COMET RIDGE LIMITED — AGM Information 2022

Nov 24, 2022

==> picture [960 x 113] intentionally omitted <==

==> picture [184 x 120] intentionally omitted <==

2022 Annual General Meeting Presentation by: Tor McCaul, Managing Director

10 November 2022

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.

2022 Scorecard

Share price +54%

Nov 2022: $0.185 Nov 2021: $0.12 Operational hours +105%

FY2022: 39k hrs FY2021: 19k hrs 2P Reserves +84%

Nov 2022: 195PJ Nov 2021: 106PJ

Market capitalisation +67%

Nov 2022: $187m Nov 2021: $112m Safety & Environment Nil

Incidents

3P Reserves

+103%

Nov 2022: 372PJ Nov 2021: 183PJ

==> picture [428 x 540] intentionally omitted <==

----- Start of picture text -----

COI Share Price and Volume - last 12 months
$0.25 10.0m
$0.20
7.5m
$0.15
5.0m
$0.10
2.5m
$0.05
$0.00 0.0m
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
----- End of picture text -----

Delivering on strategy: building gas reserves for east coast market

==> picture [342 x 418] intentionally omitted <==

Mahalo Gas Project (MGP) Net 3P Reserves (July 2021)

MGP – purchase of APLNG interest (June 2022)

Mahalo North

(Nov 2022)

Mahalo East Material (Target 2023) growth in 3P Reserves

1

2

3

4

5

Comet Ridge: Focused on the Mahalo Gas Hub

Targeting a meaningful gas supply into the strained east coast gas market. Progressing 100% owned Mahalo North for early gas production scheme.

Mahalo Gas Project progressing to development with Santos as partner and Operator.

Repeat appraisal at 100% owned Mahalo East to further expand Gas Reserves and Resources.

Actively assessing options in strong gas market for project commercialisation.

Mahalo Gas Hub

Current 2P + 2C = 375 PJ

==> picture [471 x 391] intentionally omitted <==

----- Start of picture text -----

Mahalo Gas Hub COI Net Contingent
Size Net Reserves
permits interest Resources
km [2] % 2P 3P 2C 3C
Mahalo JV
- -
468 57.14% 152 262
(PL 1082/1083)
Mahalo JV ext
- -
521 57.14% 180 294
(PCA 302/303/304)
Mahalo North
- -
450 100% 43 110
(ATP 2048)
Mahalo East
97 100% Not yet booked
(ATP 2061)
Mahalo Far East
338 100% Not yet booked
(ATP2063)
TOTALS 1,874 195 372 180 294
----- End of picture text -----

==> picture [402 x 422] intentionally omitted <==

• Refer to the Competent Person Statement in the Appendix.

Mahalo Gas Hub: path to production

		Mahalo JV - certified	Certified new Reserves at
	Mahalo area can be a	gross 2P Gas Reserves	Mahalo North:
	low cost, high production, multi-year gas hub	of 266 PJ.Equal to 60 TJ/d production for 12 years	43 PJ 2P 110 PJ 3P
	Mahalo JV - licenced project close to infrastructure	Experienced, low cost and engaged Mahalo JV partner (Santos - Development Operator)	Multiple commercialisation options including early stage Mahalo North development

Building Gas Reserves at Mahalo Gas Hub

• Gas Reserves* have now been certified for:

• Mahalo Gas Project (COI 57.14%)

• Mahalo North (COI 100%)

• The Mahalo JV acquisition from APLNG + Initial Gas Reserves certification at Mahalo North has increased Comet Ridge’s net Reserves* position by:

• • 84% for 2P reserves
• • 103% for 3P Reserves

• Comet Ridge targeting additional Gas Reserves in 100% held Mahalo East block in 2023 from similar appraisal and production testing program as Mahalo North in 2022

==> picture [362 x 265] intentionally omitted <==

----- Start of picture text -----

Mahalo JV
- Acquired Net Reserves
(June 22) to COI
(Nov 22)
Mahalo North
- Certified
(Nov 22)
Net Reserves
to COI
(Nov 21)
----- End of picture text -----

==> picture [361 x 276] intentionally omitted <==

----- Start of picture text -----

Mahalo JV Net Reserves
- Acquired to COI
(June 22) (Nov 22)
Mahalo North
- Certified
(Nov 22)
Net Reserves
to COI
(Nov 21)
----- End of picture text -----

• Refer to the Competent Person Statement in the Appendix.

