What Does Comet Ridge's (ASX:COI) 2026 Annual Report Show After Acquiring Full Ownership of Mahalo?

Sonal Goyal

27 October 2026 12:29 AM AEDT

What Does Comet Ridge's (ASX:COI) 2026 Annual Report Show After Acquiring Full Ownership of Mahalo?

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Key Highlights

Comet Ridge (ASX:COI) closed at $0.068, down 4.23%, on 26 October 2026.
FY2026 loss after tax was $4.37 million, and cash was $27.7 million at 30 June 2026.
Comet Ridge completed the Acquisition of Santos's 42.86% interest in the Mahalo Gas Project in August 2026.

Comet Ridge Ltd (ASX:COI) closed at $0.068, down 4.23%, in the Trading session on 26 October 2026, while the S&P/ASX 200 closed at 8,809.9, up 0.17%, and the S&P/ASX 200 Energy index gained 0.92%. Comet Ridge is an ASX-listed energy company developing Natural Gas for Australia's east coast market from Queensland projects.

2026 Annual Report Highlights

Comet Ridge reported a FY2026 loss after tax of $4.37 million, including non-cash items of $0.92 million, and cash of $27.7 million at 30 June 2026, up from $13.3 million. A $40.9 million Equity Placement and share purchase plan was raised before costs, with Tranche 1 of $30.6 million completed on 24 June 2026 and Tranche 2 of $9.4 million subject to Shareholder approval.

Mahalo East achieved independent reserves certification of 51.8 PJ (2P) and 118.5 PJ (3P), and Mahalo North received federal environmental approval under the EPBC Act in December 2025.

Santos Interest and Development Path

Comet Ridge completed the acquisition of Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project, making the project wholly owned. The consideration includes three $10 million production milestone payments to Santos. Santos completed its input to front-end engineering design on the gas field, gathering system, compression and water handling, and handed those workstreams to Comet Ridge, which is optimising them together with Mahalo North and Mahalo East towards a final Investment decision. Jemena completed the pipeline FEED.

The company reports that Mahalo East was won in a competitive process and that drilling and testing costs there were largely funded by a $5 million grant. The Federal Government's Future Gas Strategy is cited as reinforcing the role of natural gas. The report describes the Mahalo Gas Hub as having shallow coals, low CO2 gas and competitive production costs.

About Comet Ridge

The Mahalo Gas Hub holds gross 2P reserves and 2C contingent resources totalling 676 PJ, near the Gladstone LNG precinct. The company holds 6,592 km2 of Queensland acreage in the southern Bowen and Galilee basins. A draft Domestic Gas Reservation Scheme was published in September 2026, with legislation intended to commence in 2027 and Supply obligations applying from 1 January 2028.

Comet Ridge's report lists Queensland permits comprising two petroleum leases, two Lease applications, seven potential commercial areas and nine authorities to prospect, and sets out its financial statements, directors' declaration and auditor's report.

Risks and Catalysts on Watch

The company still needs gas sales agreements and funding before a final investment decision, and policy settings under the draft reservation scheme are not final. The FEED optimisation is the named near-term workstream.

Wrapping Up

Comet Ridge now owns Mahalo outright, with $27.7 million of cash at 30 June. The shares closed down 4.23% on 26 October.

FAQs

Q: What was Comet Ridge's FY2026 loss?

A:$4.37 million after tax.

Q: How large is the Mahalo Gas Hub?

A:676 PJ of gross 2P reserves and 2C contingent resources.

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