Uncertainty Over Mahalo Deal Triggers Comet Ridge Trading Suspension

Voluntary Suspension Signals Material Acquisition Update

Comet Ridge Limited (ASX:COI) has requested an immediate voluntary suspension of its shares, halting trading to manage market risk ahead of a significant update on its acquisition of Santos’ 42.86% interest in the Mahalo Gas Project. The suspension, effective from 20 May 2026, is designed to prevent the market from trading on incomplete information as negotiations remain ongoing but advanced.

Acquisition Consolidates Mahalo Gas Ownership

This acquisition, first announced in December 2025, aims to consolidate Comet Ridge’s ownership of the Mahalo Gas Project, a key asset in Queensland’s Bowen Basin gas landscape. The deal would increase Comet Ridge’s stake to 100%, positioning it as the sole operator and expanding its reserves to 677 petajoules, a move that has been closely followed by investors given the project's strategic importance to east coast gas supply. The company expects to provide a detailed update before trading resumes on 21 May, underscoring the acquisition’s potential impact on its operational and financial outlook. This follows the company’s recent progress with key approvals and ownership consolidation that have paved the way for full control.

Market Impact and Investor Considerations

While the exact terms and implications of the acquisition update remain undisclosed, the voluntary suspension indicates material developments that could influence Comet Ridge’s share price and investor sentiment. The company has affirmed there is no other information that would affect the market beyond the acquisition update. This move reflects a cautious approach to market communication, ensuring transparency and regulatory compliance under ASX Listing Rule 17.2. The suspension also comes amid the company’s ongoing engineering and environmental progress, which has been highlighted in recent filings and coverage, including the binding agreement to acquire Santos’ stake and federal environmental approvals secured for Mahalo North, both critical milestones in advancing the project’s development.

Next Steps and Market Watch

Investors will be watching for Comet Ridge’s forthcoming announcement, expected to clarify the status and terms of the acquisition and its implications for the company’s strategy and reserves. The update will likely provide insights into funding arrangements, operational plans, and timing for integrating the newly acquired stake. Until then, the voluntary suspension serves as a protective measure for the market, reflecting the significance of the Mahalo Gas Project within Comet Ridge’s portfolio and the broader east coast gas supply landscape.