• Mahalo Joint Venture upstream FEED progresses
• Mahalo Gas Hub pipeline connection FEED continues
• Mahalo East receives independent certification of 51.8 PJ of 2P Reserves and 118.5 PJ of 3P Reserves
• Mahalo North EPBC referral submitted, decision expected in December

Comet Ridge Limited has provided an update on the progress of its Mahalo Gas Hub projects in Queensland. The Mahalo Joint Venture (JV) Gas Project, in which Comet Ridge holds a 57.14% interest, continued to progress the Upstream and Pipeline Front End Engineering Design (FEED) processes during the quarter. Santos, as the Operator of the Mahalo JV Gas Project, is managing the Upstream FEED, while Jemena is managing the Pipeline FEED. Jemena may construct the new Mahalo Gas Hub Pipeline on a build, own and operate basis once the Pipeline FEED is completed and the Mahalo JV Gas Project achieves Final Investment Decision (FID).In Comet Ridge's 100% owned Mahalo Gas Hub projects, the company has independently certified a material volume of 2P and 3P Reserves at Mahalo East, with nearly 52 PJ of 2P Reserves and 118.5 PJ of 3P Reserves. Comet Ridge continues to progress the Federal EPBC approval process for the Mahalo North project, with a decision expected from the Department of Climate Change, Energy, the Environment and Water (DCCEEW) in December.Comet Ridge has been in active discussions with multiple gas buyers during the quarter for two additional Gas Sales Agreements (GSAs) to assist with financing its share of the Mahalo JV Gas Project development capital expenditure. The company has also continued to engage with third parties in relation to a range of possible transactions, including project equity and corporate-level transactions.At the end of the quarter, Comet Ridge had $10.6 million in cash on hand (unaudited) and has been in discussions with debt providers to fund its share of the Mahalo JV Gas Project development capex.

Comet Ridge expects to contract its full share of the Mahalo JV Gas Project sales gas stream, which will be approximately 28.5 TJ/d for Phase 1 of the project.

Comet Ridge plans to finalise the negotiations for the additional Gas Sales Agreements while the FEED is ongoing at the Mahalo JV Gas Project and prior to a Final Investment Decision.