Comet Ridge Limited announced it has been appointed preferred tenderer status for natural gas acreage PLR2019-1-2, in the Southern Bowen Basin, as part of the Queensland Government's most recent tender process. Comet Ridge will hold a 100% interest (and operatorship) in the 450 km2 PLR2019-1-2 block ("Mahalo North"), which is located directly north and contiguous to the Mahalo Gas Project; Mahalo North is approximately half the size of the 911km2 Mahalo block where the Company has an existing 40% non-operated interest; Comet Ridge will utilise its extensive local geological knowledge to rapidly advance the area to development in parallel with the Mahalo Gas Project; Mahalo North is subject to a domestic market obligation (DMO). As part of the bid process, Comet Ridge has signed Memoranda of Understanding ("MOU") with a number of high quality east coast counterparties, some of which included options around development funding arrangements, and will now look to formalise these arrangements. The Queensland Government is proactively working to resolve the east coast gas supply issue by awarding new block releases to junior and mid-tier gas companies, which will lead to greater diversity and efficiency of supply and bring growth to regional areas. The company is delighted that the Queensland Government has entrusted Comet Ridge to operate and deliver gas into the domestic market. The first part of the process is to convert this tender award area to a functioning exploration block (Authority to Prospect or "ATP") which is a relatively routine process and involves environmental and native title approvals. This process is expected to take several months. He noted that the coals were of sufficient quality in the southern part of the block and that the company would look to move quickly into development and potentially have gas online from this new block, and its 40% of the Mahalo Block, at about the same time.