COMET RIDGE LIMITED — Investor Presentation 2007

Aug 19, 2007

Attention ASX Company Announcements Platform Lodgement of Open Briefing[®]

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Level 9 Wesfarmers House 40 The Esplanade, Perth 6000

Date of lodgement: 20-Aug-2007

Title: Open Briefing[®] . Comet Ridge. MD on Drilling Campaign

Record of interview:

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Comet Ridge Limited (ASX code: COI) has been consolidating and securing its lease positions in all four of your play areas in the Rockies and Pacific Northwest regions of USA before moving to an intense drilling and evaluation phase over the next 12 months. Can you explain how you’ve consolidated your lease positions? What further work do you plan in consolidating and securing your lease positions?

MD Andy Lydyard

Comet Ridge has adopted a strategy that differs from many of our peers who have come to the USA in that we have established a full technical, operational and administrative team and are focused on generating our own opportunities rather than taking pieces of deals from others.

Over the last year or so we have been able to acquire sizeable initial land positions in each of our project areas. This has been a lengthy process, but the goal is always to secure as much of a prospect or project as we can before moving forward with seismic or drilling. Leasing ahead of the pack is the key to a reasonable entry cost and more importantly control of the prospective ground. Having said that, we are very close to achieving our leasing objectives on our existing projects. We have some additional lease-blocks we are working on in a number of the projects, but they should be wrapped up soon, leading the way to permitting and drilling.

To date we have pursued and captured two types of projects. The first type of project focuses on finding new oil in old fields (Florence and Tow Creek/Bear

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River in the Rockies) and the second type are in the Pacific Northwest where have assembled large acreage positions in what we call “overlooked, but proven” basins. We like these opportunities where we can assemble large positions with substantial upside at modest entry cost.

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Assembling your lease positions has taken some time. Can you explain the differences in how the oil and gas rights are held in the US versus Australia and why it takes so long?

MD Andy Lydyard

Ownership of “minerals” in the US is significantly different to the system in Australia where the Nation and States control and “own” the mineral resources, be they oil and gas, coal or mineral resources. For us to acquire the right to explore for oil and gas in an area we may have to deal with the US Federal Government, State and local Governments, private owners or Native American Nations. Mineral ownership is fragmented and very complex and it takes considerable amount of time, numerous transactions and skilled specialists called landmen to navigate the process and build a position. We have had to track down people all over the USA to secure leases and sometimes the ownership records are incomplete and it takes real detective work to track down the current owners.

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When do you expect to step up your drilling activity? Which wells could potentially have the biggest impact?

MD Andy Lydyard

Elevating the level of our drilling activity, which has been admittedly slow this last year, has already commenced. We have started operations on the drilling of the Coal View Unit 31-4 sidetrack well on Tow Creek in northern Colorado; expect a rig on location in September in the Chehalis Basin in Washington and are busy generating drillable locations at Florence for drilling in the October quarter. We have recently completed a 3D seismic survey at Florence and have commenced generating prospects from that. We are also in the latter stages of planning and permitting a seismic acquisition program in the Grays Harbor basin in Washington with drilling planned for early 2008.

As far as impact is concerned, the Tow Creek and Florence drilling is the more likely to produce production and reserves in the short term. The Chehalis Basin drilling is intended to prove up a large coal seam gas resource rather than targeting immediate production.

However, the project with the greatest potential impact is Grays Harbor where we have a large portfolio of prospects and leads, with two 100BCF+ (Billion Cubic Feet) scale structures with strong gas shows from previous wells being readied for drilling next year.

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Why do you consider Grays Harbor your flagship project? Why is it so prospective? How have you estimated the potential size of possible discoveries?

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MD Andy Lydyard

Grays Harbor is seen to be the flagship project due to the immense potential it offers. We control, via lease or lease option, over 450,000 acres, which is a very large position in US terms, over a prospect and lead inventory comprising 30-plus identified potential traps.

The reason we are so bullish on this project is fairly straight forward. All the parameters explorers look for have already been demonstrated by previous drilling to exist in this basin. We have numerous sizeable structures, good quality reservoirs, excellent seal rocks and strong oil and gas indications have been encountered in numerous holes. Added to the positive technical attributes, we have fantastic access to the acreage via major and forestry roads and there is already gas pipeline infrastructure in place, and critically, gas prices are very favourable.

We have documented a sizeable prospect and lead inventory and have conducted detailed probabilistic assessments of the production and resource potential for each trap. Our internal assessments indicate that the size of the prize is very significant, ranging from a low of 500 BCF to the P90 level (if there is gas in every prospect or lead, as currently mapped, there is a 90% chance that the volume discovered would exceed 500 BCF) to a P50 level of 1,700 BCF. Based on recent property sales a proven BCF of gas is worth somewhere between US$1 million and US$3 million. So, even modest success in this basin can translate to immense value for shareholders.

