COMET RIDGE LIMITED — Capital/Financing Update 2008

Nov 13, 2008

ASX Announcement ABN 47 106 092 577 ASX Listed: 19 April 2004 Shares on Issue: 105 million Unlisted Options: 9,775 million Top 20: 44% Directors: 12%

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OPERATIONS AND ACTIVITY UPDATE 14 NOVEMBER 2008

The board of directors of Comet Ridge (ASX Code: COI) is pleased to provide the following operations update:

US Operations:

Florence Oil Field Production Testing

As previously reported, four wells have been drilled in the Florence Oil Field. Three of the wells (Golden, Apache and Rainbow) were completed and have been on production test since early October. Although Comet Ridge Resources (through Pine Ridge Oil & Gas LLC as Operator) is still making adjustments to determine optimum production rates, the current combined production from the three wells is approximately 127 barrels of oil per day. Comet Ridge Resources owns a 97.25% working interest in these wells. (Comet Ridge Limited (COI) retains a 27.18% equity interest in Comet Ridge Resources). The fourth well in the program, Bull 42-4, was temporarily abandoned short of its main objective.

Grays Harbor Basin Seismic Acquisition:

Comet Ridge Resources (via St. Helens Energy) has completed a 3D seismic survey over a portion of the Grays Harbor prospect acreage. A 2D seismic survey has also been commenced and is nearing completion. It is anticipated that processing of the data from the two surveys will be completed early in 2009.

Australian Operations:

Gunnedah Basin Coal Seam Gas Acreage:

Through a farm-out arrangement with Orion Petroleum, the Company will participate in the drilling of 2 coal seam gas core holes expected to be drilled around the end of this year. The drilling of these core holes will leave Comet Ridge Ltd with an ongoing interest in of 20% in PEL 428 and 24% in PEL 427. With the strength of demand for gas in NSW, we eagerly await the results of this drilling.

Galilee Basin Permits:

The granting of the 14,000 sq km Galilee Basin permits (ATP 743 and ATP 744) is subject to completion of Native Title processes. Agreements in principle have been reached with all claimant groups.

Comet Ridge Limited C/- Endeavour Corporate Suite 8, 7 The Esplanade Mt Pleasant, Western Australia 6153 T: +618 9316 9100 F: +618 9315 5475 www.cometridge.com.au

ASX Code: COI

The signing ceremony with the claimant group with whom we are dealing on ATP 743 is schedule for 22 November. A second signing ceremony with one of the 2 groups with whom we ’ re dealing on ATP 744 is scheduled for late November in Townsville. Signing of the final agreement will be scheduled shortly. Gaining secure title is clearly an important step for the company. We anticipate that the processes will be concluded during this quarter. This will then enable the QLD government to formally issue the titles.

Gillian Swaby Company Secretary