Comet Ridge (COI) Q1 2027 TU earnings summary

Executive summary

• Completed purchase of Santos’ 42.86% Mahalo JV interest on 21 August 2026, taking ownership of the Mahalo Gas Hub to 100% and assuming operatorship.

• The consolidated hub has 361 PJ of 2P reserves and 677 PJ of combined 2P reserves and 2C contingent resources; FID is targeted for mid-2027 and first gas for 2029.

Financial highlights

• September-quarter unaudited cash was $11.4m; net operating cash outflow was $572k and net investing cash outflow was $25.494m, including $20.959m for the Santos acquisition.

• Net financing cash inflow was $9.735m, comprising $10.303m equity proceeds less $568k in issue costs.

• Quarterly exploration and evaluation payments were $4.52m; interest received was $65k and related-party payments were $247k.

Outlook and guidance

• Stage 1A planning covers ~50 well sets with 1,500-metre laterals, initial 50 TJ/d processing capacity expandable to 70 TJ/d, and water treatment of ~1.5 ML/d; engineering cost and integrity work is ongoing.

• FID is targeted for mid-2027, with first gas targeted for 2029; pipeline FEED technical work is complete and the route has a 30-year licence.

• Gas marketing is focused on Gladstone LNG projects and other large buyers, with sales contemplated in parcels or as one parcel and pricing referenced to international gas value.