COMET RIDGE LIMITED

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www.cometridge.com.au ASX Code : COI

www.cometridge.com.au

ASX listed - based in Brisbane

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Focus on natural gas in eastern Australia
Multi-basin presence
✓ Southern Bowen (Mahalo) - Queensland
✓ Galilee - Queensland
✓ Gunnedah - NSW
Coal Seam Gas (CSG) Pilot schemes running at the Mahalo Gas Project with initial 2P and 3P reserves
✓ Comet Ridge now managing subsurface work
Significant resource base in the Galilee Basin northwest of Gladstone (over 2200 PJ 3C)[+]
✓ CSG
✓ Sandstone Gas

ASX Code : COI

www.cometridge.com.au 2

+Chapter 5 ASX Listing Rules disclosure Page 17

Corporate Overview

Capital Structure – ASX: COI

Share price (19 July 2017)	$0.135
Shares on issue	617.7m
Performance rights	5.0m
Diluted market cap	$84.1m
Cash (30 June 2017)	$6.0m

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28 years in business (commerce/law background)
▪ Former Chairman, Sunshine Gas

James McKay Non-Exec Chairman

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Tor McCaul ▪ Petroleum engineer with 29 Managing Director years in oil & gas
Former Head of Commercial for Cairn plc in India

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30+ years in finance & resources
▪ Former Chair of WA Council of Chartered Sec.

Gillian Swaby Non-Exec Director

12 Month Share Price Performance

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Geologist with 12 years in oil & gas

Chris Pieters

Commercial Director
Former Chief Commercial Officer, Sunshine Gas

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20 years experience in M&A and Finance

Mike Dart

Non- Exec Director
Director of Dart Capital Partners, private venture capital fund

ASX Code : COI

www.cometridge.com.au 3

Comet Ridge - Strategic East Coast Gas Portfolio

	+Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 30 219 112 232 372 +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 67 1870 Sandstone Gas 56 153 417 +Reserve (PJ) +Contingent Resource (PJ) Type 2P 3P 1C 2C 3C CSG 562 2017 Company focus on significantly growing 2P reserves

+Refer to the Competent Persons Statement at end of this presentation and the ASX announcement dated 6 August 2015 for further information on COI’s Reserves and Contingent Resources

ASX Code : COI

www.cometridge.com.au

Eastern Australia – State of Play

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Substantial green activism to gas despite the significant contribution gas makes to the national economy
Some states and territories – LIMITING supply as demand INCREASES dramatically !
Queensland and South Australia have been blessed with gas common sense
Additional gas supply is the only effective response
Galilee Basin (Queensland) has the scale and location to participate in the national gas solution
Market needs CSG from new basins (eg. Galilee Basin)
Market also needs gas from deeper / tighter sandstone reservoirs (eg. Galilee and Cooper Basins)

ASX Code : COI

www.cometridge.com.au 5

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Mahalo Project
ASX Code : COI www.cometridge.com.au
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Mahalo Production Performance

Overall performance of horizontal well and Mahalo Pilot has been very pleasing

▪ Water rate is low leading to expectation of lower development and operating costs

▪ Two of three vertical wells brought on line in 2016, with Mahalo 4 free flowing

▪ ▪ Gas flowrate 426mcfd from Scale up of short Mahalo 7 horizontal with only 361m in horizontal well to longer coal development wells is logical and achievable

Mahalo 7 horizontal well path to vertical well intercept at Mahalo 6

ASX Code : COI

www.cometridge.com.au

Mahalo – Comet Ridge Managing Subsurface Work

Executed agency agreement with Santos for Comet Ridge to manage next phase announced 3 April

ATP 1191 Mahalo	Block
Comet Ridge	40%
APLNG	30%
Santos	30%

Target on moving 3P reserves to 2P – COI 219 PJ (3P)[+] & 112 PJ (1C)[+]
Program focused in north of block

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Mira under-reaming followed by horizontal well
One corehole to the northeast
Work Program and Budget approved by Santos and APLNG on 12 April and field work commencing late July
Focus on building reserves cost effectively – JV program spend this year no more than $5m gross
Rig mobilising next week to commence

ASX Code : COI

www.cometridge.com.au

+Chapter 5 ASX Listing Rules disclosure Page 17

Mahalo Development Concept

Significant analysis work completed – examining the most efficient and effective way to move the northern pilot schemes into production via available export pipeline capacity and field infrastructure

