Comet Ridge Limited (ASX:COI) is pleased to provide the following operational update in relation to its three most
significant Mahalo Hub Projects.
Mahalo East (Comet Ridge 100%) - Pilot Production Scheme
Following the recent successful drilling of the Mahalo East 1 vertical well and the Mahalo East 2 lateral well, laboratory
analysis for the recovered core from the vertical well is ongoing and continues to show strong gas volumes desorbing
from the coal samples. For more information on the drilling conducted, please refer to ASX releases on 10, 21 and
31 October and 11 November 2024. Both of these wells were drilled with the support of the Queensland Government’s Frontier Gas Exploration Grants Program, under which Comet Ridge will receive a $5 million funding allocation.
A smaller completion rig has recently installed production tubing and a downhole progressive cavity pump (PCP) for
lifting water out of the vertical well. The production separator, flare and metering skid have been moved from the
Mahalo North pilot area and are currently being installed on the Mahalo East 1 well pad. Also being installed is a
temporary lined ring tank to collect and manage produced water, when testing starts next month.
Mahalo JV Project (Comet Ridge 57.14%) - Operator enters FEED
The Operator has approved the Mahalo JV Project to commence Front End Engineering Design (FEED). This is a key
milestone in moving the project out of the feasibility stage and into FEED, as a pre-cursor to a Final Investment Decision
(FID).
Comet Ridge looks forward to working with the Operator on the upstream FEED process to finalise the work program
and timetable over the coming weeks.
Mahalo North (Comet Ridge 100%) - Environmental Approvals
Following the Environmental Authority (EA) awarded by the Queensland Government in August, the process for EPBC
approval continues through the Federal Government. Comet Ridge’s recent activities have focused on field analysis
and sampling to provide information in response to a detailed preliminary data request. It is anticipated the final
report from the Company will be submitted early next week now that laboratory analysis of these field samples is
being finalised.
