Comet Ridge : Bell Potter Unearthed Conference MD Presentation

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COMET RIDGE LIMITED

Bell Potter Unearthed Conference

Tor McCaul, Managing Director

10 February 2022

Important notice and disclaimer.

A | RIDGE COMET

onlyDisclaimer

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

i formation 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

co tains any projections, Comet Ridge has provided these projections based upon the information that has been pr vided 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.

useSummary 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

ersonalInvestors 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.

play gas coast east compelling

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Highlights

only	1	Comet Ridge purchase of APLNG stake (30%) unlocks the Mahalo Gas Hub for development.
2	Fully funded for APLNG acquisition, appraisal at Mahalo North (100% owned) and working capital
requirements.
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3	Early Mahalo North pilot well results very positive, signaling strong gas potential.
ersonal	4	Significant increase in 2P and 3P Gas Reserves from APLNG acquisition and completion of pilot well
testing.
	5	Multiple options emerging for project commercialisation (near term) to take advantage of strong gas
	markets and current pricing.

play gas coast east compelling A | RIDGE COMET

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Mahalo North 2/1 means the lateral well Mahalo North 2 intersecting the vertical well Mahalo North 1, with all production coming out of the vertical well

• ~65 km to GLNG and Jemena pipelines to Gladstone

• 14 km to nearest pipeline connection

Focused on the development of the Mahalo Gas Hub, Queensland

Mahalo can be a major east coast hub - proven gas rates close to infrastructure in the east coast market

✓Shallow coals: lower drilling and completion costs = lower capex and lower cost of gas

✓Proven production tests:
only	•	Mahalo 7/6 (very short lateral) flowed 0.43 MMcfd
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• Mira 6/2 (mid-length lateral) flowed 1.4 MMcfd
• Mahalo North 2/1* (longer dual lateral) - production test commenced mid
	January
✓Southern Bowen coals produce less water than other Qld basins
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✓Gas is sales specification with minor trace of CO2 ✓Close to infrastructure:

*

play gas coast east compelling A | RIDGE COMET

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- $0.15/GJ (3P Reserves)

Very significant progress in the last 12 months

Funded acquisition of APLNG's 30% interest in Mahalo Gas Project

onlyBinding agreement to acquire APLNG's 30% interest in the Mahalo Gas Project, increasing COI's interest to 70%*

Santos has an option to negotiate to increase to 50% in Mahalo & negotiate 50% interests in Mahalo North & East

useUpfront consideration of $12m funded via Santos loan and deferred consideration of $8m, payable in tranches

ersonalCompelling reserve metrics: - $0.25/GJ (2P Reserves)

All conditions have been materially progressed or satisfied. Targeting acquisition completion this quarter.

* Refer ASX announcement 3 August 2021

play gas coast east compelling A | RIDGE COMET

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