Comet Ridge (COI) Queensland Energy Conference 2025 MD Presentation summary

Market context and demand outlook

• East coast gas market faces a forecast shortfall of 2,179 PJ between 2026 and 2036, with annual deficits rising to 300 PJ by mid-2030s.

• Declining southern state production and constrained pipeline infrastructure increase reliance on Queensland supply.

• Regulatory, land access, and financing risks challenge new gas developments, but certain projects are de-risked and ready to come online.

Asset portfolio and reserves

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

• Mahalo JV (57.14% interest) has 2P reserves of 152 PJ and 2C resources of 180 PJ; Mahalo North (100%) has 2P reserves of 43 PJ.

• Additional contingent resources in Galilee and Gunnedah Basins provide further upside.

Project development and operations

• Three successful lateral pilot wells at Mahalo Gas Hub demonstrated high productivity and commerciality, with flow rates up to 1.75 MMcfd.

• Mahalo JV is development-ready with key approvals, upstream FEED, and pipeline FEED underway for new connections.

• Mahalo North and Mahalo East (100% owned) progressing with environmental approvals and pilot testing; Mahalo East pilot achieved initial gas flow within 40 days.