Comet Ridge is listed on the Australian Securities Exchange with the ASX Code: COI and is based in Brisbane. The Company’s flagship gas project comprises the Mahalo Gas Hub assets located in central Queensland, 240 kilometres to the major gas demand centre of Gladstone.
The Mahalo Gas Hub assets comprise the following permits:
- Mahalo Gas Project – an extensively appraised coal seam gas project (currently owned 40% by Comet Ridge and 30% each by Santos and APLNG) with certified gas reserves and Petroleum Leases awarded; and
- Northern Mahalo Projects – comprising Mahalo North, Mahalo East, and Mahalo Far East. These projects are 100% owned and operated by Comet Ridge and are being appraised to add new gas reserves either as stand-alone gas projects or to complement the Mahalo Gas Project development.
Comet Ridge has gained early entry into well-located exploration areas, allowing shareholders to gain substantial leverage into the upside value potential associated with exploration success.
Comet Ridge conducts CSG exploration and appraisal, with the aim of maturing exploration acreage from gas resources into proven and probable gas reserves. Comet Ridge is committed to becoming a mid-tier supplier of safe and reliable gas to meet Australia’s growing energy needs. Comet Ridge believes natural gas will play a very important role in the transition pathway to net-zero emissions for many years to come.
The Board and Management are highly experienced in establishing and developing gas projects.
Transformative Acquisition of APLNG’s 30% interest in the Mahalo Gas Project
Comet Ridge entered into a binding agreement in August 2021 to acquire Australia Pacific LNG Pty Limited’s (APLNG) 30% interest in the Mahalo Gas Project, taking Comet Ridge’s interest from 40% to 70% on completion (Acquisition).
At the same time, Comet Ridge executed funding and option agreements with continuing Mahalo Gas Project partner, Santos Limited, whereby Santos is providing Comet Ridge with a loan to fund the upfront consideration payable to APLNG and has options to equalise its interest in the Mahalo Gas Project (with Comet Ridge) to 50%.
Comet Ridge believes the Acquisition will streamline the Mahalo Gas Project joint venture and align the partners to progress the project to gas production.
Certified Gas Reserves and Resources
In executing our strategy, Comet Ridge has successfully independently certified the following reserves and prospective and contingent resources as at 30 June 2021 across its Queensland projects:
Comet Ridge has an active exploration and appraisal work plan for CSG projects in eastern Australia, focused in the short-term on the certification of gas reserves and contingent resources at the Mahalo Gas Hub projects. The Company is currently executing a work program at the Mahalo North Project with the aim of demonstrating commercial gas flows from a pilot well and certification of new gas reserves and contingent resources.