COMET RIDGE LIMITED — Capital/Financing Update 2013

Jul 30, 2013

==> picture [596 x 197] intentionally omitted <==

31 July 2013

Comet Ridge Limited completes Institutional Placement raising A$9 million

Comet Ridge Limited (ASX:COI) (“Comet Ridge”) is pleased to announce the successful completion of a A$9 million placement to institutional and sophisticated investors of 50 million new shares at A$0.18 per share (“Placement”).

The Placement was oversubscribed with strong support from existing and several new institutional investors. Net proceeds of the Placement will be used to fund the completion of the Mahalo Project work programme, including work-overs and operations, other portfolio project costs, corporate and technical costs and working capital.

Commenting on the outcome of the Placement, Managing Director Tor McCaul said, “We thank our major shareholders for their ongoing support, and we are delighted to welcome new investors to the share register. Following completion of the Placement, we will have approximately A$13 million cash on hand. Our operational focus over the next six months will be to continue pumping operations at the Mahalo and Mira Field Pilots, and to complete the work-over programme outlined in previous Mahalo Project operational update announcements.”

Mr McCaul added, “The target of both Mahalo Project pilot schemes is to achieve commercial gas rates from one or more wells leading to conversion of CSG Resources to 2P Reserves, which Comet Ridge is targeting by the first quarter of 2014”.

Further details of the Placement and Mahalo Project status are set out in the Capital Raising Presentation which has been lodged with the ASX today.

The Placement price of A$0.18 per share represents a discount of 21.7% to the closing price of COI shares on the ASX on 29 July 2013.

Integra Advisory Partners Pty Ltd and Ord Minnett Limited acted as Joint Lead Managers to the Placement and Porter Davies Lawyers acted as legal adviser.

Settlement of the Placement is expected to occur on Tuesday, 6 August 2013 with Placement shares expected to be allotted and to commence trading on ASX on Wednesday, 7 August 2013.

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

==> picture [142 x 42] intentionally omitted <==

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

Media: Barton Green Executive Director Three Plus barton@threeplus.com.au +61 7 3503 5700

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.

==> picture [477 x 148] intentionally omitted <==