COMET RIDGE LIMITED — AGM Information 2012

Nov 14, 2012

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15 November 2012

CHAIRMANS ANNUAL GENERAL MEETING ADDRESS

Good Morning Shareholders and Guests

Your company has experienced a significant year and it is pleasing to report that we are heading into 2013 in a very sound financial position and on target with our projects.

Since I wrote to you in the annual report, we have been active in the Galilee Basin, commencing a threewell drilling campaign with the spudding of Gunn 2, at ATP 744P on 10 October.

This well was an important milestone for Comet Ridge, not only because it is our first production test well but also because all four coal intervals tested have demonstrated good to excellent productivity.

Gunn 2 was followed by a second well spudded at the Schmitt 1 location, ATP 1015P on 25 October. This well also produced very pleasing results and importantly extended the Gunn Project area significantly eastward.

Drilling of the final well in the current programme commenced on the 11 November with the spudding of the well, Cernan 1 that day. Cernan 1is the second and final well of Phase 1 of the farm-in to the Lake Galilee Farm-in Area announced in July 2012.

I believe the Gunn Project Area has enormous potential and results so far are very promising.

The Galilee drilling programme followed the drilling of the first four wells of a 12 well drilling programme at Mahalo, which started in July – and as announced at the time, the programme produced very positive results.

Drilling campaigns in both areas are expected to gain momentum next year and so far all results have confirmed our confidence that we are moving towards the conversion of our substantial resources to reserves.

Exploration activity at our Gunnedah Basin assets in northern NSW finally looks promising for the New Year now that the State Government has released its Strategic Regional Land Use Policy. This Policy includes 27 new measures designed to provide greater protection for farmers and to better balance competing land uses and also requires the mining and coal seam gas industries to meet even higher standards across the State.

The NSW Government’s acknowledgement of the importance of the development of the State’s gas resources and the Minister for Planning, Brad Hazzard recognition that ‘mining operations require investment certainty’, have given Comet Ridge increased confidence to start implementing plans to

Comet Ridge Limited T: +61 7 3221 3661 E: info@cometridge.com.au 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN 47 106 092 577 F: +61 7 3221 3668 W: www.cometridge.com.au GPO Box 798, Brisbane, Qld, 4001 Australia

ASX CODE: COI

Comet Ridge Limited

pursue the new and exciting exploration leads it has identified in PEL 427, PEL 428 and the recently acquired PEL 6.

We firmly believe that communication between all stakeholders is the key to success in NSW just as it has been in the Galilee Basin.

Relationships are built on trust, and Galilee is a great example of how the agricultural and gas communities have come together to understand each other’s businesses. The successful field day held by Comet Ridge just last week was a positive demonstration of local families gathering with our team to exchange views in an informal but positive way.

We have no doubts about the long term economic benefits to the wider community resulting from our activities in the areas in which we operate.

Comet Ridge is uniquely positioned to take advantage of the growing demand for domestic gas in eastern Australia, for the Gladstone based LNG projects or for the planned coal mines in the Galilee Basin. Many of our areas are still relatively unexplored, including Gunnedah, so the potential for future growth is considerable. And we are positioned for growth.

I mentioned earlier that your company is in a very sound financial position.

Our equity raising this year enjoyed a high participation rate from our retail base and it has also been very satisfying to see new institutional investors added to our register.

We raised $9.4 million in August, our first equity raising since 2009. This comes at a time of difficult capital market conditions so it makes the results even more pleasing.

As at 30 September our cash balance was $13.5 million and the carry of Comet Ridge expenditure at Mahalo means we are well placed to fund an aggressive forward program.

I’m very positive about the year ahead. There is no doubt that economic conditions generally are tough – and are likely to remain so for some time - and that places an enormous load on business and communities alike to deliver the best outcomes for all concerned.

Comet Ridge – the Board, management and staff will continue to work hard to deliver value and results to you, our loyal shareholders. My thanks to everyone for their ongoing support.

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James McKay

Chairman of Directors

For further information please contact:

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

Media: Diane Monopoli Associate Three Plus dianne@threeplus.com.au +61 7 3503 5700

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