COMET RIDGE LIMITED

Bell Potter Unearthed Conference

Tor McCaul, Managing Director

11 February 2021

Disclaimer

Important notice and 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 atwww.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.

COMET RIDGE | A compelling east coast gas play

Page 2

Directors

James McKay

Non-exec Chairman

  • 30+ years in business (commerce/law background)

  • Considerable public company experience including Sunshine Gas

Chris Pieters

Executive Director

  • Geologist with 15+ years in oil & gas

  • Previously Chief Commercial Officer, Sunshine Gas

Shaun Scott

Non-Exec Director

  • Former CEO of Arrow Energy which sold to Shell for $3.5 billion

  • Considerable CSG experience

Martin Riley

Non-Exec Director

  • 35+ years upstream oil & gas

  • Influential in commercial inception and development of CSG industry in QLD with Origin Energy

Gillian Swaby

Non-Exec Director

  • 35+ years in Finance & Resources

  • Former Chair of WA Council of Chartered Sec.

Tor McCaul

Managing Director

  • Petroleum engineer 30+ years oil & gas

  • Previously Head of Commercial for Cairn plc in India & LNG Contract Manager for VICO Indonesia (Bontang)

COMET RIDGE | A compelling east coast gas play

Page 3

Corporate overview

Share price

Market capitalisation

A$0.077 $60.9m

Shares on issue

791.2m

Cash

$5.1m

31 Dec 2020 (proforma)

Performance rights

10.2m

EV/2P trading multiple*

$0.53/GJ

v. Origin's Ironbark transaction Feb 2019 of $1.79/GJ

* Based on COI net reserves for 40% interest in Mahalo Gas Project of 106 PJ

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Comet Ridge Limited published this content on 11 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2021 04:54:02 UTC.