COMET RIDGE LIMITED — Capital/Financing Update 2018

Dec 23, 2018

24 December 2018

Mahalo Gas Project – Sirius Road 2 Lateral Well Spuds

➢ Sirius Road 2 spudded on Friday 21 December 2018

➢ Single lateral well designed to focus on the key Castor Seam

Comet Ridge Limited (ASX:COI) is pleased to advise that the Sirius Road 2 lateral well was spudded at 0430 hrs on Friday 21 December 2018. Since spudding, the 12-1/4” surface hole has been drilled and the 9-5/8” casing run and cemented. The well is currently being directionally drilled in a 8-1/2” intermediate hole at a depth of 512 metres with the plan to drill to the Castor seam where 7” casing will be run and cemented.

Sirius Road 2 will be drilled as a single lateral well and will focus on the key 3.3 metre Castor seam. The well will intersect the Sirius Road 1 well and then be drilled laterally to the north to allow testing of the coal on the limits of the presently known field area. The Pollux seam intersected in Sirius Road 1 was found to be 0.9 metres in thickness and thinner than the three adjacent offset wells and is not considered representative of this part of the field. Testing of the Pollux seam will be deferred to a future lateral well where a more representative intersection is encountered.

“The Sirius Road 1 and 2 wells provide the first production test opportunity of the deeper portions of the southwest part of the Mahalo Gas Project. We obviously would like to have both of the two main coals open in this test, but having data from the key Castor seam will be invaluable in assessing the design and location of future follow-up work, and will help the JV understand the size of the development” said Tor McCaul, Managing Director of Comet Ridge.

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Figure 1 – Cross-section view of the proposed Sirius Road 2 lateral well, intersecting the Sirius Road 1 vertical well (not to scale)

Comet Ridge Limited T: +61 7 3221 3661 E: comet@cometridge.com.au 410 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

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Figure 2 – Map of the Mahalo Gas Project with the Memooloo 2, Struan 2&3 and Sirius Road 1&2 well locations

All three of the vertical wells drilled in this current programme, will be completed with tubing and pumps (with the smaller completions rig) and then put on line for production testing to gain longer term flow data. The operations phase has three stages for the wells:

• Drill

• Complete with tubing and pump

• Production test

Comet Ridge (40%) is operating under an Agency Agreement for Santos as Exploration Operator (30%). The other JV participant in the Mahalo block is APLNG (30%).

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Stephen Rodgers Company Secretary Comet Ridge Limited COMET RIDGE LIMITED

For further information please contact:

Tor McCaul Peter Harding-Smith Managing Director Chief Financial Officer - tor.mccaul@cometridge.com.au peter.harding +61 7 3221 3661 smith@cometridge.com.au +61 7 3221 3661

Comet Ridge Limited T: +61 7 3221 3661 E: comet@cometridge.com.au 410 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

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COMET RIDGE LIMITED – OVERVIEW

Comet Ridge Limited has a 40% interest in the Mahalo Coal Seam Gas (CSG) project located in ATP 1191 in Queensland’s Bowen Basin. The Company is currently acting as agent for the Exploration Operator to manage work in the block. The Company also holds a 70% effective interest (consequent on the successful Farm-in of Vintage Energy Limited) in the Albany conventional gas project and 100% in the Gunn CSG project in the Galilee Basin (ATP 743, ATP 744 and ATP 1015). The Company also has CSG equity of 29.55%, 59.09% and 68.42% respectively in PEL 6, PEL 427 and PEL 428 in the Gunnedah Basin in New South Wales. Gas resources have been certified by independent professional certifiers at several projects, and gas reserves were certified in 2014 and expanded in 2015 and 2018 for the Mahalo project. 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. Comet Ridge’s early entry into well-located exploration areas, has allowed shareholders to gain substantial leverage into the considerable upside value potential associated with exploration success.

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Comet Ridge Limited T: +61 7 3221 3661 E: comet@cometridge.com.au 410 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

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