Comet Ridge (COI) H2 2026 earnings summary

Executive summary

• Achieved 100% ownership of the Mahalo Gas Project after acquiring Santos's 42.86% interest, consolidating control over the Mahalo Gas Hub and adjacent assets.

• Certified 2P gas reserves at Mahalo East (51.8 PJ) and 3P reserves (118.5 PJ), boosting total 2P+2C reserves/resources to over 670 PJ.

• Completed $40.9 million equity placement and SPP, with additional $9.4 million raised post-year-end, strengthening the balance sheet.

• Loss after tax increased to $4.37 million (2025: $2.47 million), including $0.92 million in non-cash items.

• Cash balance at 30 June 2026 was $27.7 million.

Financial highlights

• Loss after tax: $4.37 million (2025: $2.47 million), driven by higher finance costs and non-cash items.

• Cash and cash equivalents: $27.7 million at year-end, up from $13.3 million in 2025.

• Exploration expenditure capitalised: $6.8 million (Mahalo Gas Project), $0.9 million (Mahalo North), $0.5 million (Mahalo East).

• Net current liabilities: $11.0 million, including CleanCo financial liability and PURE loan.

• No dividends declared or paid.

Outlook and guidance

• Focus on optimising FEED for Mahalo Gas Project, integrating Mahalo North and East assets toward FID.

• Actively pursuing funding options including debt, farm-out, and gas prepay arrangements.

• Gas Sales Agreement with CleanCo extended, with new conditions requiring demonstration of gas production and no adverse change to CleanCo's requirements by March 2027.

• Ongoing engagement with NAIF for potential debt facility.