Comet Ridge receives $5 million grant for Mahalo East pilot project

Comet Ridge Limited (ASX: $COI) has been awarded a $5 million grant from the Queensland Government for a pilot test in its 100% held Mahalo East block (ATP 2061). The grant is part of the Government's Frontier Gas Exploration Program aimed at accelerating gas supply in Queensland amidst shortage warnings.

Executive Commentary on Mahalo East Pilot Grant

Comet Ridge Managing Director, Tor McCaul, expressed his pleasure at being the recipient of the Frontier Gas Exploration Grant, emphasizing the strategic importance of the Mahalo Gas Hub in addressing the tight east coast gas market. He highlighted the potential of the steering technology to optimize well length and design, reducing surface impact and cost across the entire Mahalo Gas Hub.

Summary of Comet Ridge's $5 million grant for Mahalo East pilot

Comet Ridge Limited (ASX: $COI) has secured a $5 million grant from the Queensland Government to conduct a pilot test in its Mahalo East block. The grant is part of the Frontier Gas Exploration Program, reflecting the critical role of gas in ensuring electricity market reliability and Queensland's renewable energy targets. The company plans to utilize the grant to drill and test a new pilot scheme, with operations set to commence next quarter. The successful outcome of this pilot could further demonstrate the strategic importance of the Mahalo Gas Hub in addressing the strained east coast gas market. Comet Ridge aims to transition its Mahalo Gas Hub assets into meaningful gas supply, contributing to the east coast gas market.