COMET RIDGE LIMITED — Capital/Financing Update 2007

Mar 8, 2007

ABN 59 078 012 745

Perth, Western Australia 6000

Phone: 61 8 6464 0400 Facsimile: 61 8 6464 0401 Email: strike@strikeoil.com.au www.strikeoit.com.au

9 March 2007

Australian Stock Exchange Ltd Via Electronic Lodgement

WEEKLY OPERATIONS UPDATE

Strike Oil is pleased to announce the following update on drilling activities in the USA.

Gulf Coast, Texas

McGall 1 well: Flint Prospect, Fort Bend County

(Strike Oil, 25% Working Interest. Operator, Cypress E&P Corporation)

The well was drilling ahead at 12,015 feet measured depth (3662 metres) in 8 $\frac{1}{2}$ inch hole on 9 March 2007(8 March, Texas Time). This section of the hole is being drilled as a slightly deviated well as planned, in order to reach the target zones at optimal locations.

Proposed total depth is 16,500 feet (5,030 metres).

The well is targeting a large gas prospect in the order of 200 billion cubic feet of gas potential in the Wilcox Formation.

Rocky Mountains, Colorado

Peltier 11-12 well: Bear River Prospect, Routt County (Strike Oil, 33.75% Working Interest. Operator, Comet Ridge Limited)

Production testing with the electrical submersible pump is continuing. The bottom hole pressure is being incrementally lowered in an attempt to initiate inflow into the well bore. The results of these changes are still being evaluated.

For more information on the Bear River operation refer to the ASX release made by Cornet Ridge (ASX Code: COI) on 6 March 2007(copy attached).

From now on, Strike Oil will change its weekly Operations reports to Wednesday, unless otherwise warranted, while drilling operations are in progress.

Yours faithfully

SIMON ASHTON Managing Director - Strike Oil Limited

Further information:

Strike Oil Limited

Simon Ashton - Managing Director T: 08 6464 0400

E: strike@strikeoil.com.au

COMET RIDGE LIMITED ASX ANNOUNCEMENT 6 MARCH 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 is still on production test
• Load oil and drilling fluid recovered
• Low inflow into the well bore

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.

As of report time (3pm, 5 March Denver time - 7am, 6 March Perth time) the well was still on production test. Almost all of the load oil (oil pumped into the well bore to circulate out the drilling fluid) and the drilling fluid, left in the hole during the drilling and completion activities, have been recovered.

To this point the well has been operated in a manner that causes the pump to shut down when the down hole pressure falls to 400 psi. Minimal inflow into the well bore has occurred at this pressure level. Production testing will be continued at incrementally lower bottom hole pressures in attempt to initiate inflow into the well bore over the coming week.

Comet Ridge and partner Strike Oil Limited (ASX Code: STX) jointly funded the drilling of the Peltier well. All earning requirements on the Bear River prospect have been completed and both companies now own a 33.75% working interest

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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