Comet Ridge Limited announced that the gas flow from the Mahalo North 1 pilot well has now exceeded 1.7 MMcfd. This represents the higher recorded gas flow rate from a pilot well in the Mahalo Gas Hub area. The Mahalo North 1 pilot well is located in ATP 2048 where Comet Ridge holds 100% equity.

Production data obtained from Mahalo North 1 continues to be incorporated into the Company's extensive geological model for this area. Environmental field work has also been progressing in parallel with appraisal activities that will support the finalisation of a Petroleum Lease application for Mahalo North by year end. The performance of the Mahalo North pilot well has confirmed the adjoining Mahalo Gas Project high productivity fairway (where material gas reserves have been certified) extends into Mahalo North.

Production data suggests the well is draining a much larger area than originally modelled, indicating that future development wells in this area could be spaced further apart, improving project economics. Mahalo North is more than 15km from another successful pilot well, Mira 6, which is located in the Mahalo Gas Project, so the company have established a very large, sweet spot along the high productivity fairway, which also contains a third successful pilot well at Mahalo 7.