Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Dec 18
Comet Ridge Limited (ASX:COI) entered into a conditional sale and purchase agreement to acquire 42.86% stake in Mahalo Gas Project from Santos QNT Pty. Ltd. for AUD 60 million. Comet Ridge Limited (ASX:COI) entered into a conditional sale and purchase agreement to acquire 42.86% stake in Mahalo Gas Project from Santos QNT Pty. Ltd. for AUD 60 million on December 17, 2025. The total consideration consists of a Cash deposit of AUD 2 million payable to Santos within ten business days of the date of agreement, a Cash consideration of AUD 38 million payable to Santos at completion of the Acquisition, which is scheduled to be the earlier of the Final Investment Decision or June 30, 2026 and Up to two AUD 10 million contingent payments, with the first tranche payable after 10 PJ sales gas and the second tranche after 20 PJ sales gas from the Mahalo Gas Project. Following the completion, Comet Ridge Limited holds 100% stake in Mahalo Gas Project. In separate transaction, Eni Australia Limited acquired 42.71% Interest in the Petrel Fields and 100% in the Tern Fields in the Bonaparte Basin offshore Northern Australia from Santos Limited.
The transaction is subject to Comet Ridge arranging funding for the Acquisition, any Comet Ridge shareholder approval required and other customary assignments and approvals.
Taylor Collison Limited acted as financial and Corrs Chambers Westgarth acted as legal advisor for Comet Ridge. Aankondiging • Sep 25
Comet Ridge Limited, Annual General Meeting, Nov 14, 2025 Comet Ridge Limited, Annual General Meeting, Nov 14, 2025. New Risk • Aug 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$155.5m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$155.5m market cap, or US$100.0m). Board Change • Aug 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Breakeven Date Change • Aug 18
Forecast to breakeven in 2028 The 3 analysts covering Comet Ridge expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$40.7m in 2028. Average annual earnings growth of 12% is required to achieve expected profit on schedule. New Risk • Feb 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$178k net loss in 3 years). Shareholders have been diluted in the past year (18% increase in shares outstanding). Board Change • Feb 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 31
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Shaun Scott was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Dec 12
Comet Ridge Limited has completed a Follow-on Equity Offering in the amount of AUD 12.028 million. Comet Ridge Limited has completed a Follow-on Equity Offering in the amount of AUD 12.028 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 85,914,286
Price\Range: AUD 0.14
Discount Per Security: AUD 0.007
Transaction Features: Subsequent Direct Listing New Risk • Oct 14
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$7.2m Forecast net loss in 3 years: AU$178k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.8m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$178k net loss in 3 years). Shareholders have been diluted in the past year (9.6% increase in shares outstanding). Breakeven Date Change • Oct 14
No longer forecast to breakeven The 2 analysts covering Comet Ridge no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$24.9m in 2027. New consensus forecast suggests the company will make a loss of AU$178.0k in 2027. Aankondiging • Oct 03
Comet Ridge Limited, Annual General Meeting, Nov 25, 2024 Comet Ridge Limited, Annual General Meeting, Nov 25, 2024. Breakeven Date Change • Sep 27
No longer forecast to breakeven The 3 analysts covering Comet Ridge no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$24.9m in 2027. New consensus forecast suggests the company will make a loss of AU$5.50m in 2027. New Risk • Sep 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.8m free cash flow). Revenue is less than US$1m (AU$196k revenue, or US$134k). Minor Risk Shareholders have been diluted in the past year (9.6% increase in shares outstanding). Breakeven Date Change • Jun 30
Forecast to breakeven in 2027 The 2 analysts covering Comet Ridge expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$24.9m in 2027. Average annual earnings growth of 51% is required to achieve expected profit on schedule. Aankondiging • Feb 14
Comet Ridge Limited has completed a Follow-on Equity Offering in the amount of AUD 15.045 million. Comet Ridge Limited has completed a Follow-on Equity Offering in the amount of AUD 15.045 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 88,500,000
Price\Range: AUD 0.17
Discount Per Security: AUD 0.0085
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Dec 15
Forecast to breakeven in 2026 The 2 analysts covering Comet Ridge expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$1.80m in 2026. Average annual earnings growth of 62% is required to achieve expected profit on schedule. New Risk • Nov 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$151.6m (US$98.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.2m free cash flow). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$9.9m net loss in 2 years). Market cap is less than US$100m (AU$151.6m market cap, or US$98.0m). Aankondiging • Oct 05
Comet Ridge Limited, Annual General Meeting, Nov 22, 2023 Comet Ridge Limited, Annual General Meeting, Nov 22, 2023, at 15:00 E. Australia Standard Time. New Risk • Jul 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. Revenue is less than US$1m (AU$6.0k revenue, or US$4.0k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$8.4m net loss in 2 years). Shareholders have been diluted in the past year (17% increase in shares outstanding). Recent Insider Transactions • Mar 01
MD & Director recently bought AU$50k worth of stock On the 23rd of February, Tor McCaul bought around 371k shares on-market at roughly AU$0.14 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tor's only on-market trade for the last 12 months. Aankondiging • Jan 31
Comet Ridge Limited Announces Mahalo North Dev Plan Update Comet Ridge Limited advised that it has progressed discussions with Denison Gas Limited (Denison) for Comet Ridge to transport gas from Mahalo North via the nearby Denison compression and dehydration plant and pipeline infrastructure (Infrastructure). The parties have appointed Verbrec Infrastructure Services Pty Ltd. (Verbrec) to undertake a Front-End Engineering Design (FEED) study which is being jointly funded by Comet Ridge and Denison. The intent of the FEED study is to undertake process design, equipment selection, develop plant layout, project scope, schedule and budget for the Denison Infrastructure upgrade to accommodate the supply of 10 Terajoules/day (TJ/d) of gas production from the Mahalo North Early Production Scheme (EPS) within ATP 2048. Once the results of the FEED study are finalised, Comet Ridge and Denison will finalise the commercial arrangements under which Denison will compress, dehydrate and transport Mahalo North gas production, enabling Comet Ridge to move the project very quickly from recent appraisal and reserves certification activities, through development, and onto gas sales. Board Change • Nov 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. No independent directors (6 non-independent directors). Non-Executive Director Shaun Scott was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Shaun Scott was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
