Comet Ridge’s Mahalo Gas Project is a coal seam gas play in the Bowen Basin in Central Queensland. In excess of 20 wells have been drilled at Mahalo with favourable results. By late 2019, Comet Ridge’s share of Mahalo was 106 PJ in 2P reserves and 183 PJ in 3P. In early August 2021 it struck a deal to increase its interest from 40% to 70% at a very favourable price, funded by joint venture partner Santos.
We see Comet Ridge benefiting from the backing of Santos for the project, a potential Final Investment Decision on Mahalo in 2022 or 2023 and the looming gas shortages on the Australian East Coast.