Slide 1: Amended Capital Raising Investor Presentation
For personal use only Amended Capital Raising Investor Presentation 9 August 2012 Tor McCaul Managing Director www.cometridge.com.au ASX Code : COI www.cometridge.com.au
Slide 2: Important Notice and Disclaimer
For personal use only Important Notice and Disclaimer Disclaimer This investor 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 pur
Slide 3: Contents
For personal use only Contents 1. Comet Ridge Limited Capital Raising Summary Strategy & Australian Operations Key Achievements Assets Activities FY2012/13 Targeted Milestones 2. Capital Raising Offer Details Use of Funds Indicative Timetable 3. Risks and Selling Restrictions Investment Risks Foreig
Slide 4: Section 1: Comet Ridge Limited
For personal use only Section 1: Comet Ridge Limited ASX Code : COI www.cometridge.com.au 4
Slide 5: Capital Raising Summary
For personal use only Capital Raising Summary Offer Summary Placement to raise $2.5m plus Accelerated Non-Renounceable Entitlement Offer (“Entitlement Offer”) comprising: Institutional Entitlement Offer to raise $3.8m Retail Entitlement Offer to raise up to $3.9m Issue price of $0.10 per sha
Slide 6: Strategy and Australian Operations
For personal use only Strategy and Australian Operations Leverage maximum upside for shareholders via early phase exploration & appraisal projects Material equity positions in key Coal Seam Gas basins Convert Resources to Reserves Comet Ridge targeting first 2P Reserves within 6 months Comet
Slide 7: Key Achievements last months
For personal use only Key Achievements last 12 months Sale of 5% of Mahalo block to Stanwell for $7M ― Plus $8M carry for up to 12 wells in 2012 ― Stanwell option to purchase COI interest for $1M per PJ of converted 2P reserve Maiden dividend received from investment in USA oil business of US$3.
Slide 8: Bowen Basin – ATP 337P Mahalo
For personal use only Bowen Basin – ATP 337P Mahalo Equity participants – COI 35%, Stanwell 5%, Australia Pacific LNG 30% and Santos 30%. Mahalo 4-spot pilot drilling has concluded ― 4 wells drilled - good continuity and thickness of coal ― Very good permeability demonstrated - JV planning commi
Slide 9: ATP 337P Mahalo Agreement with Stanwell
ATP 337P Mahalo Agreement with Stanwell Sale to Stanwell Corporation of COI interest in ATP 337P Mahalo: For personal use only ― 5% interest for $7 million; ― Stanwell funding up to $8 million of 2012 drilling programme expenditure ― Stanwell option to pay $1M per PJ of 2P reserves booked (to buy-
Slide 10: Galilee Basin – Greater Gunn Project Area
Galilee Basin – Greater Gunn Project Area 100% interest in 13,000 km2 plus Lake For personal use only Galilee Farm-in Area, operated by COI 5 wells and 2D Seismic acquisition programme completed 1,870 PJ of 3C Contingent Resource ― Considerable upside in ATP 744P still untested Announced Lak
Slide 11: Galilee Basin – Commercial Options
Galilee Basin – Commercial Options For personal use only 3 different market segments emerging for commercial development: ― Coal mine users ― Power producers ― LNG market Coal Mining Projects Stage 1 Development: Power for Coal Adani Mines / Local generation Vale ― Up to 1,500 MW energy demand j
Slide 12: Gunnedah Basin – PEL 427 & PEL 428
For personal use only Gunnedah Basin – PEL 427 & PEL 428 Santos / TruEnergy $924m acquisition of ESG confirms gas potential of northern NSW likely to bring infrastructure and commercial options for gas ESG built Bohena Trough 2P reserves up to 1520 PJ gross Other troughs in Northern NSW?
