COMET RIDGE LIMITED — AGM Information 2021

Nov 15, 2021

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2021 Annual General Meeting Managing Director’s Presentation

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16 November 2021

Important notice and disclaimer

Disclaimer

This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge). The Presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections, Comet Ridge has provided these projections based upon the information that has been provided to Comet Ridge. None of Comet Ridge or its directors, officers or employees make any representations (express or implied) as to the accuracy or otherwise of any information or opinions in the Presentation and (to the maximum extent permitted by law) no liability or responsibility is accepted by such persons.

Summary information

This Presentation contains summary information about Comet Ridge and its subsidiaries and their activities current as at the date of this Presentation. The information in this Presentation is of general background and does not purport to be complete. It should be read in conjunction with Comet Ridge’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.

ASX Releases

Investors are advised that by their nature as visual aids, presentations provide information in a summary form. The key information on detailed Resource statements can be found in Comet Ridge’s ASX releases. Resource statements are provided to comply with ASX guidelines but investors are urged to read supporting information in full on the website.

Future performance

This Presentation contains certain “forward-looking statements”. Forward looking words such as, “expect”, “should”, “could ”, “may”, “plan”, “will”, “forecast”, “estimate”, “target” and other similar expressions are intended to identify forward-looking statements within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forwardlooking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Such forward-looking statements, opinions and estimates are not guarantees of future performance.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains such statements that are subject to known and unknown risks and uncertainties and other factors, many of which are beyond the control of Comet Ridge, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Such forward-looking statements are relevant at the date of this Presentation and Comet Ridge assumes no obligation to update such information.

Investment risk

Past performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

An investment in Comet Ridge shares is subject to investment and other known and unknown risks, some of which are beyond the control of Comet Ridge. Comet Ridge does not guarantee any particular rate of return or the performance of Comet Ridge. Persons should have regard to the risks outlined in this Presentation.

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Agenda

1. Development of Mahalo Gas Hub

2. Securing Galilee Basin permits

3. Gas Markets

4. Key Highlights

Appendices:

• A. Corporate overview

• B. Director profiles

• C. Certified Reserves and Resources

• D. Competent Person Statement

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Mahalo Gas Project

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Significantly appraised
project
Strong project
•
20+ CSG appraisal wells
fundamentals
•
Mira pilot flowed 1.4MMcfd from
established 924m in coal
•
Longer development wells to be
drilled (target > 2 MMcfd)
Certified gross 2P Gas Fully licenced project
Reserves of 266 PJ close to infrastructure
• •
Equal to 60 TJ/d production for 12 Petroleum Leases and
years environmental approvals
• •
Material upside from Mahalo North ~65km to both Jemena and GLNG
and East blocks pipelines to Gladstone
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Funded acquisition of APLNG’s 30% interest in Mahalo Gas Project

Transformational acquisition built on compelling metrics and Mahalo JV alignment

Comet Ridge has executed a binding agreement to acquire APLNG’s 30% interest in the Mahalo Gas Project*

On completion, Comet Ridge will hold a 70% interest in the Mahalo Gas Project

Upfront consideration of $12m funded via Santos loan and deferred consideration of $8m, payable in tranches

• Compelling reserve metrics: - $0.25/GJ (2P Reserves) - $0.15/GJ (3P Reserves)

Santos to become development operator with Comet Ridge to undertake appraisal work (as agent) for project scale

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• Refer ASX announcement 3 August 2021

Mahalo North appraisal program

Appraisal of 100% owned Mahalo North block (ATP 2048) underway	Initial drilling results are very encouraging	Dual lateral designed to show production potential of development-length wells in shallow, high productivity coals
Targeting to certify a material volume of additional 2P and 3P reserves	Expected strong well performance provides multiple commercialisation options (stand alone and integrated Mahalo Gas Hub development)

Mahalo North work program – results to date

• Mahalo North 1 Drilled to 314m, intercepted a net coal package of 9.03m Vertical well • Short downhole flow test measured permeability of 250 millidarcies (md) in the combined Castor Pollux coal reservoirs • Coal recovered from coring operations was vigorously bubbling gas prior to being placed in canisters for lab analysis Mahalo North 2 • Over 2100m of total lateral section drilled Dual lateral well with almost 1900m in-seam for production across two lateral sections • Significant fluid losses while drilling indicating connection to an extensive natural fracture network (evident from the Mahalo North 1 scanning log image)

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Scanning log image from Mahalo North 1 vertical corehole showing large and wide-aperture natural fractures through the coal reservoir section. These fractures are the conduit for delivering water and gas into the lateral wellbores for lifting to surface.

