company continues evaluating commercial pathways, including domestic gas supply opportunities and potential connections to existing gas infrastructure.

Development Activities

Following the ownership change, Comet Ridge continues progressing technical and engineering activities associated with the project. Front-end engineering design and other pre-development activities are important steps before a final Investment decision can be considered. Future project timing will depend on technical outcomes, commercial arrangements and funding requirements.

Operational and Market Considerations

Coal seam gas developments involve technical, regulatory and environmental considerations. Factors such as approvals, water management, infrastructure requirements, customer agreements and gas market conditions influence project development timelines. Comet Ridge’s future progress will depend on successfully managing these operational requirements.

Future Monitoring Areas

Future company announcements may provide updates on engineering studies, project approvals, gas sales discussions, infrastructure progress and final investment decision timing. Quarterly reports will also provide information on funding position and expenditure related to the Mahalo Gas Hub.

Key Insights

Comet Ridge’s 2026 activities represent a transition towards greater control over the Mahalo Gas Hub following the acquisition of full ownership. The company is focused on advancing a Queensland gas project through technical evaluation and development planning. Continued disclosures will provide further information on project execution, commercial progress and future milestones.