COMET RIDGE LIMITED — Capital/Financing Update 2013

May 26, 2013

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ASX Announcement / Media Release – 27 May 2013

Completion of NSW Licences Asset Sale

Petrel Energy Ltd (ASX: PRL) is pleased to announce the completion of the sale of its conventional and coal seam gas (CSG) interests in licences PEL’s 6, 427 and 428 located in the Surat-Bowen Basin of northern NSW to Comet Ridge Gunnedah Pty Ltd, a wholly-owned subsidiary of Comet Ridge Ltd (ASX: COI).

Ministerial approval and registration of the licence interest transfers was granted on 10 May 2013 thereby satisfying the last remaining condition precedent and allowing the sale to close.

This event finalises the divestment by Petrel of all its NSW licences which has realised total gross proceeds of $1.05 million in sales of its Darling and Surat-Bowen Basin interests to Acer Energy and Comet Ridge respectively.

Funds from the latest sale will complement the recent $10.65 million capital raising and be directed towards the Company’s American focus, notably the highly prospective unconventional and conventional oil project onshore Uruguay and the recently-acquired interest in the Lochend Cardium tight oil joint venture in Alberta, Canada.

For further information contact:

David Casey - Managing Director Phone +61 2 9254 9000

Stephen Mitchell - Chairman Phone +61 3 9642 2899

Petrel Energy Limited | Level 3, 10 Bridge Street, Sydney NSW 2000 | T: +612 9254‐9000 | F: +612 9252‐0255 E: office@petrelenergy.com | www.petrelenergy.com | ABN 82 125 394 667