Highlights:

• Comet Ridge to acquire Santos QNT Pty Ltd's 42.86% interest in the Mahalo Gas Project, taking Comet Ridge ownership to 100% on completion.
• $40m firm consideration payable on completion, scheduled to occur at Final Investment Decision (FID) for the Mahalo Gas Project, or 30 June 2026, whichever is sooner. 
• An additional $20m in contingent payments linked to production milestones. 
• Consolidates ownership of the entire Mahalo Gas Hub area, with Comet Ridge as Operator. 
• Comet Ridge 2P Reserves and 2C Resources at the Mahalo Gas Hub will increase to 677 PJ on completion.
• Comet Ridge to target domestic gas sales. 
• Comet Ridge in advanced discussions to fund the acquisition. 

Commenting on the acquisition, Comet Ridge Managing Director, Tor McCaul, said,
“By moving to hold 100% equity across all gas blocks in the Mahalo Gas Hub area, and by boosting our 2P + 2C Reserve and Resource base to over 670 PJ+, Comet Ridge will be able to optimise the development of the whole of the Mahalo gas resource.   

“The simplified ownership structure will allow Comet Ridge to ensure Mahalo does make a significant contribution to the east coast domestic gas market at a critical time. 

“We are pleased to announce this transaction providing a pathway to the role of Mahalo Gas Project operator. Santos has now taken the Mahalo Gas Project well into Front End Engineering Design, and we look forward to picking up that work in the first quarter of 2026 as we move towards a Final Investment Decision on development.” 

Comet Ridge has entered into binding agreements to acquire Santos QNT Pty Ltd’s (Santos) 42.86% interest in the Mahalo Gas Project(1), taking Comet Ridge’s interest from 57.14% to 100% on completion (the Acquisition). This means upon completion, Comet Ridge will hold and operate the entire Mahalo Gas Hub area of approximately 1,850 km². 

References to $ in this announcement are in AUD unless stated otherwise 
(1) PLs 1082, 1083 and PCAs 302, 303, 304.  Mahalo Gas Hub area refers to Mahalo Gas Project plus Mahalo North and Mahalo East.

KeyFacts Energy: Comet Ridge Australia country profile   l   Santos Australia country profile