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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.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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