Comet Ridge (COI) H2 2024 earnings summary

Executive summary

• Transitioned from appraisal to project development, advancing towards gas production for the east coast Australian market.

• Executed inaugural Gas Sales Agreement (GSA) with CleanCo Queensland Limited, marking a key commercial milestone.

• Progressed regulatory approvals for Mahalo North, including Queensland Environmental Authority and ongoing federal EPBC approval.

• Completed $15 million placement to fund Mahalo projects and received a $5 million government grant for Mahalo East pilot.

• Data room process attracted multiple parties for technical and commercial due diligence.

Financial highlights

• Underlying loss after tax of $7.17 million for FY2024, up from $6.57 million in FY2023, including $2.69 million in non-cash expenses.

• Cash balance of $16.8 million as of 30 June 2024.

• Capitalised exploration expenditure: $1.81 million (Mahalo JV), $2.56 million (Mahalo North), $0.23 million (Mahalo East/Far East), $0.08 million (Galilee JV).

• Net current liabilities of $17.95 million, including CleanCo, PURE warrant, and APLNG deferred consideration.

• No dividends declared or paid for the year.

Outlook and guidance

• Focus on progressing Mahalo North and Mahalo JV to Final Investment Decision (FID) and production.

• Ongoing efforts to secure federal EPBC approval and finalize gas transportation agreements.

• Anticipates further gas supply agreements and continued engagement with potential customers.

• Plans to commence Mahalo East pilot drilling in the December 2024 quarter.