COMET RIDGE LIMITED — AGM Information 2009

Nov 10, 2009

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Comet Ridge Limited Managing Director’s Presentation Annual General Meeting 11 November 2009 Stamford Plaza Hotel, Brisbane

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Share Price Summary

COI Share Price Performance vs ASX S&P All Ords Index 14 November 2008 to 5 November 2009

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8.00
7.00
6.00 Merger
Announced
5.00
4.00
Market Capitalisation = $119.9 million
3.00 Shares on Issue = 307.4 million
Cash at 30 October = $23 million
2.00
1.00
0.00
14/11/08 11/12/08 7/01/09 3/02/09 2/03/09 29/03/09 25/04/09 22/05/09 18/06/09 15/07/09 11/08/09 7/09/09 4/10/09 31/10/09
COI ASX
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Comet Ridge has significantly out-performed the market since the merger…

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Achievements

• Coal Seam Gas growth strategy executed including merger with Chartwell Energy Limited, cash injection and revitalised Board

• CSG portfolio expanded via Chartwell’s three New Zealand blocks

• Queensland base and team established

• $21.3 million capital raising completed to fully fund aggressive exploration program

Solid corporate platform established to drive growth

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Achievements (cont.)

• Both large Galilee blocks awarded and drilling commencing on eight core wells

Mahalo and Gunnedah projects advanced via three further wells

Greymouth (New Zealand) farm-in progressed with well drilling currently underway

No health and safety or environmental issues during the year

… and support our key project exploration strategy

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Galilee Basin

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• Two blocks (ATP’s 743P & 744P) in the Galilee Basin in central QLD

• Comet has 100% equity in both

• Large position – 13,000 km[2] (0.7% of QLD)

• Focused on eastern flank of basin, where coals sub-crop and dip down to approximately 1,300 metres

• Native title and Environmental processes completed

• ATP 743P and ATP 744P awarded Sept and Oct 2009, respectively

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• Drilling commencing by mid-November at Skiff-1 followed by Catalina-1

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Galilee Basin (cont.)

Approximately 500 kilometres to regional LNG hub at Gladstone

Blocks in close proximity to electricity transmission infrastructure to access the National Electricity Market

Significant coal mining developments will improve regional infrastructure

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Galilee Basin (cont.)

Drilling Program Objectives:

• Confirm coal thickness, depth and continuity

• Quantify gas content at various depths

• Quantify coal permeability at various depths

• Obtain water samples from Betts Creek coals

• Better understand Basin depositional architecture

• This data is key for planning pilot scheme(s) – potentially mid-2010

First seven well locations on map – eighth location to be based on drilling results

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Mahalo

• Located central eastern QLD, near Rolleston

Covers 1,100 km[2]

• Comet Ridge holds 40% with Santos (operator) and Origin 30% each

• Close to pipeline infrastructure (to Gladstone)

• Coals proven to be gas bearing

• Comet Ridge considers permit to have good CSG prospectivity

• Scrubber Gully 1 well drilled in July with 4.5 metres of coal

Plan for future core holes leading to pilot scheme

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Mahalo –
Bowen Basin
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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Greymouth (NZ)

• PMP50100 – Greymouth block:

• Located on the South Island near the city of Greymouth

• Covers 170 km²

• First CSG mining permit in NZ

• Farming-in via a two stage exploration and appraisal program to secure 50% interest

• Stage 1 completed – earned 20% interest

• Stage 2 underway which includes

  • 1 core hole and 2 pilot wells

• Macdonald 5C well drilling started 30 October 2009 and planned to

  • 1,170 metres

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Greymouth (NZ) (cont.)

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• Plans to have two pilot wells drilled 1Q 2010

• Power generation may be the most commercially attractive use of gas in West Coast region given regional power needs and proximity to infrastructure

• Power generation could be staged to grow with gas production as coals are de-watered

• CSG generated power would reduce the need for less environmentally friendly forms of power generation

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Macdonald 5C

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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Gunnedah Basin

Located in Northern NSW

• PEL’s 427 & 428

• Comet holds 25% and 20% interest in PEL 427 and PEL 428 respectively. Eastern Star Gas now farmed-in as CSG operator

• Moree 4 well encountered 5 metres of net coal

• Kurrabooma 1 well encountered 4 metres of net coal

Many exploration, appraisal and development wells being drilled in the region, leading to increasing understanding of the CSG potential of the region

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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New Zealand Exploration Blocks

PEP 50279 – Buller Block

• Located NE of Greymouth block

• 4,779 km²

• Recently relinquished part of the block to concentrate on prospective areas

• Painkiller Creek-1C exploration well drilled in March 2009

• Aeromagnetic survey commencing

• PEP 50280 – North Waikato

• Located in the North Island SE of Auckland

• February 2009 Matata-1C exploration well drilled

• Aeromagnetic survey commencing

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

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United States of America

• Company maintains a 20% equity position in Denver based Comet Ridge Resources, LLC

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Grays Harbor
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• CRR managed by ex-Comet Ridge Limited MD

• Private equity firm Pine Brook Road Partners, LLC and management own and fund other 80%

• CRR focused on oil in the Rockies & gas in the Pacific NW

• Uses 3D seismic and underbalanced directional drilling technology

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Florence
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• Company shooting additional 3D seismic prospect areas

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over new
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• Recently drilled two wells at Florence trouble free and well under AFE - one producer, one dry hole

• CRR has established oil production in the Rockies and is now covering general, administrative, lease and operating expenses out of cash flow

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Contents

1.	Share Price Summary
2.	Achievements
3.	Galilee
4.	Mahalo
5.	Greymouth
6.	Gunnedah
7.	New Zealand Exploration Blocks
8.	United States
9.	Coming Year

22

Coming Year

• Eight well Galilee Basin core well program to better define the in-place gas resource and provide data ahead of pilot(s)

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• Greymouth core hole and pilot project and commencement of gas marketing effort

• Mahalo core well leading onto pilot scheme

• Further exploration in NSW and NZ including airborne magnetic and gravity surveys

• Continue to examine new business opportunities consistent with our CSG strategy

• Continue our solid health and safety and environmental performance

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Disclaimer

This document has been prepared by Comet Ridge Limited to provide existing and prospective investors in Comet Ridge Limited with an update on the Company and its operations.

This presentation, including the information contained in this disclaimer, does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither the presentation, disclaimer nor anything contained in the forms the basis of any contract or commitment. This presentation does not take into account your individual investment objective, financial situation or particular needs. You must not act on the basis of any matter contained in this presentation, but must make your own assessment of the Company.

No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation tot future matters contained in the presentation (“forward-looking statements”). Such forward-looking statement are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Comet Ridge Limited and its directors) which may cause the actual results or performance of Comet Ridge Limited to be materially different from any future results or performance expressed or implied by such forward-looking statements.

To the maximum extent permitted by law, none of Comet Ridge Limited, or related corporations, directors, employees, or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or tis contents or otherwise arising in connection with it.