COMET RIDGE LIMITED (COI)
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09/06/2026

1

Speculative Buy

$0.27

217.65%

Comet Ridge has renegotiated its Mahalo acquisition agreement with Santos ((STO)), reducing the upfront cash payment to -$18m from -$38m and extending the funding deadline. Morgans believes these changes materially lower completion risk.

The revised structure shifts more consideration into production-linked payments while preserving Comet Ridge's path to 100% ownership of the Mahalo Gas Hub, the analyst explains.

Santos will also receive $10m in Comet Ridge shares, maintaining alignment with project delivery, the broker highlights.

Commentary notes ongoing progress across approvals, funding discussions and development planning, while highlighting exposure to a tightening east coast gas market. The broker retains a Speculative Buy rating and raises its target to $0.27 from $0.25.

25/05/2026

3

Hold

$0.14

64.71%

Canaccord Genuity retains a Hold rating for Comet Ridge with a $0.14 target price following a restructure of the Santos Mahalo acquisition.

The firm completion consideration for the asset purchase is materially reduced to -$28m, comprising -$18m in cash and -$10m in scrip, while contingent payments increase to -$30m.

Completion dates have been extended by three months as the company navigates uncertainty surrounding proposed federal domestic gas reservation schemes.

Outstanding conditions relating to project finance and gas processing for the CleanCo gas sales agreement are also deferred to June 2026.

The broker views the restructured terms as neutral, noting the reduced upfront funding requirement is offset by ongoing timeline slippage and development uncertainty.