Announcement • Aug 26

Comet Ridge Limited (ASX:COI) acquired the remaining 42.86% interest in the Mahalo Gas Project from Santos QNT Pty Ltd. for AUD 61.2 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. As per the announcement dated May 21, 2026 the certain terms of the deal has been revised now as part of consideration Comet Ridge Limited will pay AUD 10 million in cash and AUD 18 million in Comet Ridge Limited shares and additional AUD 30 million as contingent payments with the first tranche payable after 10 PJ sales gas, the second tranche after 20 PJ sales gas and the third tranche after 30 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. The extension of the satisfaction date for the arranging of funding has been extended to August 14, 2026 and the date for the remaining outstanding conditions precedent including any approval of Comet Ridge’s shareholders required to September 30, 2026. Taylor Collison Limited acted as financial and Corrs Chambers Westgarth acted as legal advisor for Comet Ridge. Comet Ridge Limited (ASX:COI) completed the acquisition of 42.86% interest in the Mahalo Gas Project from Santos QNT Pty Ltd. for AUD 61.2 million on August 24, 2026. The total consideration consists of AUD 24.4 million in cash, 83.78 million shares of Comet Ridge, and up to AUD 30 million in contingent payments. The terms of the transaction, originally announced in December 2025 and amended in May 2026, included an upfront payment of AUD 24.42 million in cash and the issuance of 83.78 million Comet Ridge shares. The share component was priced based on a 10-day volume-weighted average price prior to settlement. A further AUD 30 million in contingent payments is payable to Santos in three equal tranches upon the Mahalo Gas Project achieving cumulative sales gas milestones of 10 PJ, 20 PJ, and 30 PJ.

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Comet Ridge Limited (ASX:COI) acquired the remaining 42.86% interest in the Mahalo Gas Project from Santos QNT Pty Ltd. for AUD 61.2 million.

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