COMET RIDGE LIMITED — Capital/Financing Update 2009

Apr 13, 2009

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14 April 2009

PEL 428 DRILLING PROGRAM

COAL SEAM GAS COREHOLE PROGRESS REPORT

SYDNEY: Orion Petroleum Limited (ASX: OIP) today said that the Kurrabooma-1 coal seam gas (CSG) corehole in PEL 428 in northern NSW was currently waiting on wet weather at a depth of 336.7 m. The Kurrabooma-1 corehole has been designed to test the coal seam gas potential of Mesozoic coals 70 km west of the Moree Township.

Kurrabooma-1 will be the first comprehensive well test of the CSG potential of this region of PEL 428. Coring of the target coal members will provide important information to assess thickness, gas content and reservoir properties of coals that the well encounters.

Eastern Star Gas (CSG joint venture operator) has contracted McDermott/Lucas Rig 27 to carry out drilling operations for Kurrabooma-1, which has a planned total depth of 430 m.

This Surat-Bowen Basin drilling program is a continuation of Orion’s Stage 1 CSG farm-out to Eastern Star Gas. The farm-out work program commenced in February 2009 with the acquisition of 105 line kms of 2D seismic data to help define the CSG potential in southern PEL 6. The first corehole in PEL 6 is expected to be drilled later this year.

Orion Petroleum retains its interests and operatorships in the Conventional Petroleum joint ventures of PELs 6, 427 and 428.

CSG Participating Interests – PEL 428 Orion Petroleum: 20% Eastern Star Gas: 40% (Operator) Comet Ridge: 20% Davidson Prospecting: 20% (Wholly owned subsidiary of Greenpower Energy)

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For further information, please contact; Orion Petroleum: Barry Smith Managing Director: 02 9254-9000

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