Company Interview / Comet Ridge betting on Mahalo momentum

Key points:

Mahalo consolidation to 100% ownership viewed as key to scale and development flexibilityGovernment gas reservation policies seen as potential support for LNG‑linked pricing and investmentFunding, NAIF process and gas sales (including CleanCo contract) flagged as main pre‑FID milestones

Comet Ridge’s push to full ownership of the Mahalo gas project in Queensland is central to its growth strategy, according to Tor McCaul of Comet Ridge. McCaul states that acquiring Origin Energy and Santos’ interests delivers 100% tenure over about 1,850km², allowing Mahalo to be planned as one large, contiguous gas field rather than within joint venture constraints. He views Mahalo’s location – inland from Gladstone’s LNG schemes and near key domestic transmission lines – as positioning the company to serve both LNG export and east coast domestic gas markets.

On government gas reservation proposals, McCaul suggests policy intervention could actually become a tailwind. He argues that if LNG producers are required to supply more to the domestic market, Comet Ridge (ASX:COI) can pivot more volumes towards LNG export, accessing international, oil‑linked, US dollar pricing. He also sees potential for LNG players to invest in new upstream supply such as Mahalo to meet domestic obligations.

Looking ahead, McCaul identifies funding and gas sales as the critical milestones before a final investment decision (FID), targeted for early next year. He notes progress with the Northern Australia Infrastructure Facility, renewed interest from commercial banks, and an offtake with CleanCo, leaving about 40 terajoules per day from phase one still to contract.