COMET RIDGE LIMITED — Investor Presentation 2008

Nov 13, 2008

Comet Rid e Limited g

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2008 Objectives

• USA

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• Australia

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Accom lishments p

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Fundin of US Activities g • $100 million line of private equity

• Pine Brook Road Partners, LLC

• Highly reputable NY based private equity firm

• Highly experienced & successful investment team

• • Pine Brook is invested in 4 oil & gas companies in

www. .com pinebrookpartners

Elements of US Deal

• • Comet Ridge Resources, LLC (CRR)

All US$

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• • Should be v ewei d as an nvesi tment with a capita ga ns l i payout on the sale – no cash distributions

Cor orate Structure p

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Priority US Projects

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Grays Harbor
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Florence
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US Business is a Race

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is based on managing competitively
sensitive information
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disclosure obligations
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Florence Results	Florence Results	Florence Results	Florence Results	Florence Results
•3 wells currently producing ~ 127 BOPD •Oil i Cdll Fti t Bll
n oe ormaon a u
	Well Target Result
	Well	Target	Result
	Golden	Pierre Fm	Producer
	Apache	Pierre Fm	Producer
	R i b a n ow	Pi F erre m	P d ro ucer
	Bull	Deeper Pay	TempAban.

Florence Lookin Forward g • Continued production testing of the 3

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• Multi-well Phase II drilling program

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to continued favorable production
testing results
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Gra s Harbor y

• 420,000 acre lease

• 50,000+ acres leased

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• 3D seismic complete

• 2D seismic underway

• • Drilling planned for ‘09

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Australian Strate gy

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Australian Projects

Comet Ridge retains significant Interests in QLD & NSW

• carry through two holes Assets provide exposure to expanding gas market

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ATP’s 743 & 744P
Galilee Basin
Mahalo
Bowen Basin
PEL’s 427 & 428
Gunnedah Basin
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Galilee Basin

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Industr Interest y

• Strong industry interest

• Comet Ridge was

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permit
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• Most of the Galilee

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Stron Gas Indications g

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Very limited gas content data
• Mud-log shows suggest coals Gas Readings
are gas bearing
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Sands bleeding gas in
Fleetwood-1 is encouraging Coal beds
shown in black
Gas detected
during drilling
At Rodney Creek
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Galilee Energy reported a
median gas content of 4.4 m3/t
(141 scf/t) raw basis for RC 8
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Good perms (50 md)
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Resource Potential

	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)	Permit Permit area Net area top coal Coal thickness Density Coal (mill. Gas content GIP (m3x106) GIP (TCF)
	Permit	Permit area	Net area top coal	Coal thickness	Density	Coal (mill.	Gas content	GIP (m3x106)	GIP (TCF)
		(k 2) m	@ <1,000m (km2)	( ) m		) tonnes	( 3/ ) m t
	ATP 743P	6,482	4,287	15	1.6	102,892	4.4	452,728	16
	ATP 744P	6,524	5363	15	1.6	128,705	4.4	566,304	20
	Notes: 1. Calculated volume based on very large areas 2. Coal thickness conservative 3. Gas content based on limited data from Rodney Creek 8

Mahalo

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Contingent gas resource ~ 1 TCF
• No work since Mahalo 2 Mahalo
Bowen Basin
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Bandanna Fm coals the target
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Coals proven to be gas bearing
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Permeabilities variable
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Requires further core holes
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In-seam well development potential

Gas in place resource – high side case
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Mahalo

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Mahalo
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1TCF i l
n p ace
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Source: Santos ASX Announcement May 29, 2008

Mahalo - Activit to Date y

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Gunnedah Basin, NSW

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1 core hole on each permit to
be drilled by end ‘08 QLD
NSW
Eastern Star
CSG projects
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Recent CSG Transactions

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Response to Market Challenges

• Board has adopted a capital preservation strategy

• Maximise value of cash reserves

  • Existing MD has stepped down

  • Chairman to assume executive role – equity

  • Board has suspended director’s fees

  • Other cost savings aggressively pursued

• Chairman will relocate to QLD to drive program forward

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Summar y

• Comet Ridge has successfully secured capital to

• Company is now refocused on Australian CSG assets

• Chairman to fill executive role

• Significant industry interest in the portfolio

US investment and Australian projects offer potential for significantly reater shareholder value g

Disclaimer

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This Investor Update Presentation does not constitute an offer to or a solicitation from any person
receivin it ( the “Reci ient” ) . The deliver of this Investor U date Presentation does not indicate
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that Comet Ridge Limited (together with its subsidiaries, the “Company” or “Comet Ridge”) intends
to extend an offer to sell or to solicit an offer to buy its securities to the Recipient at any time, and in
any event, no such offer would be made until the Company determined, in its sole discretion, that
the Recipient was qualified to receive an offer or a solicitation to buy its securities and
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.
Update Presentation, all offers, if any, to buy the Company’s securities would be made on the terms
to be agreed by the Company and the Recipient.
The information on these slides is based on publicly available information, internal data and
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information from other sources. It is not intended to give investment or other advice to any party or
individual(s) and the information is not a substitute for detailed investigation or analysis.
Comet Ridge Limited will not be responsible for any loss or damage (direct or indirect,
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.
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