COMET RIDGE LIMITED — AGM Information 2010

Nov 10, 2010

ASX ANNOUNCEMENT

11 November 2010

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CHAIRMAN’S ANNUAL GENERAL MEETING PRESENTATION – 11 NOVEMBER 2010

Ladies and Gentlemen,

It’s a pleasure to welcome you to the 2010 Annual General Meeting of Comet Ridge Limited.

Comet Ridge’s focus is on medium to long term coal seam gas exploration and appraisal. We aim to maximise shareholder leverage to exploration upside through exposure to projects in the early phase of the exploration cycle.

We have done this by taking material equity positions in key Coal Seam Gas basins and have material positions in the Bowen, Gunnedah and Galilee Basins, and in New Zealand.

Before our Managing Director, Tor McCaul, discusses our projects and plans for the upcoming year, I would like to highlight some of the achievements of the past year.

Highlights of the past year include:-

Galilee Basin – QLD ATPs 743P & 744P

• Five exploration core holes have been drilled

• Two core holes in south western section of ATP 744P were very encouraging with gas contents 4.0 –4.5 m3/t with coal thickness > 16m and good permeability

• Recent mapping has identified a Structural Nose in this area which is supported by historical seismic

• We expect to be in a position to release a Contingent Resource Booking within the next few weeks

Mahalo ATP 337P

• One exploration core hole drilled

• A major milestone of the Company’s first Certified Contingent Resources was achieved with 1C:83 PJ, 2C: 221 PJ and 3C: 442 PJ net to Comet Ridge being certified

Gunnedah PELs 427 & 428

• PEL 427 activities focused on extension of Permian Fairway in the south east of the permit

AUSTRALIA ASX CODE: COI Level 1 283 Elizabeth Street Brisbane Qld 4000 GPO Box 798 Brisbane Qld 4001 Phone: +61 7 3221 3661 Facsimile: +61 7 3221 3668

Comet Ridge Limited ABN 47 106 092 577 E-mail: comet@cometridge.com.au Website: www.cometridge.com.au

ASX ANNOUNCEMENT

• Comet Ridge increased its interest in PEL 428 to 40% through acquisition from Greenpower

New Zealand

• One core well and two pilots wells drilled in Greymouth block

• 27,000 line km airborne magnetic and radiometric survey acquired

• COI increased its interest in PMP 50100 to 100%

USA

• Oil production business growing steadily averaging over 1,000 bopd in September

Management Team

A key achievement of the past year has been the strengthening of our management team with the appointment of 3 key positions:-

• Don Langdon (Chief Financial Officer);

• Martin Lee (Chief Commercial Officer); and

• Dale Aaskow (Engineering and Operations Manager).

In conclusion, I believe the Company is very well positioned for growth in the coming year. The last financial year was tough for the sector with delays in Government approvals for the LNG projects, perceived environmental problems, tough financial markets and importantly the sector pausing after a number of incredible boom years fuelled by takeovers as companies positioned themselves for the future. The next year looks much brighter following Federal Government approval of two LNG projects, BG’s positive FID and the looming GLNG decision.

Our belief is that whilst there may be sufficient coal seam gas reserves for the planned first trains, the nature of LNG is that significant profits usually require subsequent trains utilising pre-invested infrastructure and that there will be either strong demand for third party gas or another round of consolidation of reserve holders. Comet Ridge’s plan and challenge is to build significant reserves, particularly in Queensland and NSW.

Can I take this opportunity to thank all my fellow Directors, for their support and guidance to the Company, Tor and his team for their efforts and significant achievements during the year and importantly our loyal shareholders who as shown by the low turnover in Comet Ridge shares continue to support our Company.

COMET RIDGE LIMITED - OVERVIEW

Comet Ridge Limited is a Brisbane based, ASX-listed (ASX Code: COI) coal seam gas (CSG) exploration and development company with a focus on Queensland, NSW and New Zealand. The Company also has exposure to prospective conventional oil and gas fields in the United States via a joint venture.

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ASX ANNOUNCEMENT

The Company has several projects in various stages of maturity. Comet Ridge Limited plans to grow shareholder value through the establishment and development of gas reserves from the significant resource potential of its projects.

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Stephen Rodgers Company Secretary Comet Ridge Limited

For further information please contact:

Tor McCaul Managing Director Comet Ridge Limited tor.mccaul@cometridge.com.au +61 7 3221 3661

Media: Rhyll Cronin Associate Three Plus rhyll@threeplus.com.au +61 7 3503 5700

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