• Successful Placement to raise $40 million and SPP closed raising $875,750
• Acquisition of Mahalo Gas Project restructured with reduced upfront cash and extended timeline
• Upstream FEED for Mahalo Gas Project completed and preliminary value improvement work initiated
• MoU with Highview Power for gas supply agreement targeting 3.6 PJ/a
• CleanCo reconfirms commitment to gas supply from Mahalo Gas Hub with adjusted terms

Comet Ridge Ltd announced a successful placement and Share Purchase Plan (SPP) that raised $40 million and $875,750 respectively, with proceeds intended for settling acquisition costs, funding the Mahalo Gas Project to Financial Investment Decision (FID), and working capital. The acquisition of the Mahalo Gas Project from Santos has been restructured with a reduced upfront cash component and an extended timeline. Santos will receive $28 million at completion, with an additional $30 million in contingent payments based on gas sales. Santos will also receive fully paid ordinary shares in Comet Ridge. The Front End Engineering Design (FEED) for the Mahalo Gas Project has been completed, and preliminary value improvement work is underway. A Memorandum of Understanding (MoU) with Highview Power for a gas supply agreement targeting 3.6 PJ/a has been executed, highlighting the importance of local gas development. CleanCo has reconfirmed its commitment to the gas supply agreement with adjusted terms, including a reset gas supply commencement date to 2030 and a reduced gas take-or-pay proportion. Additionally, a new Non-Executive Director, Mark McCabe, has been appointed to the board.