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Have you done similar estimations for potential resources at your other projects? Can you comment generally on the prospectivity of each project?

MD Andy Lydyard

We have conducted similar, but less rigorous assessments for our other projects. For example, we have assessed the Chehalis Basin project to have potential of around 140 BCF (56 BCF net to Comet) based on known coal thicknesses and some very sparse gas content data. The reason we are drilling the core holes in the Chehalis Basin is to confirm the presence of gas over a large area leading to a resource assessment. At Tow Creek and Florence we tend to look at things on a well by well basis, but repeated success at either can lead to in excess of 1MMBO net to Comet Ridge. With oil prices at current levels, 1MMBO of oil is worth an awful lot!

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Can you explain the results of the 3D seismic survey completed over Florence and the 2D seismic survey planned over Grays Harbor?

MD Andy Lydyard

The 3D seismic at Florence looks to have been very successful. While it took longer to acquire than we expected due to unusual wet and stormy summer weather, the data is excellent and the survey came in under budget. For competitive reasons, all I am prepared to say is the survey has provided us with

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exactly what we were hoping for - an insight as to the distribution of prolific oil productive fracture trends.

At Grays Harbor, the 2D seismic is intended to confirm the best location for drilling on two prospects and to confirm a number of leads. We are now seeking quotes from our seismic contractor to acquire 3D over one of our prospects. The design of the survey is innovative and takes advantage of the forest road network that exists over the structure.

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You have significant equity levels in large land positions. How will you fund your drilling activities? Are you seeking partners for any projects? If so, what amount of equity would you be prepared to give up?

MD Andy Lydyard

We will bring in partners where we deem it prudent. We have to be careful in that it takes a lot of effort, shareholders’ patience and money to put these positions together and a lot of leverage can be lost by selling down too cheaply too early. We are intent on maintaining control so will be seeking only to farm out or sell down a minority interest, say up to 45% of Grays Harbor.

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The USA is the main focus for Comet Ridge. What do you plan for your Australian assets?

MD Andy Lydyard

Good question. Just as it is hard to manage a US strategy from Australia it’s just as hard to maintain Australian projects from the US. We have farmed out our interests in the Galilee Basin in Queensland and the Gunnedah Basin in NSW, but have elected to maintain our interests in the Mahalo coal seam gas project in Queensland.

Mahalo is a tantalizing project that lost some momentum with the drilling of the much awaited and, as it turned out, unsuccessful, Mahalo 2 hole last year. Comet Ridge is actively seeking ways of advancing this project as the four other holes it funded, Mahalo 1, Somerby 1, Mira 1 and Humboldt 1 all point to a significant contingent gas resource. Comet Ridge has a 40% interest in the project and has initiated a detailed third party technical review incorporating the results of all 5 holes.

Once we have the results of that review we will develop a strategy for the project, but clearly, with recent developments in the Eastern Australian gas market, resulting largely from the incredible success of the coal seam gas industry, this is a project that can still offer significant value to shareholders.

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Can you explain how you’ve built your operational, technical and financial team?

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MD Andy Lydyard

We now have a team of 10 people; 8 professionals and two part-time administrative assistants. Our four person management team has over 125 years of US and international oil and gas experience and each has run sizeable businesses. All of our US personnel have been hand-picked; most have both big company and small, start-up company backgrounds and all are excited about building a new oil and gas company from scratch. All of our professionals have meaningful equity positions in the Company via employee stock options and are totally aligned with shareholders. We have employed, via word of mouth, existing relationships and head hunters to assemble the group. We spend a lot of time interviewing people and everyone on the team is provided with an opportunity to talk one-on-one with a candidate. We look for true team players who are smart, proven and work hard. The Board has been incredibly supportive in providing a competitive compensation package, but the main attraction is the equity position. Our team believes in the potential of Comet Ridge.

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Can you explain the Company’s growth strategy? How successful do you believe this two-pronged approach has been, or will be?

MD Andy Lydyard

Our strategy is to grow through home-grown oil and gas exploration and development projects. We will continue to buy and sell assets to accelerate our program and provide capital for higher valued projects.

How successful has our approach been? It is too early to say, but when we chalk up a win it will have a material impact on the Company and will, more importantly, be repeatable.

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Thank you Andy.

For further information on Comet Ridge please call Andy Lydyard in Denver, Colorado on 0011 1 303 226 1303 or email andyl@cometridgeusa.com

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