Comet Ridge Limited has announced an independent reserves certification for its 100% held Mahalo East Project located in the Bowen Basin. The certification confirms that the project now holds 51.8 petajoules of 2P (proved + probable) Gas Reserves and a total of 118.5 petajoules under the 3P (proved + probable + possible) category. This development adds significant volume to the company’s overall gas reserve portfolio in the Mahalo Gas Hub area, which now totals nearly 250 petajoules in 2P reserves and 530 petajoules in 3P reserves when combined with its other assets. The reserves upgrade follows a series of successful drilling and testing operations, including data from recent vertical and lateral wells supported by a Queensland Government Frontier Gas Exploration Grants Program grant of $5 million. The independent certification, conducted by Sproule ERCE and led by experienced petroleum reserves evaluator Mr Tim Hower, highlights improved gas content and permeability data that have led to an increased estimation compared to previous contingent resource figures. The conversion of these contingent resources into certified reserves presents a promising technical milestone for the project while underscoring the rigorous evaluation process based on industry standards and extensive technical data. Market opportunities for Comet Ridge stem from its strategic location near planned infrastructure and the ongoing development work within the Mahalo Gas Hub. The project benefits from access to both historical coal industry data and recent production test results, which support its commercial development potential and the planned expansion strategy. While further environmental approvals, development decisions, and commercial agreements remain necessary before full-scale production can commence, the solid technical basis and supportive market conditions form a robust foundation for the company’s growth on Australia’s east coast gas market. Investors could interpret the news with a bullish outlook given the substantial conversion of contingent resources to certified reserves, increased reserve volumes, and enhanced confidence in the Mahalo East project’s potential. This technical upgrade suggests that the company’s asset base has strengthened considerably, providing a platform for future gas production growth. Conversely, a bearish perspective might highlight the ongoing challenges, including the absence of developed transportation infrastructure to efficiently move gas from the site, pending environmental clearances, and the uncertainties inherent in securing final commercial agreements. For beginner traders, the announcement signals both prospects for increased long-term value and some near-term operational and regulatory hurdles that the company will need to navigate.