Comet Ridge (COI) AGM 2025 Presentation summary

East coast gas market outlook

• Forecasts indicate a significant gas supply shortfall on Australia's east coast from 2028, with annual unfulfilled demand expected to reach around 300 PJ by the mid-2030s, despite sufficient reserves in the ground.

• Southern states will increasingly rely on gas transported from Queensland and potentially imported gas as Gippsland Basin fields deplete.

• AEMO projects peak-day and seasonal supply gaps in southern states from 2028, with annual supply gaps from 2029, requiring new supply investments.

• Market stress is expected to worsen from 2028, with government intervention and bureaucracy cited as exacerbating the supply problem.

• The best solution is to bring more gas supply online, with Queensland positioned as a key supplier.

Project development and financial milestones

• Mahalo JV approved Upstream FEED in Nov 2024, with Mahalo East 1 & 2 wells drilled in Oct 2024.

• $12m funding completed via placement in Dec 2024; awarded new block ATP 2072 and a $5m Qld Govt grant for Mahalo East.

• Mahalo East pilot came online in Jan 2025, with 52 PJ 2P reserves independently certified by July 2025.

• Pipeline FEED by Jemena approved in Mar 2025; Pure Loan refinanced and extended in May 2025.

• Mahalo North EPBC application public notification finishes in Sep 2025.

Reserves, resources, and infrastructure

• Net 2P + 2C reserves and resources at Mahalo Gas Hub total 427 PJ, with 3P + 3C at 823 PJ.

• Mahalo East pilot confirmed extension of high-quality fairways, with lateral wells preferred for reserves development.

• Mahalo Gas Hub has a large project area (1848 km²), high productivity shallow reservoir, and is close to major pipelines and infrastructure.

• Both upstream and pipeline FEED stages are progressing, with gas delivery planned to Jemena's QGP and Santos GLNG pipelines.

• Compression facility design includes three main packages with future expansion capacity.