COMET RIDGE LIMITED — Capital/Financing Update 2008

Nov 30, 2008

ASX ANNOUNCEMENT

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1 December 2008

Shareholder Update as of 30 November 2008

The board of Comet Ridge Limited is pleased to provide shareholders with the following update on activities.

Organisation: Mr Jeff Schneider was appointed Executive Chairman with effect from 14 November 2008 and commenced in this role in Brisbane on 19 November. Mr Schneider is undertaking this role on a full-time basis.

Funding: Discussions are ongoing with a number of parties interested in participating in the Comet Ridge’s Coal Seam Gas acreage in Queensland via farm-in. Upstream oil and gas industry participants regard Comet Ridge’s acreage as prospective and the board anticipates being able to progress funding on this basis in the near term.

Project Status:

PEL 427 and PEL428; NSW - Gunnedah Basin; Comet Ridge 25-20%: Reserves upgrades and drilling results announced by Eastern Star Gas (Code:ESG) during November, as well as exploration and development results announced by Santos and Origin in the region, have increased prospectivity in Comet Ridge’s acreage in the basin.

The successful results announced by Eastern Star Gas at their Edgeroi#1 well in PEL238 some 25km south of PEL427 have increased the prospectivity of the southern portion of ATP427. In PEL427 and PEL428, two CSG core holes will be drilled in January 2009. One well is to be drilled in each of PEL427 and PEL428. These wells will be operated and paid for by Eastern Star Gas as part of their earning obligation when they farmed-in to these permits.

After the completion of these farm-in wells, Comet Ridge will have a 25% interest in PEL427 and 20% interest in PEL428.

ATP743 and ATP744; Queensland - Galilee Basin; Comet Ridge 100% : Agreements with the Yirendali People the Native Title Claimant group in ATP743 were signed on 22 November. This completes the Native Title process on this permit and formal granting of the permit to Comet Ridge by the Queensland Government is now awaited. Discussions with Native Title claimant groups in ATP744 are at an advanced stage and finalisation is anticipated in the near future.

ATP337P; Queensland – Bowen Basin; Comet Ridge 40%: No activity to report at the Mahalo Project area.

AUSTRALIA ASX CODE: COI c/- Endeavour Corporate ASX Listed: 19 April 04 Suite 8, 7 The Esplanade, Shares on Issue: 105 million Mt Pleasant, Unlisted Options: 10.25 million Western Australia 6153 Phone: +61 8 9316 9100 Top 20: 44% Fax: +61 8 9315 5475 Directors: 12%

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

ASX ANNOUNCEMENT

Australian Projects

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Assets provide exposure to expanding gas market

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----- Start of picture text ----- ATP’s 743 & 744PATP’s 743 & 744PGalilee BasinGalilee BasinMahaloMahaloBowen BasinBowen BasinPEL’s 427 & 428PEL’s 427 & 428Gunnedah BasinGunnedah Basin----- End of picture text -----

Comet Ridge Resources; USA; Comet Ridge 27%:

Florence Oil Field Redevelopment; Colorado: As advised on 14 November, production testing at the Florence oil field continues with three wells on production test. Initial total daily production of 127bbls/day has been reported. The production testing results will be updated at end December 2008.

Grays Harbour Basin; Washington State: The 3D and 2D seismic acquisition program has now been completed. The data will now be processed and well locations selected subject to interpretation of the data. If interpretation of seismic data supports it a well could be drilled in the acreage by mid-2009.

Yours sincerely,

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Jeff Schneider Executive Chairman

For further information on Comet Ridge Limited please contact

Jeff Schneider David Waterhouse Telephone: +61 419957084 +61 3 96399099 Email: jeffs@cometridge.com.au dwaterhouse@waterhouseir.com.au

AUSTRALIA

c/- Endeavour Corporate Suite 8, 7 The Esplanade, Mt Pleasant, Western Australia 6153 Phone: +61 8 9316 9100 Fax: +61 8 9315 5475

ASX CODE: COI

ASX Listed: 19 April 04 Shares on Issue: 105 million Unlisted Options: 10.25 million Top 20: 44% Directors: 12%

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