Slide 13: USA – Comet Ridge Resources LLC
For personal use only USA – Comet Ridge Resources LLC 17.257% in Comet Ridge Resources LLC (CRR) US$3.5M dividend paid to Comet Ridge Limited in June 2011 Grays Harbor drilling scheduled 3rd qtr 2012 Completed sale of Florence oil field for US$12.25M (provides funding for CRR activities) T
Slide 14: QLD Activities Schedule – FY2012/13
For personal use only QLD Activities Schedule – FY2012/13 ASX Code : COI www.cometridge.com.au 14
Slide 15: Future Targeted Milestones
For personal use only Future Targeted Milestones 12 wells in Mahalo block leading to initial reserves in 1st Qtr 2013 and additional reserves in 2013 Early production test well in Gunn Project Area in Galilee Basin followed by pilot program 2 core wells in Lake Galilee Farm-in Area to extend G
Slide 16: Section 2: Capital Raising Overview
For personal use only Section 2: Capital Raising Overview ASX Code : COI www.cometridge.com.au 16
Slide 17: Offer Details
Offer Details Offer Structure: For personal use only Placement to raise $2.5m and a 1 for 4 Entitlement Offer, comprising an Accelerated Institutional Entitlement Offer to raise $3.8m and Retail Entitlement Offer to raise up to $3.9m Up to approximately 102.1m new COI shares to be issued (repr
Slide 18: Use of Funds FY2012/13
For personal use only Use of Funds FY2012/13 Sources A$m Uses (FY2012/13) A$m Cash at 30 June 2012 6.1 Galilee 4.7 Stanwell farm-in proceeds 8.0 Mahalo (COI carried by Stanwell up to A$8m) 8.0 Placement and Institutional Entitlement Offer 6.3 Other exploration and Petrel acquisition 1.2 Retail Entit
Slide 19: Indicative Timetable
For personal use only Indicative Timetable Entitlement Offer Date Announce completion of Institutional Entitlement Offer and Placement 9 Aug 2012 COI shares resume trading on an ex-entitlement basis 9 Aug 2012 Record Date for the Entitlement Offer (7.00pm AEST) 10 Aug 2012 Retail Entitlement Offer o
Slide 20: Section 3: Investment Risks and Selling Restrictions
For personal use only Section 3: Section 3: Investment Investment Risks Risks and and Selling Selling Restrictions Restrictions ASX Code : COI www.cometridge.com.au 20
Slide 21: Investment Risks
For personal use only Investment Risks There are various risks associated with investing in Comet Ridge, as with any stock market investment and, specifically, because of the nature of Comet Ridge’s exploration business and the present stage of development of Comet Ridge’s operations. Potential in
Slide 22: Investment Risks (cont'd)
For personal use only Investment Risks (cont’d) The rate at which gas flows from Comet Ridge’s wells will be a determinant of its profitability. There is a risk that gas flow rates from Comet Ridge’s wells will not Gas flow rates be sufficient to meet the requirements of future gas supply contract
Slide 23: Investment Risks (cont'd)
For personal use only Investment Risks (cont’d) Comet Ridge’s operations and projects are subject to state and federal laws and regulation regarding the environment. These laws and regulations set various standards regulating certain aspects of health and environmental quality and provide for pena
Slide 24: Investment Risks (cont'd)
For personal use only Investment Risks (cont’d) Occupational Gas exploration and production may expose Comet Ridge’s staff to potentially dangerous working environments. Occupational health and safety legislation and health and regulations differ in each jurisdiction. If any of Comet Ridge’s emplo
Slide 25: Foreign Selling Restrictions
Foreign Selling Restrictions The contents of this Presentation have not been reviewed or approved by any regulatory authority in Hong Kong. The information in this Presentation has not been, and will not be, For personal use only registered as a prospectus in Hong Kong under the Companies Ordinance
Slide 26: Comet Ridge Limited
Comet Ridge Limited For personal use only www.cometridge.com.au Address Level 1 283 Elizabeth Street Brisbane 4000 & GPO Box 798 Brisbane 4001 Telephone: +61 7 3221 3661 Facsimile: +61 7 3221 3668 Email: info@cometridge.com.au ASX Code : COI www.cometridge.com.au 26