Three Step Process:

1. Conversion of existing 3P to 2P reserve category, targeting 200+PJ (net COI)

Production enhancement at Mira Pilot
Single step-out corehole in north east

2. Initial production phase targeting 25 TJ/d from northern part of the block

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Utilise existing facilities to minimise capex spend and construction time

3. Expand initial production phase to full field target of 100+TJ/d

Based around well production rates from initial production phase to guide field development

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ASX Code : COI

www.cometridge.com.au 9

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Galilee Basin
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ASX Code : COI
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www.cometridge.com.au
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Galilee Basin – Significant Scale

Background

Large area (~250,000km[2] ) covering a big part of central western Queensland
Land use is grazing – cattle and sheep on large stations
Historical exploration - oil recovered and gas flows
Recent basin-wide focus on CSG
Single-well production test by Comet Ridge
Significant potential for conventional and unconventional resources
Coal mine province evolving in the shallow coals in the east

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ASX Code : COI

www.cometridge.com.au

Galilee Basin – Sandstones

Koburra Trough

3 historic petroleum wells within ATP 743 and ATP 744 recovered gas and/or oil from Lake Galilee Sandstone at base of Galilee Basin section – all now in Comet Ridge acreage
Koburra 1, Carmichael 1 and Lake Galilee 1 flowed gas to surface at low rates - Evidence of active petroleum system
However early basin wells were targeting oil and not designed to evaluate gas potential (high mud overbalance / not tested immediately on penetration etc.)
Lake Galilee 1 – oil recovered
Potential for significant hydrocarbon volumes

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120km
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• GTS – flowed gas to surface
• OTS – recovered oil to surface
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Targeting Late Carboniferous to Permian sandstones to depths of ~3000m
Comet Ridge has Basin’s first sandstone contingent resource
153PJ (2C)[+] over Albany structure in Koburra Trough

ASX Code : COI

www.cometridge.com.au

+Chapter 5 ASX Listing Rules disclosure Page 17

CSG – Gunn Project Area

Gunn Project Area

6 individual coal seams
depth to coal 700-1,000m
16m net coal deposited over large area
average gas content 4.3 m[3] /t (high 7.3 m[3] /t)
good to excellent permeability within target coals
Gunn-2 Production Test
perforated single 4m coal interval
seam isolated above and below by impermeable mudstone
established connectivity to coals
evaluated methods of formation water treatment
demonstrated long term production solution

Gunn Project area and ATP 1015 area coals contain recoverable gas over an estimated 1,865km[2]

ASX Code : COI

www.cometridge.com.au

Galilee Basin – Forward View

Comet Ridge Work Programme to be funded by gas pre-sale or equity farm-in – process is currently underway
A structurally short east coast market will need to look to the Galilee Basin for gas volume – this is already occurring
Comet Ridge’s eastern position with both large sandstone gas and large CSG resources will have increasing significance
Sandstone Gas at Albany structure (3C – 417 PJ 100% COI) is the logical first step due to size and position on the basin eastern edge
Sandstone Gas at Lake Galilee structure is the logical second step due to size and proximity to Albany (23km)
CSG in the Gunn Project Area (3C – 1870 PJ[+] 100% COI) with expansion into ATP 1015 (100% COI) to the east is the logical third step due to the large volume and continuous nature of the coals

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Each of these three areas can be supported in the field as the one project with corresponding scale economies

ASX Code : COI

www.cometridge.com.au 14

+Chapter 5 ASX Listing Rules disclosure Page 17

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Contact Telephone: +61 7 3221 3661 Facsimile: +61 7 3221 3668 Email

www.cometridge.com.au

www.cometridge.com.au

ASX Code : COI

Important Notice and Disclaimer

Disclaimer

This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge). The Presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections, Comet Ridge has provided these projections based upon the information that has been provided to Comet Ridge. None of Comet Ridge or its directors, officers or employees make any representations (express or implied) as to the accuracy or otherwise of any information or opinions in the Presentation and (to the maximum extent permitted by law) no liability or responsibility is accepted by such persons.

Summary information

This Presentation contains summary information about Comet Ridge and its subsidiaries and their activities current as at the date of this Presentation. The information in this Presentation is of general background and does not purport to be complete. It should be read in conjunction with Comet Ridge’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.