Mahalo Gas Hub – driving to development

• Acquisition of APLNG’s Mahalo interest* provides platform to unlock the large Mahalo Gas Hub

• Appraisal of 100% owned Mahalo North and East blocks expected to provide additional reserves from high productivity fairway

• Mahalo North field work program underway

• Mahalo North 1 vertical well drilled – excellent permeability of 250 md

• Mahalo North 2 dual lateral well - very high fluid losses confirms connection to a good natural fracture network

• Gas content and permeability demonstrate key inputs for successful well test

• Production testing expected to commence in December 2021

• Refer ASX announcement 3 August 2021

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Agenda

1. Development of Mahalo Gas Hub

1. Securing Galilee Basin permits

2. Gas Markets

4. Key Highlights

Appendices:

• A. Corporate overview

• B. Director profiles C. Certified Reserves and Resources D. Competent Person Statement

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Secure Galilee Basin permit tenure

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Galilee Basin is one of three Comet Ridge has a large 2C
basins central to Federal Govt and 3C gas resource position
gas-led economic recovery in the shallow coals and
plan sandstone deeps
The projects have Key prospective PCA applications
long-term value development areas lodged with
upside and are (shallows and Queensland
being secured by deeps) shown on Government for up
PCA applications the map to 15 years
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• PCA is a Potential Commercial Area

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Agenda

1. Development of Mahalo Gas Hub

2. Securing Galilee Basin permits

3. Gas Markets

4. Key Highlights

Appendices:

• A. Corporate overview

• B. Director profiles C. Certified Reserves and Resources

• D. Competent Person Statement

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Global gas prices are rising and becoming more volatile

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Source: EnergyQuest analysis, Platts, CME Group

Domestically, gas is a ‘go-to’ energy source

• East coast demand has held up well, even with lower gas-fired power generation

• East coast gas prices are firming, but with more volatility – gas is a ‘go to’ energy source when demand is up and/or when renewables are not delivering

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Source: EnergyQuest analysis

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Agenda

1. Development of Mahalo Gas Hub

2. Securing Galilee Basin permits

3. Gas Markets

4. Key Highlights

Appendices:

• A. Corporate overview

• B. Director profiles

• C. Certified Reserves and Resources D. Competent Person Statement

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1

2

3

4

5

Key highlights

Comet Ridge deal with APLNG unlocks Mahalo Gas Project Significant increase in Comet Ridge 2P and 3P Gas Reserves on completion, on favourable metrics

JV partner Santos providing a loan package to fund the upfront consideration Initial Mahalo North well results very positive and consistent with Mahalo Gas Project

Multiple options emerging for project commercialisation to take advantage of strong gas markets

Appendices

Corporate overview

Share price Market capitalisation A$0.13 $112m

15 Nov 2021 Shares on issue Performance rights 860m 5.0m[*] Warrant Shares Cash and available facilities 39.4m $15.5m Exercise price of $0.165 30 Sept 2021

• Excluding additional performance rights proposed to be issued to the Managing Director (subject to shareholder approval)

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COI Share Price and Volume - last 12 months
$0.16 16m
$0.14 14m
$0.12 12m
$0.10 10m
$0.08 8m
$0.06 6m
$0.04 4m
$0.02 2m
$0.00 0m
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
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Directors

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Gillian Swaby Non-Exec Director

James McKay Tor McCaul Non-exec Chairman Managing Director

• 35+ years in Finance & Resources

• 30+ years in business • Petroleum engineer (commerce/law 30+ years oil & gas background) •

• •

• Previously Head of Former Chair of WA

• • Considerable public Commercial for Cairn Council of Chartered company experience plc in India & LNG Sec. including Sunshine Contract Manager for Gas VICO (Bontang)

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Chris Pieters Executive Director

• Geologist with 15+ years in oil & gas

• Previously Chief Commercial Officer, Sunshine Gas

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Martin Riley Non-Exec Director

Shaun Scott Non-Exec Director

• 35+ years upstream oil & gas

  • Former CEO of Arrow Energy which sold to Shell for $3.5 billion

• Influential in

• commercial inception Considerable CSG and development of experience CSG industry in QLD with Origin Energy

