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COMET RIDGE LIMITED Capital/Financing Update 2009

Jul 8, 2009

64686_rns_2009-07-08_2b734ee0-2020-4bfa-b901-d4fff861ea8b.pdf

Capital/Financing Update

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ASX ANNOUNCEMENT

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8 July 2009

CANCELLATION OF CONVERTIBLE NOTES

The Directors of Comet Ridge Limited ACN 106 092 577 (the “Company” – COI.ASX) confirm that by a Deed of Redemption dated [insert date] the Company has repurchased 1,000,000 convertible notes of AUD$1 each (COIAC) (the “Notes”) that were issued in accordance with a Convertible Note Deed (the “Deed”) dated 9 February 2009 with Chartwell Energy Limited ACN 123 462 251 (the “Noteholder”). The issue of the Notes was announced to the ASX on 17 February 2009.

As announced, the Deed provides that the Notes could not be converted into shares in the Company after the merger of the Company and the Noteholder had taken effect. The Merger was implemented with effect from 16 April 2009. Accordingly, the Noteholder’s right of conversion has lapsed. The Notes have now been redeemed and have been cancelled, by the Company.

The securities the subject of the ASX Announcement of 17 February 2009 and more particularly described in the Appendix 3B lodged with that ASX Announcement are no longer applicable.

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.