COMET RIDGE LIMITED — Board/Management Information 2009

Oct 5, 2009

ASX ANNOUNCEMENT

==> picture [94 x 59] intentionally omitted <==

6 October 2009

Energy sector identity joins Comet Ridge Board - new Chairman named

Comet Ridge Limited (ASX Code: COI) is pleased to announce the appointment of highly respected coal seam gas (CSG) industry identity Anthony (Tony) Gilby as a Non-executive Director of the Company, effective from Tuesday 6 October 2009.

Mr Gilby has more than 25 years’ experience in the upstream oil and gas industry and was a founding director and then Chief Executive Officer of listed CSG explorer Sunshine Gas Limited which was acquired by Queensland Gas Company in late 2008 for approximately $1 billion. Mr Gilby was also a founding Director of Chartwell Energy Limited with which Comet Ridge merged in April this year.

Comet Ridge Chairman Mr Jeffrey Schneider noted that Mr Gilby had extensive experience in the CSG sector and had overseen the successful exploration programme, reserve certification and development of Sunshine Gas’s Lacerta CSG field.

“Tony Gilby is an extremely knowledgeable and experienced Director who will be able to make a considerable contribution to Comet Ridge as it embarks on its Galilee CSG exploration programme,” Mr Schneider said.

New Chairman named

The Company also today announced Mr Schneider’s intention to relinquish his position as Chairman after the forthcoming Annual Meeting, scheduled for 11 November 2009 and the Board’s decision to elect Mr James McKay as his successor. The appointment of Mr McKay as Chairman and Mr Schneider’s continuing role as a Non-executive Director are both subject to their re-election as Directors by shareholders at the Annual Meeting.

Mr McKay said all members of the Comet Ridge Board were pleased Mr Schneider, who has extensive experience in the global oil and gas industry, would be remaining as a non-executive Director of the Company while freeing up time to pursue other business interests.

“Comet Ridge’s rejuvenated position with a strong balance sheet and an aggressive exploration programme has been due largely to the efforts of Jeff Schneider, who stepped down from an executive role in April after successfully guiding the Company through the merger process with Chartwell,” he said.

Mr McKay is the former chairman of Sunshine Gas and brings to the chair of Comet Ridge a strong commercial background and sound finance, business management and legal expertise as well as high level merger and acquisition experience.

AUSTRALIA 210 Alice Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Facsimile: +61 7 3221 3668

ASX CODE: COI Page 1

Comet Ridge Limited ABN 47 106 092 577 E-mail: comet@cometridge.com.au Website: www.cometridge.com.au

ASX ANNOUNCEMENT

COMET RIDGE LIMITED - OVERVIEW

Comet Ridge Limited is a Brisbane based, ASX-listed (ASX Code: COI) coal seam gas (CSG) exploration and development company with a focus on Queensland, NSW and New Zealand. The Company also has exposure to prospective conventional oil and gas fields in the United States via a joint venture.

The Company has several projects in various stages of maturity. Comet Ridge Limited plans to grow shareholder value through the establishment and development of gas reserves from the significant resource potential of its projects.

==> picture [154 x 48] intentionally omitted <==

Stephen Rodgers Company Secretary Comet Ridge Limited

For further information please contact:

	Investor Relations:	Media:
Tor McCaul	David Waterhouse	Richard Owen
Managing Director	Principal	Associate
Comet Ridge Limited	Waterhouse Investor Relations	Three Plus
tor.mccaul@cometridge.com.au	dwaterhouse@waterhouseir.com.au	richard@threeplus.com.au
+61 7 3221 3661	+61 3 9670 5008	0412 869 937

AUSTRALIA 210 Alice Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Facsimile: +61 7 3221 3668

ASX CODE: COI Page 2

Comet Ridge Limited ABN 47 106 092 577 E-mail: comet@cometridge.com.au Website: www.cometridge.com.au