• Mahalo Joint Venture approves upstream FEED
• Mahalo Gas Hub pipeline connection progressed
• Mahalo East pilot drilling and testing completed

Comet Ridge Limited has provided an update on its quarterly activities, including progress on the Mahalo Joint Venture, the Mahalo East pilot project, and its cash position. Key highlights include the Mahalo Joint Venture approving the scope and budget for Front End Engineering Design (FEED) for the gas field, gathering system, gas compression and water handling facilities, and the Mahalo Joint Venture participants receiving an amended FEED Offer from Jemena to construct a new pipeline to connect the Mahalo Gas Hub. The company also completed the Mahalo East pilot drilling, comprising a vertical and lateral well, and commenced pilot testing in January 2025. Comet Ridge has a strong cash position of $19.3 million at the end of the quarter, following a $12 million placement in December 2024. The company continues to engage with third parties on a range of possible transactions, including project funding, infrastructure access, additional gas supply, and corporate-level transactions.

Comet Ridge's share of net 2P Gas Reserves and 2C Contingent Gas Resources for the Mahalo Gas Hub is 406 Petajoules. The company is targeting a Final Investment Decision for the Mahalo Joint Venture Gas Project in 2025.

Comet Ridge is developing its Mahalo Gas Hub assets to provide gas supply for Australia's east coast gas market, which is forecast to continue to be structurally short due to the decline of southern offshore fields and ongoing demand for gas. The company is focused on securing the necessary approvals and progressing the development of its Mahalo North and Mahalo East projects.