100% break out, page-33

Comet Ridge Limited (COI) - QLD developments are more attractive (Petra 24/11/23)

STO’s Investor Day highlighted its renewed emphasis on upstream QLD CSG growth to supplement its underutilised GLNG facility. STO is rapidly improving drilling outcomes across its QLD gas portfolio, a well-timed endeavour as third-party supply contracts roll off over the coming years, providing the impetus to pursue regional growth options incl. Mahalo (Figure 1). While STO’s growth hopper is relatively full with Barossa, Papua LNG, Alaska and Dorado in particular, we believe the low-cost, well understood nature of its QLD CSG assets will aid Mahalo development over projects battling crippling offshore regulatory regimes, such as Dorado. COI, STO and Jemena are currently in negotiations for connecting pipelines from Mahalo. BUY, PT A$0.38/sh (unch).

Beware of the SP drift upwards on small volume & ' no news ' - this is a common scenario before a CR - my prediction for Jan'24 CR @ 20c/share.