Comet Ridge has announced the Mahalo North 3P reserves have increased by 39 petajoules (PJ) to 149PJ.
The company also noted that no changes for 1P and 2P reserves have been recorded at this stage.
The upgraded estimate of 3P reserves utilises the same Mahalo Hub geological model underpinning the previous reserves estimates for Mahalo North.
Comet Ridge managing director Tor McCaul said the upgrade of the reserves is a significant step for the development.
“Mahalo North continues to develop into a significant, high-quality resource as we undertake further technical work around its development,” McCaul said.
“This work is supported by the strong flow rate achieved from the Mahalo North pilot scheme last year.
“The upgrade of Mahalo North’s 3P reserves follows closely behind the submission of our state and federal environmental and developmental applications for the southern path of the Mahalo North block, which we will be looking to progress as we move into 2024.”
In September 2023, Comet Ridge announced it had executed a seven-year gas sales agreement with CleanCo Queensland, which will see natural gas produced from the Mahalo Gas Hub in Central Queensland, where CleanCo will offtake 3PJ per annum of natural gas.
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