Key Highlights

  • Comet Ridge completed the acquisition of Santos QNT's 42.86% interest in the Mahalo Gas Project on 21 August 2026, taking ownership to 100%.
  • The Mahalo Gas Hub holds gross 2P and 2C resources totalling 676 PJ, according to the company's FY2026 Annual Report.
  • The company reported a cash balance of $27.7 million and a FY2026 loss after tax of $4.37 million.

Shares of Comet Ridge Ltd closed at A$0.067 in the trading session on 27 October 2026, down 1.47%. In the same session, the ASX 200 closed at 8,850.1, up 0.46%, and the energy sector index finished at 11,074.7, up 0.63%. Brent crude oil slipped 0.60% to USD 115.15 as diplomatic efforts to ease the U.S.-Israeli war with Iran reduced concerns over further regional escalation. Comet Ridge Limited (ASX:COI) describes itself as an Australian energy company focused on developing natural gas for the east coast market, with projects in Queensland. Its flagship Mahalo Gas Hub is close to the Gladstone LNG export precinct.

Latest Development: FY2026 Annual Report - Full Control of Mahalo

In its 2026 Annual Report, Comet Ridge described the year as transformational. The company agreed in December 2025 to acquire Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project, revised key terms in May 2026, and completed the transaction on 21 August 2026. The project is now wholly owned by Comet Ridge.

The report states that gross 2P Reserves and 2C Contingent Resources across the Mahalo Gas Hub total 676 PJ. Comet Ridge's former 57.14% share of the Mahalo Gas Project at 30 June 2026 was reported as 152 PJ of 2P Reserves and 180 PJ of 2C Contingent Resources.

The company raised $40.9 million before costs through a two-tranche placement and a share purchase plan, with Tranche 1 of $30.6 million completed on 24 June 2026 and Tranche 2 of $9.4 million completed in August 2026.

  • A further $8.6 million of the purchase price was settled by issuing 83.78 million securities to Santos at 10.25 cents per share.
  • Three production milestone payments of $10 million each are payable to Santos once the project is moving sales gas into the market.

Latest Development: Approvals, Engineering Design and Gas Sales in the FY2026 Report

The report lists these milestones reached during and shortly after the year.

  • Mahalo East received independent certification of 51.8 PJ (2P) and 118.5 PJ (3P) gas reserves.
  • Mahalo North (PLA 1128) received federal EPBC Act approval in December 2025, covering 141 square kilometres.
  • Santos completed its input into upstream Front End Engineering Design (FEED) and handed those workstreams to Comet Ridge.
  • Jemena completed technical FEED work for a new 10-inch pipeline, and the Queensland Government awarded it a pipeline licence in June 2026.
  • The gas sales agreement with CleanCo Queensland Limited for 21 PJ to 25 PJ was amended in June 2026, and a non-binding Memorandum of Understanding with Highview Power targets 3.6 PJ per annum for a minimum of five years.

Latest Development: Financial Position Reported for FY2026

The company reported a loss after tax of $4.37 million for FY2026, compared with $2.47 million in 2025, including non-cash items of $0.92 million. Cash at 30 June 2026 was $27.7 million, and operating cash outflows were $3.525 million.

Risks and Catalysts on Watch

The annual report identifies the following matters and timelines.

  • The company is optimising the FEED, integrating Mahalo North and Mahalo East, ahead of a Final Investment Decision for which the report gives no date.
  • The financial statements note a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern.
  • The CleanCo agreement has finance and no adverse change conditions due by 31 March 2027; if they are not met, extended or waived, a payment of about $28.667 million would fall due within 30 days.
  • A loan payable to PURE of $7.769 million is due by 30 June 2027, and exploration commitments of $4.539 million are required by the same date.
  • The domestic gas reservation scheme is now set to commence on 1 January 2028 on the latest draft, and the company noted that final details have not been released.

Closing Summary

Comet Ridge's FY2026 Annual Report records the completed purchase of Santos's Mahalo interest, a gas hub base of 676 PJ across 2P and 2C categories, and cash of $27.7 million at 30 June 2026. The company stated its focus this year is FEED optimisation, gas sales and funding.