Comet Ridge (COI) Investor Presentation summary

Strategic position and market context

• Holds large 2P and 2C gas reserves and resources near key transmission infrastructure and major domestic/export customers, positioning for strong market access as southern state gas production declines and demand rises.

• Australian east coast faces a forecast gas shortfall of 2,179 PJ between 2026 and 2036, with annual deficits expected to reach 300 PJ by the mid-2030s.

• Queensland is increasingly critical for east coast gas supply as pipeline constraints and declining southern production intensify market strain.

Project portfolio and development status

• Mahalo Gas Hub comprises multiple permits with net 2P + 2C of 427 PJ and 3P + 3C of 823 PJ, including Mahalo JV (57.14% interest), Mahalo North, and Mahalo East (both 100% owned).

• Mahalo JV is development-ready with key environmental and upstream approvals, FEED underway, and pipeline connection to QGP and GLNG progressing.

• Mahalo North and Mahalo East have certified 2P reserves of 43 PJ and 52 PJ, respectively, with Mahalo East pilot drilling and production tests completed.

• Additional upside potential from 3P reserves and further exploration in Mahalo Far East and extensions.

Commercial and operational highlights

• Four successful commercial pilot areas demonstrate attractive flow rates and de-risk project economics across a wide area.

• Gas is near sales specification with very low CO2, and the southern Bowen Basin offers high productivity, shallow reservoirs, and lower water production.

• Quality joint venture and infrastructure partners include Santos (JV operator), Jemena (pipeline), and CleanCo (offtake), with inaugural GSA progressing.

• Mahalo JV 2P reserves underpin new gas processing and pipeline infrastructure, with milestones including FEED completion, GSA execution, and FID for construction.