Comet Ridge's progress in natural gas projects

Comet Ridge Limited (ASX: $COI) completed a $15 million placement to advance the Mahalo Joint Venture and Mahalo North natural gas projects in Queensland. The company reported $19.6 million in unaudited cash at the end of March 2024. Comet Ridge holds 100% equity in three project areas in the Mahalo Gas Hub area and a 57.14% interest in the Mahalo Joint Venture Gas Project with Santos QNT Pty Ltd as the Operator.

Executive commentary on market dynamics and project development

The Australian Energy Market Operator's 2024 Gas Statement of Opportunities report highlights the urgent need for new investments to maintain gas supply adequacy. Comet Ridge is progressing its development activities despite government challenges, as the market situation dictates urgency for new gas supply. The company is focused on transitioning its Mahalo Gas Hub assets into meaningful gas supply for the east coast gas market, starting with Mahalo North and followed by the larger Mahalo Gas Project in joint venture with Santos QNT Pty Ltd.

Summary of Comet Ridge's activities and outlook

Comet Ridge's completion of a $15 million placement demonstrates its commitment to advancing the Mahalo Joint Venture and Mahalo North natural gas projects. The company's focus on transitioning its assets into meaningful gas supply aligns with the urgent need for new gas investments highlighted in the 2024 Gas Statement of Opportunities report. With a strong cash position and ongoing gas sales negotiations, Comet Ridge is well-positioned to contribute to addressing the gas supply challenges in Australia. The company's efforts to progress its projects despite government challenges reflect its determination to meet the market's demand for new gas supply.