COMET RIDGE LIMITED — Capital/Financing Update 2013

Nov 19, 2013

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20 November 2013

Mahalo Block Pilot Schemes - Operational Update

Comet Ridge Limited (ASX:COI) wishes to provide an operational update for the Mahalo and Mira Pilot Schemes which are in the ATP 337P Mahalo Block, located approximately 240 km west of Gladstone in Central Queensland. The Joint Venture equity participants in ATP 337P Mahalo Block are Comet Ridge Mahalo Pty Ltd 35%, Stanwell Corporation Limited 5%, Australia Pacific LNG Pty Ltd 30% and Santos QNT Pty Ltd 30%.

The Mahalo and Mira Pilot Schemes are part of a Joint Venture plan to book gas reserves across a large part of the Mahalo block.

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The objective of the Mahalo and Mira pilot schemes is to lift water from the coal seams, which reduces the pressure in the area around the Pilot Fields and allows gas to flow to the wells. Ultimately the aim for

Comet Ridge Limited T: +61 7 3221 3661 E: info@cometridge.com.au 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN 47 106 092 577 F: +61 7 3221 3668 W: www.cometridge.com.au GPO Box 798, Brisbane, Qld, 4001 Australia

ASX CODE: COI

Comet Ridge Limited

either of the pilots is that one or more of the wells in either or both of the Pilot Fields will produce gas at commercial rates which will allow gas resources to be converted to gas reserves.

Field work planned for the month of November in the Mahalo Block is focussed around work-overs to stimulate two wells in the Mahalo field. The work-over rig, engaged to execute this stimulation work programme, arrived earlier this month and shortly thereafter work commenced on the Mahalo 3 well, part of the Mahalo Field Pilot.

The Operator, Santos QNT Pty Ltd, has subsequently advised the Joint Venture that during these stimulation operations, a safety incident occurred. This necessitated the halting of all operations on the Mahalo 3 well, while a detailed investigation is carried out. Work will re-commence after the investigation is completed and any recommendations from the investigation are implemented by the Operator. Comet Ridge will keep the market updated as the Operator provides further information on the timing of expected recommencement of operations.

At the Mira Field Pilot, dewatering operations are continuing as planned by the Joint Venture.

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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

COMET RIDGE LIMITED - OVERVIEW

Comet Ridge Limited has significant Coal Seam Gas (CSG) projects in key regions of Queensland, northern New South Wales and New Zealand, as well as oil and gas interests in the United States. Gas resources have been certified, by independent professional certifiers, at four projects. The company is listed on the Australian Securities Exchange (ASX Code: COI) and is based in Brisbane. The Board and Management are experienced in establishing and developing energy projects.

Corporate Strategy

Comet Ridge has gained early entry into well-located exploration areas, allowing shareholders to gain substantial leverage into the upside value potential associated with exploration success.

Comet Ridge conducts CSG exploration and appraisal, with the aim of maturing exploration acreage from Gas Resources into Proven and Probable Gas Reserves. This process initially involves drilling wells in order to certify Prospective and Contingent Resources and then through further appraisal via Pilot Projects, with the intention of progressing into certified Reserves.

Where possible, Comet Ridge takes high equity positions in its large exploration permits, including a 100% interest in two blocks in the Galilee Basin and two blocks in New Zealand. Comet Ridge has 35% equity in the ATP 337P Mahalo block in the Bowen Basin, and CSG equity of 22.5%, 50% and 60% respectively in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in New South Wales.

Work Programme

Comet Ridge has an active exploration and appraisal work plan for CSG projects in Queensland and northern New South Wales. Drilling for the first Pilot Project for ATP 337P Mahalo was undertaken in 2012, with additional exploration and appraisal work planned for the Galilee Basin and Mahalo in 2013.

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Comet Ridge Limited T: +61 7 3221 3661 E: comet@cometridge.com.au 283 Elizabeth St, Brisbane, Qld, 4000 ABN 47 106 092 577 F: +61 7 3221 3668 W: www.cometridge.com.au GPO Box 798, Brisbane, Qld, 4001

Comet Ridge Limited