Your answer is in your question I think. Mahalo is clearly not a large scale or highly profitable project. It is a relatively small sized, and I'm guessing poor-average economics project. This is why Santos or others haven't throw hundreds of millions of dollars at it just to fill their LNG plant capacity as you seem to question. Billions of dollars of turnover is useless if it's at paper thin margins as their money is better invested elsewhere. Hence Santos and other players have developed their other more profitable projects / acreage first and Mahalo is only just now getting to the front of the development queue since there's not a whole lot of uncontracted mature/development ready projects left out there.
To me it is very obvious why this project has been stalled for so long. It's odd to see that so many holders can't see that...
COI Price at posting:
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