COMET RIDGE LIMITED — Capital/Financing Update 2008

Apr 29, 2008

ASX Announcement ASX Code: STX

==> picture [262 x 53] intentionally omitted <==

The Company Announcement Officer Australian Stock Exchange Ltd via electronic lodgement

==> picture [262 x 28] intentionally omitted <==

----- Start of picture text ----- 30 April 2008----- End of picture text -----

Strike Oil Limited ABN 59 078 012 745

==> picture [106 x 114] intentionally omitted <==

U OPERATIONS UPDATE - USA U

Strike Oil is pleased to provide the following update on its activities in the USA.

TEXAS

• Duncan 3 has been prepared for completion and testing

• Gilbert Freeman 2 due to spud at weekend

• Testing Program continues

COLORADO

==> picture [96 x 14] intentionally omitted <==

----- Start of picture text ----- Our Strengths----- End of picture text -----

• Producer/Explorer with strong cash flow

• Track record of discoveries

• Geographically diverse portfolio

• Highly experienced team

• Florence drilling program to commence in early May

• Tow Creek/Bear River withdrawal of farm-in transaction

• Strong experienced partners

GULF COAST, TEXAS

• Innovative approach to E&P

Rayburn Project – Wharton County

(Strike Oil 22.8% Working Interest; Operator Cypress E&P Corporation)

Duncan 3

The Duncan 3 well has reached total depth of 12,300 ft (3,749 m), with production casing set to total depth in preparation for completion and testing. The drilling rig was released at 18:00 hrs 26 April 2008 (Texas time).

Gilbert Freeman 2

The sixth well in the current drilling program, Gilbert Freeman 2, is due to spud at the weekend. To be drilled to a total depth of 12,200 ft (3,719 m), the well is located approximately 2,300 ft (700 m) northeast of the Duncan 1 location. The Gilbert Freeman 2 well is expected to take approximately 30 days to reach total depth. It is targeting the same Middle Wilcox pay sand encountered in the other wells drilled on the Rayburn structure.

Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au

==> picture [211 x 43] intentionally omitted <==

==> picture [262 x 28] intentionally omitted <==

Strike Oil Limited ABN 59 078 012 745

Duncan 2 ST, Gilbert Freeman 1 and Hlavinka Duncan 1

Testing of the Duncan 2 ST, Gilbert Freeman 1 and Hlavinka Duncan 1 wells continued throughout the week as planned.

ROCKY MOUNTAINS, COLORADO

Florence Project – Fremont County

(Strike Oil 39% Working Interest; Operator Comet Ridge Limited)

The operator, Comet Ridge Limited, has advised that a rig has been contracted for an initial two well drilling program. Drilling is set to commence in early May. Please see the attached update by Comet Ridge Limited for further details.

Tow Creek/Bear River Project – Routt County

(Strike Oil 33.75% - 37.5% Working Interest; Operator Comet Ridge Limited)

The operator, Comet Ridge Limited, has advised that Freedom Natural Resources have withdrawn from the proposed farm-in transaction on the Tow Creek and Bear River prospects. The farm-in would have reduced Strike’s working interest in the prospects to Tow Creek – 10% and Bear River - 6.25%.

Yours faithfully

==> picture [80 x 48] intentionally omitted <==

SIMON ASHTON Managing Director

Further information:

Strike Oil Limited

Simon Ashton - Managing Director T: 08 6464 0400 E: strike@strikeoil.com.au

==> picture [108 x 712] intentionally omitted <==