Name

Comet Ridge

Legal name

Comet Ridge Limited

Website

https://cometridge.com.au

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Comet Ridge Limited is an ASX-listed Australian coal seam gas developer focused on the Mahalo Gas Hub in Queensland, producing low-CO2 natural gas for the east coast Australian market and LNG export via Gladstone infrastructure.

Ownership category

akta.pro rank

Product category

Natural Gas Production

NAICS

Natural Gas Extraction (211130)

SIC

Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Coalbed Methane (CBM) / Coal Seam Gas (CSG) (EUAAAAAD)

akta.pro secondary industry

Coalbed Methane (CBM) Gathering Systems (TLAGAJAG)

Keywords

• Coal seam gas
• Natural gas production
• Gas exploration
• Petroleum leases
• Gas supply

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Natural Gas Sales: Comet Ridge generates revenue from the sale of pipeline-quality natural gas produced from its coal seam gas assets. Gas is sold to the east coast Australian domestic market and potentially to LNG exporters via pipeline connections near Gladstone. The company operates through joint ventures where Santos acts as development operator for the Mahalo JV Gas Project.
2. Joint Venture Operations: Revenue share from joint venture operations where Comet Ridge holds 57.14% interest in Mahalo JV Gas Project, with Santos holding 42.86% as development operator. Additional 100%-owned permits (Mahalo North, East, Far East) provide direct revenue exposure.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Comet Ridge discovers, appraises, and develops coal seam gas (CSG) resources, producing pipeline-quality natural gas for sale to the east coast Australian market. Its flagship offering is the Mahalo Gas Hub, an integrated Queensland project producing low-cost, low-CO2 gas near Gladstone, supplemented by exploration acreage in the Galilee and Gunnedah Basins. Gas is sold via direct supply agreements and pipeline connections to industrial customers, gas retailers, and LNG-related infrastructure.

Product overview

Comet Ridge operates as a coal seam gas (CSG) exploration and production company with a portfolio of natural gas projects in Queensland and NSW, Australia. The company's flagship asset is the Mahalo Gas Hub, an integrated development comprising four distinct projects: Mahalo JV (joint venture with Santos), Mahalo North, Mahalo East, and Mahalo Far East. These projects produce or will produce sales-spec natural gas for the east coast Australian market. The company also holds exploration assets in the Galilee Basin (Queensland) and Gunnedah Basin (NSW). The business model centers on developing low-cost, low-CO2 gas reserves close to Gladstone infrastructure for domestic supply and LNG export markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Mahalo Gas Hub Flagship integrated gas development in Queensland's Bowen Basin targeting low-cost, sales-spec natural gas with low CO2 content near Gladstone for the east coast Australian market. Comprises multiple development blocks (Mahalo JV, Mahalo North, Mahalo East, Mahalo Far East).
• Mahalo JV Gas Project Joint venture CSG project (57.14% Comet Ridge, 42.86% Santos, transitioning to 100% Comet Ridge ownership) covering Petroleum Leases PL 1082 and PL 1083. Produces pipeline-spec gas with 0.05% CO2 from shallow coals (180-400m), with approximately 80km pipeline connection to GLNG and Jemena infrastructure.
• Mahalo North 100% Comet Ridge-owned CSG permit (ATP 2048, 360km2) north of the Mahalo JV. Achieved the highest recorded gas flow in the Mahalo Gas Hub area through long lateral well drilling; received Queensland Environmental Authority and EPBC approval.
• Mahalo East 100% Comet Ridge-owned permit (ATP 2061, 97km2) northeast of Mahalo JV. Pilot drilling program added 27% to net 2P reserves and 29% to net 3P reserves after successful production testing.
• Mahalo Far East 100% Comet Ridge-owned permits (ATP 2063 and ATP 2072, 404km2 total) with CSG and conventional sandstone gas potential, including the higher-maturity Blackdown play.
• Galilee Basin (Exploration Asset) Exploration acreage position of 4,742km2 in the eastern Galilee Basin across ATPs 743, 744, and 1015, with net 3C Contingent Resources of 2,162 PJ at sandstone 'Deeps' and CSG 'Shallows' levels, operated jointly with Vintage Energy.
• Gunnedah Basin (Exploration Asset) NSW exploration licence PEL 427 in the northern Gunnedah Basin covering 891km2, with Comet Ridge holding 59.1% CSG equity and 100% conventional equity; planned to be deprioritised in favour of Queensland operations.

