COMET RIDGE LIMITED — Capital/Financing Update 2009

Jun 21, 2009

ASX ANNOUNCEMENT

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22 June 2009

Completion of Non-renounceable 1-for-5 Entitlement Offer

Comet Ridge Limited (ASX Code: COI) advises that it has closed its non-renounceable 1-for-5 Entitlement Offer (“Entitlement Offer”) after receiving applications from eligible shareholders for approximately $9.55 million of new ordinary shares.

This represents a take-up of approximately 70 per cent under the Entitlement Offer announced on 18 May 2009. In accordance with Appendix 7A of the ASX Listing Rules, Comet Ridge advises that 15,868,309 shares were not taken up under the Entitlement Offer (“Shortfall Shares”).

As announced previously the Entitlement Offer was fully underwritten by Wilson HTM Corporate Finance Limited and the Shortfall Shares will be placed under that agreement. On completion of the underwriting arrangements the Entitlement Offer will raise approximately $13.8 million.

Comet Ridge Chairman Mr Jeff Schneider said the result represented a strong vote of confidence in the rejuvenated company’s new management team and potential.

“We are extremely pleased with the strong support and the level of participation which we have received from our shareholders,” Mr Schneider said.

“On the back of the recent merger, this demonstrates shareholder confidence in the new management team and Comet Ridge’s ability to advance its key Coal Seam Gas projects including the Galilee Basin and the Mahalo Block in Queensland, and Greymouth in New Zealand.”

Completion of the Entitlement Offer will result in the allotment of approximately 51,225,190 Comet Ridge Limited ordinary shares.

The combined proceeds from the Entitlement Offer and successful placement to professional and sophisticated investors, which raised $7.5 million, will provide Comet Ridge Limited with sufficient funds to undertake and expedite the company’s work program for the next 12-to-18 months.

AUSTRALIA

ASX CODE: COI

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

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

ASX ANNOUNCEMENT

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:

Tor McCaul Managing Director Comet Ridge Limited tor.mccaul@cometridge.com.au +61 7 3221 3661

Or Media Richard Owen Associate Three Plus richard@threeplus.com.au 0412 869 937

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