Comet Ridge Limited (ASX:COI), an Australian energy company focused on developing natural gas resources for the east coast market, has announced a substantial increase in gas reserves at its 100%-owned Mahalo East Project (ATP 2061). The initial independent Reserves certification confirms 2P Reserves of 51.8 Petajoules (PJ) and 3P Reserves of 118.5 PJ. This news strengthens the Mahalo Gas Hub’s potential as a significant gas-producing region.
The certification was conducted by Sproule ERCE, a global energy consulting and advisory firm, as of 30 June 2025. The assessment shows the project now holds independently certified Gas Reserves, significantly boosting Comet Ridge’s overall reserves portfolio. The company’s net 2P Reserves in the Mahalo Gas Hub area now total nearly 250 PJ, while 3P Reserves reach approximately 530 PJ.
According to Comet Ridge Managing Director, Tor McCaul, the Mahalo East Reserves certification complements existing Gas Reserves at the Mahalo JV and Mahalo North Projects. Data from recent drilling and testing, including the Mahalo East 1 and 2 wells, have been incorporated into the geological and simulation models, leading to a 67% increase in 2P Reserves compared to prior Contingent Resources. The Queensland Government’s Frontier Gas Exploration Grants Program supported the drilling and testing phase, with Comet Ridge receiving $5 million in funding.
The certified Gas Reserves at Mahalo East add 27% of additional 2P Reserves and 29% of additional 3P Reserves to Comet Ridge’s net Gas Reserves portfolio. The company intends to apply for a petroleum lease over 30 of the 31 sub-blocks of ATP 2061. This move signifies Comet Ridge’s commitment to developing the Mahalo East Project and contributing to the east coast’s gas supply.