COMET RIDGE LIMITED — Capital/Financing Update 2020

Feb 3, 2020

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ASX Release 4 February 2020

Operations update

➢ Weather delay continues for Albany stimulation and testing program

Vintage Energy Ltd (“Vintage”, ASX: VEN) provides an operations update for its onshore Cooper/Eromanga Galilee Basin stimulation campaign.

Galilee Basin (ATPs 743, 744, 1015 (“Deeps”), Vintage 30%)

The operator of the Galilee Basin Deeps Joint Venture, Comet Ridge Ltd (“Comet”, ASX: COI), has advised that onsite operations remain suspended due to heavy local rainfall last week of up to approximately 200 mm.

Prior to the rain event, the Albany-2 flow back, using nitrogen lifting, had been completed. The well has been shut-in and the pressure build-up is being monitored.

Albany-1 ST1 was being prepared for stimulation, however with roads closed and creeks flooding, the program is delayed, and the timing of recommencement of activities will be communicated once known.

As the current phase of field operations are now complete and/or suspended in each of the Vintage project areas of the Otway, Galilee, and Cooper/Eromanga Basins, this communication will be the final regular weekly operational update until such time as any new field operations commence. Vintage will provide updates in the interim as any significant project information regarding schedules and data interpretation become available.

This release has been authorised on behalf of the Vintage Energy Limited Board by Mr Neil Gibbins, Managing Director.

For more information contact:

Neil Gibbins Managing Director +61 8 7477 7680 info@vintageenergy.com.au

About Vintage

The natural gas supply crisis currently afflicting the eastern part of Australia and the energy market more widely have been the catalysts for the creation and ASX listing of Vintage, with Reg Nelson (former Managing Director of Beach Energy Ltd) the Chairman and Neil Gibbins (former Chief Operating Officer of Beach Energy Ltd) the Managing Director. The company has acquired high quality oil and gas exploration and appraisal assets close to infrastructure with the potential for rapid development and the promise of early cash flow. Vintage will continue to identify and seek to acquire further high-quality gas exploration and production assets with a focus on those that offer the potential for accelerated pathways to commercialisation.

Oil potential in prominent onshore basins is also a key focus, particularly given the experience of Vintage team members in discovering and developing oil fields on the Western Flank of the Cooper/Eromanga Basins in South Australia.

Vintage Energy Ltd (ACN 609 200 580) 58 King William Rd, Goodwood, SA 5034

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