Quantifiable outcome

• Highest recorded gas flow in Mahalo Gas Hub area achieved through Mahalo North Pilot
• +2 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• JemenacoreStrategic or Co-development Partner · 1 March 2025Jemena Queensland Gas Pipeline (1) Pty Ltd and Jemena Queensland Gas Pipeline (2) Pty Ltd are executing Pipeline FEED for the new Mahalo Gas Hub Pipeline (MGHP). Jemena may construct the pipeline on a BOO basis once FEED is completed and Mahalo JV achieves FID. Pipeline Survey Licence granted to Jemena in July 2025.
• Vintage EnergyminorStrategic or Co-development Partner · 1 January 2017Vintage Energy earned a 30% interest in the Galilee Deeps Joint Venture (GDJV) by funding the Albany 1 well and additional 2D seismic. The JV identified up to 20 sandstone leads and prospects in the deeper basin section for future appraisal.
• Santos QNT Pty LtdcoreStrategic or Co-development PartnerSantos is the joint venture partner and development operator for the Mahalo JV Gas Project, holding 42.86% interest while Comet Ridge holds 57.14%. Santos manages upstream FEED activities and overall project development. In December 2025, Comet Ridge announced acquisition of Santos' remaining 42.86% interest, taking 100% ownership of the Mahalo Gas Project. Santos continues as development operator pending completion.
• Queensland GovernmentminorGTM or Marketing PartnerQueensland Government's Frontier Gas Exploration Grants Program provided a $5 million grant to partially fund the Mahalo East pilot drilling program in FY2025.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Empire Energy Group: ASX-listed junior gas developer with operations in the Northern Territory and Beetaloo Basin. Comparable as a small-cap, pre-revenue gas developer targeting Australian domestic markets, although focused on different basins.

Broad incumbents

• Origin Energy: Integrated Australian energy company with major upstream gas production and APLNG interest, supplying the east coast gas market and Gladstone LNG. Comparable customer base and gas market exposure to Comet Ridge, though materially larger and vertically integrated.
• Santos Limited: Major Australian upstream operator and Comet Ridge's former Mahalo JV partner and development operator. Directly comparable as a CSG and conventional gas producer on the east coast and as a Gladstone LNG supplier, though Santos is materially larger and diversified across oil, gas, and LNG.

Direct peers

• Arrow Energy: Shell/PetroChina JV and one of Australia's largest dedicated coal seam gas producers focused on Queensland's Bowen and Surat basins. Highly comparable to Comet Ridge as a CSG-focused operator targeting the same east coast and Gladstone LNG markets.
• QGC (Shell): Origin of Shell's Queensland CSG business and a major supplier into the Gladstone LNG export market. Closely comparable business model to Comet Ridge as a Queensland CSG producer linked to LNG offtake and domestic east coast supply.
• Vintage Energy: ASX-listed gas developer and Comet Ridge's JV partner in the Galilee Deeps Joint Venture (30% interest). Comparable as a small-cap Australian gas exploration and production company with overlapping acreage and partnership exposure.
• Senex Energy: Pure-play Australian CSG producer in the Surat and Bowen basins supplying east coast domestic customers. Comparable as a similarly sized CSG-focused operator with analogous customers, infrastructure, and regulatory exposure to Comet Ridge.
• Galilee Energy: ASX-listed explorer focused on the Galilee Basin in Queensland, sharing the same eastern Galilee acreage focus as Comet Ridge's Galilee Basin asset. Directly comparable as a small-cap Queensland-focused gas developer.

Regional players

• New Hope Corporation: ASX-listed Australian energy company with coal and oil and gas interests. Comparable as an Australian-listed small-to-mid-cap energy producer, though primarily coal-focused rather than CSG.
• Whitehaven Coal: Australia's largest independent coal producer focused on NSW and Queensland. Comparable as a publicly traded Australian energy resources operator with overlapping investor base, although focused on coal rather than gas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/comet-ridge-limited/posts/?feedView=all&viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comet Ridge