Comet Ridge Ltd · ASX:COI
Comet Ridge — RIU Good Oil and Gas 2026
13 slides from Comet Ridge's conference presentation, Sep 16, 2026
Slide 1: Now with 100% of the Mahalo Gas Hub
Bell Potter Gas Roundtable Tor McCaul, Managing Director 23 September 2025 Now with 100% of the Mahalo Gas Hub RIU Good Oil and Gas, Perth, 16 September 2026
Slide 2: Important Notice and Disclaimer
COMET RIDGE | A compelling east coast gas play Important Notice and Disclaimer 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 statements”. Forward looking
Slide 3: Gas Reservation – policy is softening but details yet to be finalised
COMET RIDGE | A compelling east coast gas play Gas Reservation – policy is softening but details yet to be finalised Although softening, government domestic market reservation will provide an opportunity for Comet Ridge to sell Mahalo gas into nearby Gladstone LNG scheme(s) via direct sales or via t
Slide 4: Gas Reservation may steer Comet Ridge towards LNG Supply
COMET RIDGE | A compelling east coast gas play Gas Reservation may steer Comet Ridge towards LNG Supply Domestic vs LNG supply Implications for Comet Ridge • US-Iran war has severely impacted the global LNG market by cutting off ~20% of global • Whilst details have not been finalised, even supplies,
Slide 5: Overview
COMET RIDGE | A compelling east coast gas play Overview Share price Market Capitalisation Share trading last 12 months $0.09 $151.1m 14 September 2026 14 September 2026 Shares on Options Issue 1,679m 199m* 14 September 2026 14 September 2026 Warrants 55m** 14 September 2026 Cash Debt $27.7m $9.5m**
Slide 6: Acquired Santos 42.86% of Mahalo Gas Project: completed 21 August 2026
COMET RIDGE | A compelling east coast gas play Acquired Santos 42.86% of Mahalo Gas Project: completed 21 August 2026 Comet Ridge now owns 100% of the entire Mahalo Gas Hub’s 1850 km2 Consideration • $21.4 million cash.1 • $8.6 million Comet Ridge scrip consideration. • Three $10 million contingent
Slide 7: Rationale
COMET RIDGE | A compelling east coast gas play Rationale Achieve 100% ownership of 1,850 km2 total Mahalo Gas Hub project area and a large reserve (2P 361 PJ) and 1 resource (2P + 2C 676 PJ or 3P + 3C 1,240 PJ) 2 Optimise the entire Mahalo Gas Hub as a single coordinated development 3 Maximise value
Slide 8: 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 Large, 100% owned Proven gas field Close to Production permits Speed to market Reservation policy gas portfolio productivity infrastructure and in place Mahalo is development provides LNG 361 PJ 2
Slide 9: Mahalo Gas Hub – Substantial Gas Hub, Reserves and Resources
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Substantial Gas Hub, Reserves and Resources Total 2P + 2C of 676 PJ; 3P + 3C of 1,240 PJ Contingent Mahalo Gas Hub COI Reserves* Area Resources* permits interest (PJ) (PJ) km2 % 2P 3P 2C 3C Mahalo** (PL 1082, 1083) 989 100 266 458 315 5
Slide 10: Simple, shallow, low cost well design strengthens project economics
COMET RIDGE | A compelling east coast gas play Simple, shallow, low cost well design strengthens project economics Phase 1 Development well placement between 250 and 350 metres vertical depth and non- Gas Rate stimulated, so comparatively low cost. Achieved 0.43 MMcfd 1.44 MMcfd 1.75 MMcfd Page 10
Slide 11: Lower cost, shallow CSG, powered by Comet Ridge local experience
COMET RIDGE | A compelling east coast gas play Lower cost, shallow CSG, powered by Comet Ridge local experience Significant subsurface knowledge across the area • Comprehensive Geological Model: Built from extensive appraisal and historical data • Proven Commercial Pilots: Four successful pilots acr
Slide 12: De-risked Project, Reaching Development
COMET RIDGE | A compelling east coast gas play De-risked Project, Reaching Development Project Status Step-Out & Growth • Significant 2P + 3P Reserves: De-risked position • Market Engagement: Active discussions • Development Ready: Upstream and EPBC environmental approvals with multiple gas buyers f
Slide 13: Competent Person Statement
COMET RIDGE | A compelling east coast gas play Competent Person Statement 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 Gas Project provided in this Presentation, is based The Continge