(WO) — Comet Ridge has completed the acquisition of Santos’ 42.86% interest in the Mahalo Gas Project, giving the company 100% ownership and operatorship of the broader Mahalo Gas Hub in Queensland.
Image: Comet Ridge
The transaction follows an agreement announced in December 2025 and amended in May 2026. Comet Ridge paid Santos A$24.42 million in cash and issued 83.78 million Comet Ridge shares as upfront consideration.
An additional A$30 million in contingent payments will be payable to Santos in three A$10 million tranches when the Mahalo Gas Project reaches cumulative sales gas volumes of 10 PJ, 20 PJ and 30 PJ.
With the acquisition complete, Comet Ridge controls approximately 1,850 sq km across the Mahalo Gas Project, Mahalo North, Mahalo East, Mahalo Far East and Mahalo Far East Extension permits. The portfolio contains 361 PJ of 2P reserves and 676 PJ of combined 2P reserves and 2C contingent resources.
Comet Ridge said sole ownership removes a joint venture structure that had previously complicated funding and offtake discussions. The company now has full control over development timing, sequencing and capital allocation as it progresses the project toward a final investment decision.
“Completing this acquisition puts us in control of one of the few development-ready gas positions on the east coast,” Managing Director Tor McCaul said.
The Mahalo assets are positioned to supply Australia’s east coast gas market and are within reach of the Gladstone LNG precinct. Jemena recently received a pipeline license for infrastructure that would connect the development to the existing gas network.
Comet Ridge is now optimizing Mahalo’s development economics based on its 100% ownership of the project and integration with the company’s adjacent assets.
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