COMET RIDGE LIMITED — Capital/Financing Update 2007

Apr 23, 2007

COMET RIDGE LIMITED ASX ANNOUNCEMENT 24 APRIL 2007

The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement

OPERATIONS UPDATE - BEAR RIVER PROJECT, ROUTT COUNTY, COLORADO, USA

MAIN POINTS

• Peltier 11-12 producing around 15 BOPD
• Well will be on production test through the 25^th April prior to further pressure build-up testing

The directors of Comet Ridge Limited (ASX Code: COI) provide the following operational update for the Peltier 11-12 well drilled on the Bear River prospect in Routt County, Colorado, USA.

The well was placed on production test at 2pm on Friday 20 April after a number of weeks of being shut in. Since that time the well has produced approximately 42 barrels of new oil which approximates 15 BOPD, although the well has been produced intermittently.

The forward plan is to continue to monitor production through to noon on Wednesday 25^th of April when the well will again be shut in for further reservoir pressure testing.

The intent of the ongoing testing is to determine whether the well will always be a long lived, relatively low rate, oil well or if the productivity can be enhanced.

Yours sincerely

ANDREW LYDYARD Managing Director

AUSTRALIA Level 9, Wesfarmers House 40 The Esplanade, Perth WA 6000 Phone: 61 8 6464 0499 61 8 6464 0498 Fax:

USA 600 17th Street, Suite 600-S Denver, Colorado 80202 Phone: +1 (303) 226 1300 Fax: +1 (303) 226 1301

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

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