Comet Ridge : Managing Directors 2021 AGM Presentation

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COMET RIDGE LIMITED

2021 Annual General Meeting Managing Director's Presentation

16 November 2021

Important notice and disclaimer

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.

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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.

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Agenda
	1.	Development of Mahalo Gas Hub
use	Securing Galilee Basin permits
2.
3.	Gas Markets
4.	Key Highlights
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Appendices:
A.	Corporate overview
B.	Director profiles
C.	Certified Reserves and Resources
D.	Competent Person Statement

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Mahalo Gas Project

only			Significantly appraised
	Strong project	project
		•	20+ CSG appraisal wells
		fundamentals
		•	Mira pilot flowed 1.4MMcfd from
		established
use			924m in coal
		•	Longer development wells to be
			drilled (target > 2 MMcfd)

Certified gross 2P Gas

Fully licenced project

ersonal		close to infrastructure
Reserves of 266 PJ
•	Equal to 60 TJ/d production for 12	•	Petroleum Leases and
	years		environmental approvals
•	Material upside from Mahalo North	•	~65km to both Jemena and GLNG
	and East blocks		pipelines to Gladstone

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

Transformational acquisition built on compelling metrics and Mahalo JV alignment

onlyComet Ridge has executed a binding agreement to acquire APLNG's 30% interest in the Mahalo Gas Project*

On completion, Comet Ridge will hold a 70% interest in the Mahalo Gas Project

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

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Compelling reserve metrics: - $0.25/GJ (2P Reserves) - $0.15/GJ (3P Reserves)

Santos to become development operator with Comet Ridge to undertake appraisal work (as agent) for project scale

* Refer ASX announcement 3 August 2021

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