Comet Ridge (COI) 2024 Gold Coast Investment Showcase Presentation summary

Market and regulatory environment

• Federal gas price cap of $12/GJ extended to June 2025, with exemptions for small producers and softened arbitration provisions.

• Future Gas Strategy (May 2024) supports gas in Australia's energy transition to at least 2050.

• Declining southern production, pipeline constraints, and expiring long-term contracts are tightening the east coast gas market.

• Additional demand from emissions targets and policy shifts has made the price cap a de facto price floor.

• Recent Victorian government approval signals renewed support for gas projects.

Asset portfolio and reserves

• Mahalo Gas Hub holds net 2P + 2C reserves/resources of 406 PJ and 3P + 3C of 827 PJ.

• Mahalo JV Project (57.14% owned) and Mahalo North (100% owned) prioritized for east coast supply.

• Mahalo JV Project has 266 PJ 2P reserves (gross), Mahalo North has 43 PJ 2P reserves (gross), both independently certified.

• Extensive geological datasets and successful pilot production tests underpin reserve confidence.

• New Mahalo Far East Extension block and $5m Qld government grant support further exploration and development.

Project development and infrastructure

• Mahalo JV Project and Mahalo North progressing through environmental and petroleum lease approvals.

• First gas targeted for 2026 (western connection) or 2027 (Jemena pipeline).

• Jemena completed pre-FEED for 80km pipeline to QGP; shared pipeline solution with Santos and Jemena in progress.

• Denison connection option (14km) being negotiated for earlier market access.

• GSA executed with CleanCo Queensland for gas-fired power generation.