Comet Ridge Limited has advanced its gas development projects in Queensland during the March 2025 quarter, with notable progress across its Mahalo Gas Hub assets. The Mahalo Joint Venture Gas Project is making headway with Front End Engineering Design (FEED) studies. Santos, acting as the development operator, is leading the FEED for the gas compression facility, while the FEED for the water handling facility is set to be awarded imminently. In parallel, pipeline FEED work has started with Jemena on constructing a new 10‑inch high-pressure pipeline that will connect the Mahalo Gas Hub with domestic and LNG markets. These developments are critical to achieving a final investment decision, with the project’s significant reserve base – including 266 PJ gross 2P and 458 PJ gross 3P reserves – underpinning its scale. The company is also reporting promising results from its 100% owned Mahalo East pilot production test. The dewatering phase has recorded steadily increasing gas flows accompanied by a managed decline in bottomhole flowing pressure. Early core analysis and gas compositional data reveal high methane content and very low CO2, reinforcing the high-quality reservoir characteristics observed across the extensive Mahalo Gas Hub area. Concurrently, progress at the Mahalo North block continues through the Federal EPBC approval process as Comet Ridge undertakes additional groundwater monitoring and sampling around sensitive ecosystems. On the corporate front, Comet Ridge Limited maintains a robust cash position, ending the quarter with approximately $15.9 million in cash alongside an impending $1 million Queensland Government grant. The company is actively engaging with third parties for potential project funding, additional gas supply agreements, and even prepayment arrangements to underwrite its capex requirements. Discussions are also underway with industrial gas users, power generators, and gas retailers to secure further gas sales agreements. Moreover, the secured debt facility with PURE Asset Management remains in place, and negotiations to extend the loan are in progress. Sentiment regarding the news is mixed. On the bullish side, technical indicators such as strong pilot test performance, established high-quality reserves, and strategic pipeline connections near Queensland’s major gas hubs position Comet Ridge favorably for long‑term growth. The progress in FEED studies and secured corporate financing further bolster confidence in future production and market penetration. Conversely, the bearish perspective notes the reliance on final investment decisions and ongoing regulatory approvals—issues that could delay project execution. Additionally, the need to finalize contractual gas sales and secure all funding arrangements introduces an element of uncertainty that investors should monitor closely.