COMET RIDGE LIMITED — Capital/Financing Update 2009

Mar 30, 2009

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31 March 2009

PEL 427 & PEL 428 DRILLING PROGRAM

COAL SEAM GAS COREHOLE PROGRESS REPORT

SYDNEY: Orion Petroleum Limited (ASX: OIP) today said that the Moree-4 coal seam gas (CSG) corehole in PEL 427 in northern NSW reached its total depth of 495 mGL on 27 March. Total net coal intersected was approximately 5 metres with gas freely desorbing from the coal at surface. Over the coming month, total gas volumes within the coals will be determined.

Wireline log data have been acquired and a subsequent drill stem test over the interval 423-443 failed to record a gas blow.

“Whilst the Coreena coal seams were thinner than expected in this area, Moree-4 provides an important CSG dataset for this play in the southern Surat Basin. The well demonstrated encouraging gas contents while drilling thus reducing one of the key risks associated with the target coals. Work will be undertaken to identify areas where improved coal development may be expected” said Orion’s Managing Director, Mr Barry Smith.

Once McDermott Rig 27 has plugged and abandoned Moree-4, the rig will then relocate to the Kurrabooma-1 location in northern PEL 428. The Kurrabooma-1 corehole is targeting up to six coal seams within the early Cretaceous-aged Coreena Member on its way to the planned total depth of 430 mGL.

Moree-4 and Kurrabooma-1 are part of the first stage of the three corehole farm-in programme by Eastern Star Gas into Orion’s licences (PELs 6, 427 & 428) in northern New South Wales. The third well is expected to explore the larger Moolayember CSG play with the location in PEL 6 to be finalised following interpretation of the Moree North Seismic Survey data acquired in February 2009.

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

Note: mGL denotes metres below ground level.

CSG Participating Interests – PEL 427 Orion Petroleum: 25% Eastern Star Gas: 50% (Operator) Comet Ridge: 25%

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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)

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

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