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Comet Ridge ASX Announcement 30 April 2021 March 2021 Quarterly Activities Report Highlights • Significant progress inside the Mahalo Joint Venture has been made during and after the first quarter of 2021 , regarding the structure of the Mahalo Joint Venture and Comet Ridge's plans for significant progress in the Mahalo Hub Area . • Comet Ridge expects to be able to further update the market on this progress over the coming weeks . • Comet Ridge is positioning the multi - block Mahalo Gas Hub to provide meaningful gas volumes into the east coast gas market , where southern production is forecast to commence declining . Native title approvals completed successfully just after end of first quarter for Mahalo Far East block ( to be ATP 2063 ) . R & D tax incentive for FY20 expenditure of $ 1.961 million received in January 2021 . East Coast Gas Market ACCC affirms looming southern gas supply cliff EnergyQuest noted in its December 2020 report , that as the months go by , southern Australia edges closer to its gas production supply cliff . EnergyQuest stated " production from offshore Victoria , which supplies not only Victoria but also Tasmania and a substantial share of NSW and South Australian demand , is forecast to decline from around 2023. It might be later , like 2024 , but it might also be earlier like 2022 ” . The ACCC's latest Gas Inquiry report , released on 16 February 2021 , affirms EnergyQuest's warning . According to the Commission , east coast gas supply is expected to see a shortfall of as much as 30 PJ by 2024 in the southern states . The ACCC report lists six projects approved for development and due to come online prior to the projected shortfall in supply . Of the six projects , the Gippsland Basin JV West Barracouta project operated by ExxonMobil is the largest and the only project located in the south . It is due to start production this year and is already included in EnergyQuest's forecast of a shortfall . The other five projects are located in the Bowen and Surat basins and only supply relatively small volumes of gas . A compelling east coast gas play Comet Ridge Limited | ABN 47 106 092 577 | ASX : COI Level 3 , 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email : comet@cometridge.com.au cometridge.com.au