Comet Ridge Ltd · ASX:COI
Comet Ridge — Shareholder Meeting (November 2025)
17 slides from Comet Ridge's shareholder meeting presentation, Nov 14, 2025
Slide 1: Annual General Meeting
Bell Potter Gas Roundtable For personal use only Tor McCaul, Managing Director 23 September 2025 Annual General Meeting Tor McCaul Managing Director 14 November 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: 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 4: 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 5: The East Coast Natural Gas Market – key points to consider
COMET RIDGE | A compelling east coast gas play The East Coast Natural Gas Market – key points to consider The natural gas market is structurally short due to inactivity and ideological blocks by the Victorian and NSW Governments who now expect Queensland to sort out their problems for them, even if
Slide 6: 2025 Financial Year Timeline
COMET RIDGE | A compelling east coast gas play 2025 Financial Year Timeline May 2025 Nov 2024 CleanCo GSA conditions adjusted Mahalo JV approved Upstream FEED by Santos to match planned Mahalo JV FID For personal use only Oct 2024 May 2025 Mar 2025 Mahalo East 1 & 2 wells drilled Pure Loan refinance
Slide 7: Mahalo Gas Hub: Increased Certified Gas Reserves and Resources
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub: Increased 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 Proj
Slide 8: 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 9: 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 10: Mahalo Gas Hub – 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: Jemena - Geotechnical soil sampling along proposed pipeline route
COMET RIDGE | A compelling east coast gas play Jemena - Geotechnical soil sampling along proposed pipeline route For personal use only Page 11
Slide 12: Mahalo compression facility design
COMET RIDGE | A compelling east coast gas play Mahalo compression facility design For personal use only 3 main Compression Packages in view Page 12 4th future expansion Compressor Package (in grey) shown also
Slide 13: Mahalo compression facility design
COMET RIDGE | A compelling east coast gas play Mahalo compression facility design For personal use only Gas export skid and Dehydration skid in foreground (right) Safety flare system to the left Workshop and office in the distance Page 13 Generators top right
Slide 14: 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 15: Reserves and Resources
Reserves and Resources For personal use only
Slide 16: 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 17: 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