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COMET RIDGE LIMITED Capital/Financing Update 2009

Sep 9, 2009

64686_rns_2009-09-09_717fefbc-024b-452b-955c-a58e10447d46.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

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10 September 2009

USA DRILLING COMMENCES

Comet Ridge Limited (ASX Code: COI) announces that Comet Ridge Resources LLC (in which the Company holds, through its subsidiary Comet Ridge USA Inc, a 20% equity position) has commenced a two well drilling programme in the Florence area in southern Colorado. Drilling is expected to be complete by mid to late September.

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

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 [email protected] [email protected] [email protected] +61 7 3221 3661 +61 3 9670 5008 0412 869 937

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

ASX CODE: COI Page 1

Comet Ridge Limited ABN 47 106 092 577 E-mail: [email protected] Website: www.cometridge.com.au