Focused on moving Mahalo Gas Hub into production

Mahalo area can be a major east coast hub – already demonstrated gas rates close to east coast market

• High productivity shallow reservoir = lower capex and lower cost gas

• Proven production:

• Mahalo North 1(dual lateral) flowed 1.75 MMcfd* , the highest from a pilot well in the Mahalo Gas Hub area

• Mira 6 (mid-length lateral) flowed 1.4 MMcfd

• Mahalo 7 (very short lateral) flowed 0.43 MMcfd

• Southern Bowen produces less water than other Qld basins

• Gas is sales specification with very minor CO2

• Very close to infrastructure:

• 14 km to nearest pipeline connection

• ~65 km to GLNG and Jemena pipelines to Gladstone – LNG and domestic

==> picture [367 x 393] intentionally omitted <==

• MMcfd is millions of standard cubic feet of natural gas per day.

Mahalo North 1 is now the best pilot well in the Mahalo Gas Hub area

• Mahalo North 1 (100% block)

• In-seam length of 1,884 metres in a confirmed extension of the high productivity fairway

• Gas production: 1.75 MMcfd

• The ultimate volume of gas being accessed by Mahalo North 1 is a significant factor for development economics

• Several development wells together (with enhanced dewatering) are likely to produce much higher gas flow rates than a single pilot well working alone

100% held Mahalo North moving from appraisal to development phase

Pilot well achieved - 1.75 MMcfd highest recorded gas flow in the Mahalo Gas Hub area.

Dual lateral well designed to show production potential from a single pilot. Several development wells (enhanced dewatering) expected to perform even better.

Single-well production test achieved ‘world class’ results and confirmed high productivity fairway extends into Mahalo North.

Moving into development phase with reserves booked, environmental work and petroleum lease applications.

==> picture [300 x 400] intentionally omitted <==

Mahalo North 1 gas flare

Mahalo Gas Project: Comet Ridge and Santos (Mahalo JV)

Simplified JV structure

• Material equity positions for each participant

• Comet Ridge 57.14% and Santos increased from 30% to 42.86%

• Santos continues as Operator of Mahalo JV into development

Extensively appraised project

• High productivity fairway confirmed in PL 1082 and PL 1083

• Gas reserves are certified from pilot well gas flow performance

• Environmental approvals and petroleum leases are secured

• Joint venture progressing pre-FID activities with Santos modular approach

Progressing infrastructure solution

• Provide one common connection to southern domestic and LNG pipelines/markets

• Comet Ridge opportunity for two gas projects

• 57.14% owner and nonoperator of Mahalo JV

• 100% owner and operator of gas reserves from northern blocks

Galilee Basin: 4740 km[2] for the next big gas play?

• Comet Ridge has a large position in the Galilee Basin at two levels:

• 100% interest in Shallows (CSG interests)

• 70% interest in Deeps (Sandstones) – in joint venture with Vintage Energy

• Long term tenure security achieved in 2022:

• 6 PCA[1] areas awarded for 15 years

• 2 ATPs[2] (743 and 744) renewed for 12 years

• 1 ATP (1015) application for 12 years pending

• Large acreage position and Contingent Gas Resources[3]

==> picture [549 x 100] intentionally omitted <==

1 Potential Commercial Area

2 Authority to Prospect

==> picture [346 x 439] intentionally omitted <==

3 Refer to the Competent Person Statement in the Appendix.

EnergyQuest: Gas price cap would remove 700PJ of future gas production

==> picture [623 x 272] intentionally omitted <==

EnergyQuest study findings:

“High gas prices helped to increase east coast supply over the past year, but…..

…. predicts “a tortured path ahead” as supplies still ran short…..

….. making Victoria and NSW reliant on LNG imports to fill the gap”.

Source: AFR article, 7 November 2022 (EnergyQuest data)

Note reliance on very large gas volume to be transported from outside the east coast states

“Price caps apply further pressure by increasing demand and reducing supply”.

Appendices

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 previous 40% interest in the Mahalo Gas Project 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, following completion of the acquisition of APLNG’s 30% interest and subsequent option exercise by Santos have been prepared by Sproule International by taking into account Comet Ridge’s final equity position of 57.14%. 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 estimate of Reserves for the Mahalo North 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 estimates for the Mahalo North Project in the form and context in which they appear in this Presentation.

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, (NSAI) Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner is a fulltime 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.

Contingent Resource estimates for the Gunn CSG Project located in ATP 744 provided in this Presentation 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.

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, Mahalo North Project or ATP 744 and that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

The Reserve estimates for Comet Ridge’s 100% interest in the Mahalo North Project were released to the Market in the Company’s ASX announcement of 2 November 2022 and were estimated using the deterministic method.

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

cometridge.com.au