COMET RIDGE LIMITED — Capital/Financing Update 2009

Sep 29, 2009

ASX ANNOUNCEMENT

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30 September 2009

Operational Update

Galilee Basin: 8-Well Core Hole Programme on Track with Drilling Contract Executed

Comet Ridge Limited (ASX Code: COI) is pleased to advise that a drilling contract has been executed with Atlas Drilling Co Pty Ltd which will deploy its Atlas Rig 1 to drill the Company’s eight Galilee Basin core holes.

The first of two large permits, ATP 743, was awarded to Comet Ridge Limited earlier this month by the Queensland Government and the award of the second permit, ATP 744, is expected imminently.

The Company holds 100% equity in both permits which are located about 500km northwest of Gladstone and cover a combined total area of approximately 13,000 square kilometers.

Comet Ridge’s Managing Director Mr Tor McCaul said: “We anticipate mobilisation of the rig in November and look forward to working with the team from Atlas Drilling over the next several months which will be a busy period for both companies.”

PMP 50100 New Zealand

Comet Ridge advises that a disagreement has arisen during September between the joint venture participants in PMP 50100 in relation to the operatorship. The Company is currently seeking to resolve that disagreement with the other participant in the PMP 50100 joint venture.

COMET RIDGE LIMITED - OVERVIEW

Comet Ridge Limited is a Brisbane based, ASX-listed (ASX Code: COI) coal seam gas (CSG) exploration and development company with a focus on Queensland, NSW and New Zealand. The Company also has exposure to prospective conventional oil and gas fields in the United States via a joint venture.

The Company has several projects in various stages of maturity. Comet Ridge Limited plans to grow shareholder value through the establishment and development of gas reserves from the significant resource potential of its projects.

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Stephen Rodgers Company Secretary Comet Ridge Limited

AUSTRALIA 210 Alice Street Brisbane Qld 4000 Phone: +61 7 3221 3661 Facsimile: +61 7 3221 3668

ASX CODE: COI

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

ASX ANNOUNCEMENT

For further information please contact:

Investor Relations: Media: Tor McCaul David Waterhouse Richard Owen Managing Director Principal Associate Comet Ridge Limited Waterhouse Investor Relations Three Plus tor.mccaul@cometridge.com.au dwaterhouse@waterhouseir.com.au richard@threeplus.com.au +61 7 3221 3661 +61 3 9670 5008 0412 869 937

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