COMET RIDGE LIMITED — AGM Information 2023

Nov 21, 2023

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Tor McCaul, Managing Director 2023 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.

Mandatory Gas Code of Conduct

• $12/GJ price cap extended to June 2025

• Reasonable price provisions removed

• Complicated arbitration provisions removed

• Small producers exempt from price cap

• Less than 100 PJ/a of production

• 100% Domgas supply

• Exemptions encouraged for small producers who wish to supply some gas to export markets

• Final version issued 10 July 2023

Pressure building on east coast gas market

• Investment slowed significantly during uncertainty created by market intervention

• Decline in southern production and pipeline constraints

• Numerous long-term contracts expiring and need to be replaced

• Additional gas demand being driven by Safeguard Mechanism to meet emissions targets

• Price cap has become a “price anchor” for new contracts and a “price floor”

Mahalo Gas Hub: Large gas development close to QGP & Santos GLNG pipelines

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Mahalo Gas Hub: recent progress

Jun 2022

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Nov 2023

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Mahalo Gas Hub: path to production

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Mahalo Gas Hub Close to infrastructure Mahalo JV operator Mahalo JV Project GSA executed Reserve and Resource additions Project funding

Certified Gas Reserves and Contingent Resources

• Comet Ridge has certified a large 2P Reserve and 2C Resource base at Mahalo Gas Hub

• Comet Ridge’s net position is 406 PJ of 2P + 2C, comprising:

2P Reserves 2C Contingent Resources 2P + 2C

• 2P Reserves at Mahalo JV of 152 PJ (in existing PL areas)

• 2P Reserves at Mahalo North of 43 PJ (in new PL application area)

• 2C Resources at Mahalo East of 31 PJ (on trend with Mahalo JV and Mahalo North 2P Reserves)

• 2C Resources at Mahalo JV of 180 PJ (in the PCA areas to south of Mahalo JV PLs)

• Refer to the Competent Person Statement in the Appendix.

Mahalo Gas Hub: Certified Reserve and Resource areas

	Current 2P + 2C of 406 PJ
	Mahalo Gas Hub permits Area COI interest Net Reserves Net Contingent Resources
	km2 % 2P 3P 2C 3C Mahalo JV project (PL 1082/1083) (PCA 302,303,304) 989 57.14% 152 262 180 294 Mahalo North (PLA 1128, ATP 2048) 450 100% 43 110 Mahalo East (ATP 2061) 97 100% 31 122 Mahalo Far East (ATP 2063) 338 100% being evaluated TOTALS 1,874 195 372 211 416

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• Refer to the Competent Person Statement in the Appendix.

Mahalo Gas Hub: key qualities

Mahalo area progressing to be a major east coast hub – proven gas rates close to infrastructure in the east coast market

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

• Proven production:

Mahalo North 1 (dual lateral) 1.75 MMcfd Highest flow from a pilot well in the Mahalo Gas Hub area Mira 6 (mid-length lateral) 1.40 MMcfd Demonstrated longer lateral potential in fairway Mahalo 7 (very short lateral) 0.43 MMcfd Proved lateral well concept

• Southern Bowen Basin produces less water than other Qld basins

• Gas is sales specification with very minor CO2

• Very close to infrastructure:

• 14 km to Denison processing and pipeline infrastructure

• Approximately 80 km to Jemena’s (QGP) transmission line to Gladstone

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Mahalo JV Gas Project: Comet Ridge and Santos

• Material equity positions for each participant

• Comet Ridge 57.14%

• Santos exercised option to increase from 30% to 42.86%

• Santos continues as Operator of Mahalo JV into development

• Large scale gas development project

Extensively appraised gas 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

• Santos modular and low-cost approach already implemented at nearby Arcadia South and North

Progressing infrastructure solutions

• Recent Jemena pre-FEED* study

• Provide one common connection to southern domestic and LNG markets

• Comet Ridge opportunity for two gas projects

• 57.14% owner and non-operator of Mahalo JV

• 100% owner and operator of Gas Reserves from northern blocks

• FEED: Front End Engineering Design

Mahalo North: Government approvals underway

• A new Petroleum Lease Application (PLA) has been submitted to the Queensland Department of Resources (DOR)

• PLA 1128 was assigned by DOR in October 2023

• The successful Mahalo North pilot test lies in the south of the PLA, which adjoins the Mahalo Joint Venture PL 1083 (containing the Mahalo pilot scheme) and PL 1084 (containing the Mira pilot scheme) areas

• Concurrent environmental applications have been submitted:

• State approval (Department of Environment and Science)

• Federal approval (Department of Climate Change, Energy, the Environment and Water)

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• These applications were supported by extensive field environmental studies and assessments of air, noise, CSG water, ecology (terrestrial and aquatic), strategic cropping and groundwater

Pipeline connection: critical path step

• Jemena have completed a pre-FEED* study to build, own and operate ~80km pipeline connection from Mahalo North to Jemena’s Queensland Gas Pipeline (QGP)

• One large gas hub requires only one big pipeline – Comet Ridge, Jemena and Santos working collaboratively for shared pipeline for Mahalo JV and 100% owned blocks

• Comet Ridge targeting first gas sales into QGP in late 2025

• Comet Ridge running Denison connection option (14 km west) in parallel to provide for a potential earlier route to market

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• FEED: Front End Engineering Design

Comet Ridge: key messages

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The role of natural gas in East coast energy market Australia is strained

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Comet Ridge Mahalo Gas Hub, east of Gladstone

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Status of production & pipeline licences

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• BOO: Build, own and operate

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 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 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.

The estimate of Contingent Resources for the Mahalo East 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 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 estimates for Comet Ridge’s 100% interest in the Mahalo East Project were released to the Market in the Company’s ASX announcement of 19 December 2022 and were estimated using the deterministic method.

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, the Mahalo East 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.