Certified Gas Reserves and Contingent Resources

Comet Ridge Limited (PJ's)		Gas Reserves		Contingent	Gas	Resources
Mahalo Gas Project, Bowen Basin (QLD)1	1P	2P	3P	1C	2C	3C
COI current 40% interest	0	106	183	53	89	154
Post Acquisition (COI 70%)	0	186	321	134	221	360
Post Acquisition, after Santos option (COI 57%)	0	152	262	109	181	294
Galilee Basin (QLD)	1P	2P	3P	1C	2C	3C
CSG, Gunn Project Area (COI 100%)2	0	0	0	0	67	1,870
Conventional, Albany Structure (COI 70%)2	0	0	0	39	107	292
Gunnedah Basin (NSW)	1P	2P	3P	1C	2C	3C
PEL 6 (COI 29.55%), PEL 427 (COI 59.09%)	0	0	0	0	0	489
COI TOTAL - CURRENT INTERESTS ONLY	0	106	183	92	263	2,805

Notes:

1 PL 1082, PL 1083, PCA 302, PCA 303, PCA 304

2 ATP 744

Note that Gas Reserves / Contingent Resources are yet to be certified for Mahalo North, Mahalo East or Mahalo Far East (COI 100%)

Refer to the Competent Person Statement on the following page.

Competent Person Statement

Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities

The estimate of Reserves and Contingent Resources for the Mahalo Gas Project provided in this Presentation, is based on, and fairly represents, information and supporting documentation determined by Mr Timothy L. Hower of Sproule International (Sproule), in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of Sproule, and is a qualified person as defined under the ASX Listing Rule 5.42. Mr Hower is a Licensed Professional Engineer in the States of Colorado and Wyoming as well as being a member of The Society of Petroleum Engineers. Mr Hower has consented to the publication of the Reserve and Contingent Resource estimates for the Mahalo Gas Project in the form and context in which they appear in this Presentation.

The Reserve and Contingent Resource estimates for Comet Ridge’s current 40% interest in the Mahalo Gas Project, provided in this presentation, were released to the Market in the Company’s ASX announcement of 30 October 2019 and were estimated using the deterministic method with the estimate of Contingent Resources utilising the probabilistic method and not having been adjusted for commercial risk.

The Reserve and Contingent Resource estimates for the Mahalo Gas Project, pending completion of the APLNG acquisition, provided in this Presentation, have been prepared by Sproule International by taking into account Comet Ridge’s expected equity increase from 40% to 70% and including an expected 70% interest in the new PL 1083 West Shallows and Lowesby Cutout Shallows areas. The Reserves were estimated using the deterministic method with the estimate of Contingent Resources utilising the probabilistic method, and not having been adjusted for commercial risk.

The Contingent Resource for the Albany Structure located in ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Australasia) Pty Ltd, an independent petroleum reserve and resource evaluation company. The Contingent Resources information has been issued with the prior written consent of Dr McConachie in the form and context in which they appear in this Presentation. His qualifications and experience meet the requirements to act as a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42 to report petroleum reserves in accordance with the Society of Petroleum Engineers (“SPE”) 2007 Petroleum Resource Management System (“PRMS”) Guidelines as well as the 2011 Guidelines for Application.

The contingent resource estimates for the unconventional gas for the Gunn CSG Project located in ATP 744 provided in this Presentation are based on and fairly represent, information and supporting documentation determined by Mr John Hattner of Netherland, Sewell and Associates Inc, Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner is a full-time employee of NSAI and is considered to be a qualified person as defined under the ASX Listing Rule 5.42 and has given his consent to the use of the resource figures in the form and context in which they appear in this presentation.

The contingent gas resource estimates for the Gunn CSG Project the located in ATP 744 provided in this statement were originally released to the Market in the Company’s announcement of 25 November 2010 and were estimated using the deterministic method with the estimate of contingent resources for ATP 744 not having been adjusted for commercial risk.

The contingent resource estimates for PEL 6, PEL 427 referred to in this presentation were determined by Mr Timothy L. Hower of MHA Petroleum Consultants LLC in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of MHA, and is a qualified person as defined under the ASX Listing Rule 5.42. Mr Hower consented to the publication of the resource figures which appeared in the announcement of 7 March 2011 made by Eastern Star Gas Limited (ASX:ESG) and any reference and reliance on the resource figures for PEL 6 and PEL 427 in this Presentation is only a restatement of the information contained in the ESG announcement.

The contingent resource estimates for PEL 6 and PEL 427 were estimated using the deterministic method with the estimate of contingent resources for PEL 6, PEL 427 not having been adjusted for commercial risk.

Comet Ridge confirms that it is not aware of any new information or data that materially affects the information included in any of the announcements relating to the Mahalo Gas Project, ATP 744, PEL 6 or PEL 427 and that all of the material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

FOR MORE INFORMATION Telephone: +61 7 3221 3661 Email: info@cometridge.com.au

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