ASX Releases

Investors are advised that by their nature as visual aids, presentations provide information in a summary form. The key information on detailed Resource statements can be found in Comet Ridge’s ASX releases. Resource statements are provided to comply with ASX guidelines but investors are urged to read supporting information in full on the website.

Past performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Future performance

This Presentation contains certain “forward-looking statements”. Forward looking words such as, “expect”, “should”, “could ”, “may”, “plan”, “will”, “forecast”, “estimate”, “target” and other similar expressions are intended to identify forward-looking statements within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Such forward-looking statements, opinions and estimates are not guarantees of future performance.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains such statements that are subject to known and unknown risks and uncertainties and other factors, many of which are beyond the control of Comet Ridge, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Such forward-looking statements are relevant at the date of this Presentation and Comet Ridge assumes no obligation to update such information.

Investment risk

An investment in Comet Ridge shares is subject to investment and other known and unknown risks, some of which are beyond the control of Comet Ridge. Comet Ridge does not guarantee any particular rate of return or the performance of Comet Ridge. Persons should have regard to the risks outlined in this Presentation.

ASX Code : COI

www.cometridge.com.au 16

Important Notice and Disclaimer

Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities

The Contingent Resource for the Albany Structure ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Australasia) Pty Ltd, an independent petroleum reserve and resource evaluation company. The Contingent Resources information has been issued with the prior written consent of Dr McConachie in the form and context in which they appear in this Annual Reserves Statement for 2016. His qualifications and experience meet the requirements to act as a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42 to report petroleum reserves in accordance with the Society of Petroleum Engineers (“SPE”) 2007 Petroleum Resource Management System (“PRMS”) Guidelines as well as the 2011 Guidelines for Application.

The estimate of Reserves and Contingent Resources for the Mahalo Project as part of ATP 1191P provided in this presentation, is based on, and fairly represents, information and supporting documentation determined by Mr Timothy L. Hower of MHA Petroleum Consultants LLC Inc in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of MHA, and is a qualified person as defined under the ASX Listing Rule 5.42. Mr Hower is a Licensed Professional Engineer in the States of Colorado and Wyoming as well as being a member of The Society of Petroleum Engineers. Mr Hower has consented to the publication of the Reserve and Contingent Resource estimates for Mahalo in the form and context in which they appear in this presentation.

The reserve and contingent gas resource estimates for ATP 1191P provided in this presentation were originally released to the Market in the Company’s announcement of 28 August 2014 and subsequently updated in an announcement date 2 December 2015, and were estimated using the deterministic method with the estimate of contingent resources for ATP 337P not having been adjusted for commercial risk.

The contingent resource estimates for ATP 744P provided in this presentation are based on and fairly represent, information and supporting documentation determined by Mr John Hattner of Netherland, Sewell and Associates Inc, Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner is a full-time employee of NSAI, and is considered to be a qualified person as defined under the ASX Listing Rule 5.42 and has given his consent to the use of the resource figures in the form and context in which they appear in this presentation.

The contingent gas resource estimates for ATP 744P provided in this statement were originally released to the Market in the Company’s announcement of 25 November 2010, and were estimated using the deterministic method with the estimate of contingent resources for ATP 744P not having been adjusted for commercial risk.

COI confirms that it is not aware of any new information or data that materially affects the information included in any of the announcements relating to either AYP 1191P or ATP 744P referred to above and that all of the material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

The contingent resource estimates for PEL 6, PEL 427 and PEL 428 referred to in this presentation were determined by Mr Timothy L. Hower of MHA Petroleum Consultants LLC in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of MHA, and is a qualified person as defined under the ASX Listing Rule 5.42. Mr Hower consented to the publication of the resource figures which appeared in the announcement of 7 March 2011 made by Eastern Star Gas Limited (ASX:ESG) and any reference and reliance on the resource figures for PEL 6, PEL 427 & PEL 428 in this presentation is only a restatement of the information contained in the ESG announcement.

The contingent resource estimates for PEL 6, PEL 427 and PEL 428 were estimated using the deterministic method with the estimate of contingent resources for PEL 6, PEL 427 and PEL 428 not having been adjusted for commercial risk.

COI confirms that it is not aware of any new information or data that materially affects the information included in the ESG announcement of 7 March 2011 and that all of the material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

ASX Code : COI

www.cometridge.com.au 17

AI assistant

COMET RIDGE LIMITED Investor Presentation 2017

64686_rns_2017-07-19_889a96a2-9aca-4326-a657-26ea173b7434.pdf