Comet Ridge Ltd · ASX:COI
Comet Ridge — Barrenjoey East Coast Gas Day (October 2025)
16 slides from Comet Ridge's conference presentation, Oct 20, 2025
Slide 1: Barrenjoey East Coast Gas Day
Bell Potter Gas Roundtable For personal use only Tor McCaul, Managing Director 23 September 2025 Barrenjoey East Coast Gas Day Tor McCaul Managing Director 20 October 2025
Slide 2: Important notice and disclaimer
COMET RIDGE | A compelling east coast gas play Important notice and disclaimer For personal use only Disclaimer Future performance This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge). This Presentation contains certain “forward-looking stateme
Slide 3: Bringing new energy to Australia's east coast gas market
COMET RIDGE | A compelling east coast gas play Bringing new energy to Australia’s east coast gas market For personal use only Large 2P & 2C* Attractive flow rates Mahalo JV is Significant growth Reserve and from four development ready through additional Resource position, successful with key upstrea
Slide 4: Depleting fields and unfilled demand
COMET RIDGE | A compelling east coast gas play Depleting fields and unfilled demand According to the ACCC: For personal use only “Between 2026 and 2036, there is forecast to be 2179 PJ of unfulfilled demand…the annual gas shortfall is expected to rise to around 300 PJ by the mid-2030s.” ACCC Gas Inq
Slide 5: Risks for the east coast gas market
COMET RIDGE | A compelling east coast gas play Risks for the east coast gas market According to AEMO: “The risk of peak-day shortfalls and seasonal supply gaps in the southern states is For personal use only expected to arise from 2028, with annual supply gaps emerging from 2029, when production fro
Slide 6: Material Certified Gas Reserves and Resources
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub: Material Certified Gas Reserves and Resources Net 2P + 2C of 427 PJ; 3P + 3C of 823 PJ For personal use only Net Net Mahalo Gas Hub COI Contingent Area Reserves* permits interest Resources* (PJ) (PJ) km2 % 2P 3P 2C 3C Mahalo JV Gas Proje
Slide 7: Mahalo East Pilot and Reserves Certification
COMET RIDGE | A compelling east coast gas play Mahalo East Pilot and Reserves Certification Comet Ridge Net 2P and 3P Gas Reserves* at Mahalo Gas Hub (increased by 27% and 29% respectively from the recent Mahalo East certification) Mahalo East Pilot For personal use only Outcome • High quality core
Slide 8: Mahalo Gas Hub – Significant 2P Reserves close to market connection
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Significant 2P Reserves - close to market connection • Very large total project area of 1848 km2 leading to a For personal use only very large reserve and resource volume • High productivity shallow reservoir - lower drilling costs and
Slide 9: Mahalo Joint Venture Gas Project
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Mahalo Joint Venture Gas Project Mahalo JV is an extensively appraised project moving to development For personal use only Mahalo Joint Venture Upcoming Milestones (COI 57.14%; STO 42.86% and Operator) ❑ Complete upstream FEED ❑ Planned
Slide 10: Both Front End Engineering Design stages progressing
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Both Front End Engineering Design stages progressing Two FEED stages running concurrently – Santos with the Upstream and Jemena with the Pipeline to market For personal use only Santos – Upstream FEED Jemena – Pipeline FEED ❑ Gas facili
Slide 11: Comet Ridge 100% held projects
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Comet Ridge 100% held projects Development of Comet Ridge 100% projects optimises long-term Mahalo Gas Hub development For personal use only Mahalo North Mahalo East (COI 100% and Operator) (COI 100% and Operator) • ATP 2048 containing
Slide 12: Comet Ridge: key messages
COMET RIDGE | A compelling east coast gas play Comet Ridge: key messages For personal use only The role of natural gas in East coast energy market Comet Ridge Mahalo Status of approvals and Australia is strained Gas Hub, near Gladstone development funding and building Page 12
Slide 13: Corporate overview
COMET RIDGE | A compelling east coast gas play Corporate overview Share price Market capitalisation For personal use only $0.115 $138m 16 Oct 2025 Shares on issue Warrants 1,196m 77.7m* Cash Debt $10.6m $9.5m* 30 Sep 2025 30 Sep 2025 Page 13 * PURE Asset Management loan (extended to 30/06/27); 22.7m
Slide 14: Reserves and Resources
Reserves and Resources For personal use only
Slide 15: Current Reserves and Resources Statement (ASX Listing Rule 5.44)
COMET RIDGE | A compelling east coast gas play Current Reserves and Resources Statement (ASX Listing Rule 5.44) Comet Ridge Limited – Net Recoverable Reserves and Resources For personal use only Basin Project / Permit COI Reserves (PJ) Contingent Resources (PJ Interest 1P 2P 3P 1C 2C 3C Southern Bow
Slide 16: ASX Listing Rule 5.44 disclosure
COMET RIDGE | A compelling east coast gas play ASX Listing Rule 5.44 disclosure Competent Person Statement and ASX Listing Rules Chapter 5 - Reporting on Oil and Gas Activities The estimate of Reserves and Contingent Resources for the Mahalo JV Gas Project provided in this The Contingent Resource fo
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