COMET RIDGE LIMITED — Investor Presentation 2004

Apr 27, 2004

Comet Ridge Limited

Roadshow Presentation

April, 2004

Corporate Summary

• ASX code COI, listed 19 April 2004
• 61.2m shares + 5.35m options on issue
• Market capitalization $$12.2m$ (@20 cents)
• Top 20 own ~ 60%
• E Largest shareholder Perilya Limited (16.2%)
• 3 institutional investors
• 499 shareholders

Capital Structure & Shareholders

	BENGAL GETATET B	THURSDAY $\frac{1}{2}$ of $\frac{1}{2}$ of $\frac{1}{2}$ of $\frac{1}{2}$ of $\frac{1}{2}$	TANONIST $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$	ZAMONIS $\frac{1}{2}$ and $\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$	M. S EXAMPLE PROPERTY
Shares on issue pre-IPO	28,408,240	18,392,884	8,364,019	10,028,865	65%
Shares issued @ IPO	25,000,000
Vendor Shares	7,750,000	7,750,000	1,500,000	6,250,000	100%
Total	61,158,240	26,142,884	9,864,019	16,278,865	43%
Options*	5,350,000	5,350,000	1,250,000	4,100,000	100%

*Unlisted, exercisable at 20 cents, expiring 1 December 2006

Talan Manazarta (Manazarta Talan Manazarta Indonesia) adalah perjadi dalam pada tahun 1989. Dalam perjadi da

All Modes Disco

Holder	Shares (SM)	Holding	Escrow Estied	Escrowed
Perilya Limited	$\Theta$ $\Theta$	$16.2\%$	24	64%
Strike Oil NL	6.25	$10.2\%$	$2\mathbb{Z}$	100%
Macquarie Direct Investments	2.5	$4.1\%$	12	100%
Pontia Pty Ltd	2.0	$3.3\%$	$2^{\prime}$	69%
S & Y Ashton Nominees Pty Ltd.	20	$3.3\%$	24.	65%

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Board

Andy Lydyard Managing Director

Jeff Schneider Chairman

Gill Swaby Non exec Director

Simon Ashton Non exec Director

Tanga --------------------------------------II) ri TENSIO MARKET STAR GU) COLOR II I Canada Earning & pilot $QID$ Comet Ridge 750 500 1250 Walloon Coal Measures $QID$ Plot & delineation 1290 $300$ 1590 $QLD$ Core holes $50$ $300$ 350 Galilee Shallow Gas NSW Core holes, field work $320$ $100$ 420 Cost of Offer 400 400 Admin 490 500 $990$ Totals 3300 1700 5000

Use of Funds

Planned 2004 Activities

Comet Ridge Project - N. Denison Trough, QLD

Comet Ridge Project

• Key prospect in portfolio
• On trend with world class Fairview - $\blacksquare$ Durham Ranch CSG fields
• Dual objective: $\blacksquare$
• Permian Bandanna & Mantuan coals
• High gas contents in both coals $\blacksquare$
• Excellent coal control
• Significant potential gas resource (1000PJ)
• OCA operating drilling $\blacksquare$
• Close to pipeline infrastructure

Rights to earn 40% of the northern part of ATP 337P by spending $\sim 1$ million
- Post earning interest:	Comet Ridge	40%
	SANTOS (OP)	30%
	OCA	30%

Comet Ridge Project

Somerby -1

Bandanna Em coals

More coal than prognosed, gassy, formation test suggests coals are permeable but damaged

Mantuan coals

Poor quality

Mahalo-1

Currently drilling, strong gas shows encountered while drilling the Bandanna Fm

WCM Project, SE Queensland

e a c

Tipton West Pilot - Dalby Block ATP 683P

• $\blacksquare$ Comet 20%
• PL198 Application
• 8 wells drilled this year
• Tipton West Pilot commissioned
• 4 wells on pump
• Evaporation pond built
• Reserves certification $-$ June 04
• 2 gas offtake MOU's in place

Commercialising Discoveries

• Wambo Power Ventures Pty Ltd (Babcock & Brown and ERM Power Pty Ltd)
• 3.97 PJ pa for 15 years commencing 2006
• Supply 50MW gas fired power plant near Dalby, QLD
• Ergon Energy Pty Ltd
• 2 separate projects Wellhead generation & Oakey Plant
• 2.7 PJ pa for 15 years

Gas to be supplied from the Dalby Block and

PL 198 In the WCM Project

Sector Market Capitalisations

3n 12.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.		Market Oap	- Cásh	+ Dept	EIEV
Sydney Gas	SGL	190.9	41.1	31.8	181.6
CH 4	CHX	100.0	25.3		74.7
Planet Gas	PGS	44.9	14.0		30.9
Queensland Gas	QGC	33.7	1.9	0.5	32.3
Sunshine Gas	SHG	33.3	4.6	4.6	33.3
Eastern Star	ESG	25.6	6.0		19.6
Arrow Energy	AOE	25.4	7.0	1.8	20.2
Molopo	MPO	14.6	5.6		9.0
Comet Ridge	$(\bullet\, \bullet)$	69. JY	7. TA		76

Source: Patersons Securities Limited

Summary

• Comet Ridge drilling in progress - Decision on next phase by August
• WCM drilling well advanced
• Positive signs from Tipton West Pilot
• Reserves certification by June 2004
• Framework for early commercialisation
• " Well positioned to take advantage of new opportunities

Comer Ridge