COMET RIDGE LIMITED — AGM Information 2024

Nov 24, 2024

2024 Annual General Meeting Presentation by: Tor McCaul, Managing Director 25 November 2024

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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.

Bringing new energy to Australia’s east coast gas market

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Large 2P & 2C Demonstrated Mahalo JV is Additional 100% held
Reserve and productivity from development ready acreage at Mahalo
three successful
Resource position, with key upstream Gas Hub:
close to transmission commercial pilot •
development and North (PLAs 1128/1132)
wells, to minimise
infrastructure and key environmental • East (ATP 2061)
well count and
domestic and export maximise production approvals in place • Far East (ATP 2063)
customers and capital efficiency • Far East Ext. (ATP 2072)
provide a pipeline of
development options
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Comet Ridge is in a unique position, with near term, development-ready 2P Gas Reserves and additional 2C Gas Resources, close to major markets

Mahalo Gas Hub: Large gas development close to QGP (domestic) and GLNG (export) pipelines

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Mahalo Gas Hub: Material Certified Gas Reserves and Resources

	Net 2P + 2C of 406 PJ; 3P + 3C of 827 PJ
	Mahalo Gas Hub permits Area COI interest Net Reserves (PJ) Net Contingent Resources (PJ)
	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, PLA 1132) 360 100 43 149 - -
	Mahalo East (ATP 2061) 97 100 Pilot testing 31 122
	Mahalo Far East (ATP 2063) 338 100 - - being evaluated
	Mahalo Far East Ext. (ATP 2072) 66 100 - - being evaluated
	TOTALS 1,850 195 411 211 416

• Refer to the Competent Person Statement in the Appendix.

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Three successful lateral pilots have demonstrated Mahalo Gas Hub fairway productivity and commerciality

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Gas Rate Project Achieved

0.43 MMcfd Mahalo JV

1.44 MMcfd Mahalo JV

1.75 MMcfd Mahalo North (100% COI)

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 from three lateral pilots throughout the hub:

Mahalo North 1 (dual lateral, 1.75 MMcfd Highest flow from a pilot well 1,884m in coal) in the Mahalo Gas Hub area Mira 6 (mid-length lateral, 1.44 MMcfd Demonstrated longer lateral 924m in coal) potential in fairway Mahalo 7 (very short lateral, 0.43 MMcfd Proved lateral well concept 361m in coal)

• 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

• Another 6 km to GLNG pipeline to Gladstone

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Mahalo Gas Hub – status of key projects

Development can move forward over a very wide area, in phases, with further gas upside to the south and northeast

Mahalo Joint Venture Mahalo North

(COI 57.14%; STO 42.86% and Operator)

(COI 100% and Operator)

Mahalo East

(COI 100% and Operator)

• Planned development within PL 1082 and PL 1083

• 2P Reserves: 266 PJ (gross)

• Operator has completed Select development phase

• Assurance Phase Completed & Upstream FEED commencement has been approved by the Operator]

• Finalising pipeline FEED offer by Jemena for construction of a new 10-inch pipeline connecting Mahalo JV Project to QGP and GLNG pipelines

• Additional gas resource upside in three PCA areas to south of the PLs, still inside the JV area

• ATP 2048 containing two PL application areas (PLA 1128 and PLA 1132)

• 2P Reserves: 43 PJ (gross)

• Initial development planned in PLA 1128

• Queensland Environmental Approval received

• Federal EPBC approval in progress

• GSA with CleanCo to supply ~ 25 PJ

• CleanCo offers renewable energy from the sun and wind, firmed with low emission generation to deliver competitive clean energy products

• ATP 2061

• 2C Contingent Resources: 31 PJ

• Pilot drilling recently completed with $5m funding from Queensland Govt

• Mahalo East 1 vertical well:

• Intersected 7.2 metres of net coal across target coal seams

• Better than modelled permeability, particularly in lower seams

• Mahalo East 2 lateral well

• Intersected Mahalo East 1

• Drilled 1338 metres in coal

• Production testing to commence early in new year targeting reserve addition

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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and building

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Comet Ridge Mahalo Gas Hub, near Gladstone

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Status of approvals and development funding

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Corporate overview

Share price Market capitalisation $0.165 $183m

22 November 2024 Shares on issue Warrants 1,110m 62.1m*

Avg. exercise price 15.3c

Cash Debt * $11.4m $9.5m 30 September 2024 30 Sept 2024

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COI Share Price and Volume - last 12 months
$0.25 10.0m
$0.20 8.0m
$0.15 6.0m
$0.10 4.0m
$0.05 2.0m
$0.00 0.0m
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24
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• PURE Asset Management loan (with 62.1m warrants at average exercise price of 15.3 cps)

Appendices

Current Reserves and Resources Statement (ASX Listing Rule 5.44)

Comet Ridge Limited –	Comet Ridge Limited –	Comet Ridge Limited –	Net Recoverable Reserves and Resources	Net Recoverable Reserves and Resources	Net Recoverable Reserves and Resources	Net Recoverable Reserves and Resources	Net Recoverable Reserves and Resources	Net Recoverable Reserves and Resources
Basin	Project / Permit	COI Interest	Reserves (PJ)			Contingent Resources (PJ
			1P	2P	3P	1C	2C	3C
Southern Bowen Basin, QLD	Mahalo JV (ATP 1191)	57.14%	-	152	262	109	180	294
Southern Bowen Basin, QLD	Mahalo North (ATP 2048)	100%	12	43	149	-	-	-
Southern Bowen Basin, QLD	Mahalo East (ATP 2061)	100%	-	-	-	8	31	122
Galilee Basin, QLD	Gunn (ATP 744)	100%	-	-	-	-	67	1,870
Galilee Basin, QLD	Albany (ATP 744)	70%	-	-	-	39	107	292
Gunnedah Basin, NSW	PEL 427	59.09%	-	-	-	-	-	281
TOTAL			12	195	411	156	385	2,859

ASX Listing Rule 5.44 disclosure is set out on the following page

ASX Listing Rule 5.44 disclosure

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 57.41% interest (following completion of the acquisition of APLNG’s 30% interest and subsequent option exercise by Santos) in the Mahalo Gas Project having been prepared by Sproule International 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. Comet Ridge announced its revised allocation of the Reserves and Resources for its increased holding in the Mahalo Gas Project 26 September 2022.

The estimate of Reserves for the Mahalo North Project (ATP 2048) 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 announcements of 2 November 2022 and 20 December 2023 and were estimated using the deterministic method.

The estimate of Contingent Resources for the Mahalo East Project (ATP 2061)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 East 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 the Galilee Basin 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 at this time 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.