COMET RIDGE LIMITED — Director's Dealing 2008

Feb 24, 2008

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25 February 2008

The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

By electronic Lodgement

Dear Sir

DIRECTOR RESIGNATION

Comet Ridge Limited (ASX Code: COI) announces the resignation of Mr. Simon Ashton as Non-Executive Director, effective February 22, 2008.

Mr. Ashton has served as a Director of the Company since its inception in late 2003 and was instrumental in the formation of the Company. The Board of Comet Ridge appreciates the contribution that Mr. Ashton has made over the past 4 years or so and wishes him continued success with the building of Strike Oil Limited where he serves as the Managing Director.

Comet Ridge’s board now comprises of three US based directors (one of whom is the Managing Director) and two Australian based directors.

Jeff Schneider Chairman

Australia Comet Ridge Limited C/- Endeavour Corporate Suite 8,7 The Esplanade Mt Pleasant Western Australia 6153 Phone : +61 8 9316 9100 Fax:- +61 8 9315 5475

USA

Comet Ridge USA Inc 600 17[th] Street Suite 600-S Denver Colorado 80202 USA Phone : +1 303 226 1300 Fax: +1 303 226 1301

Email: comet@cometridge.com.au www.cometridge.com.au

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity COMET RIDGE LIMITED ABN 47 106 092 577

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Simon Ashton
Date of last notice	22 December 2006
Date that director ceased to be director	22 February 2008

Part 1 – Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

N/A

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest	Number & class of securities
Note: Provide details of the circumstances giving rise to
the relevant interest
S & Y Ashton Nominees Pty Ltd- Simon Ashton Family Trust	1,729,461 ordinary shares and 500,000 option toacquire ordinary shares exercisable by payment of45c on or before 31 December 2009
- Ashton Super Fund	910,535 ordinary shares

Part 3 – Director’s interests in contracts

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to
which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002