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Comet Ridge (COI) investor relations material

Comet Ridge AGM 2025 Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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AGM 2025 Presentation summary13 Nov, 2025

East coast gas market outlook

  • Forecasts indicate a significant gas supply shortfall on Australia's east coast from 2028, with annual unfulfilled demand expected to reach around 300 PJ by the mid-2030s, despite sufficient reserves in the ground.

  • Southern states will increasingly rely on gas transported from Queensland and potentially imported gas as Gippsland Basin fields deplete.

  • AEMO projects peak-day and seasonal supply gaps in southern states from 2028, with annual supply gaps from 2029, requiring new supply investments.

  • Market stress is expected to worsen from 2028, with government intervention and bureaucracy cited as exacerbating the supply problem.

  • The best solution is to bring more gas supply online, with Queensland positioned as a key supplier.

Project development and financial milestones

  • Mahalo JV approved Upstream FEED in Nov 2024, with Mahalo East 1 & 2 wells drilled in Oct 2024.

  • $12m funding completed via placement in Dec 2024; awarded new block ATP 2072 and a $5m Qld Govt grant for Mahalo East.

  • Mahalo East pilot came online in Jan 2025, with 52 PJ 2P reserves independently certified by July 2025.

  • Pipeline FEED by Jemena approved in Mar 2025; Pure Loan refinanced and extended in May 2025.

  • Mahalo North EPBC application public notification finishes in Sep 2025.

Reserves, resources, and infrastructure

  • Net 2P + 2C reserves and resources at Mahalo Gas Hub total 427 PJ, with 3P + 3C at 823 PJ.

  • Mahalo East pilot confirmed extension of high-quality fairways, with lateral wells preferred for reserves development.

  • Mahalo Gas Hub has a large project area (1848 km²), high productivity shallow reservoir, and is close to major pipelines and infrastructure.

  • Both upstream and pipeline FEED stages are progressing, with gas delivery planned to Jemena's QGP and Santos GLNG pipelines.

  • Compression facility design includes three main packages with future expansion capacity.

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Frequently asked questions

Comet Ridge Limited is an Australian energy company. It specializes in the development of natural gas resources, primarily focusing on meeting the demands of the east coast Australian market. The company is actively involved in the exploration and development of natural gas projects, with a significant emphasis on its flagship Mahalo Gas Hub project. This project is strategically located in Queensland, close to the major gas demand center of Gladstone, and includes low cost, sales-spec natural gas blocks that boast significant, low CO2 gas reserves. Comet Ridge Limited is headquartered in Brisbane, Australia, and its shares are listed on the ASX.

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