Comet Ridge Ltd · ASX:COI
Comet Ridge — Bell Potter Gas Roundtable 2025
16 slides from Comet Ridge's conference presentation, Sep 23, 2025
Slide 1: Bell Potter Gas Roundtable
Bell Potter Gas Roundtable For personal use only Tor McCaul, Managing Director 23 September 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 This Presentation contains certain “forward-looking statements”. Fo
Slide 3: Mahalo Gas Hub: Close to QGP and GLNG pipelines
COMET RIDGE | A compelling east coast gas play For personal use only Mahalo Gas Hub: Close to QGP (domestic) and GLNG (export) pipelines Page 3
Slide 4: 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 successful development ready through additional Resource position, commercial pilot
Slide 5: 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 In
Slide 6: Risks for the East Coast gas market
COMET RIDGE | A compelling east coast gas play Risks for the East Coast gas market Uncertainty for Queensland gas developments For personal use only “Significant risks…could impede the projects going ahead…(including… regulatory approvals, land access, policy uncertainty, commercial factors and acce
Slide 7: Mahalo Gas Hub: 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 Net For personal use only Mahalo Gas Hub COI Net Reserves* Contingent Area permits interest (PJ) Resources* (PJ) km2 % 2P 3P 2C 3C Mahalo JV project (
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 Mahalo East Pilot Outcome (increased by 27% and 29% respectively from the recent Mahalo East certification) For personal use only • High quality core
Slide 9: Mahalo area progressing to be a major east coast hub
COMET RIDGE | A compelling east coast gas play Mahalo area progressing to be a major east coast hub – material 2P reserves close to infrastructure in the east coast market • High productivity shallow reservoir - lower capex and For personal use only lower cost gas • Four lateral pilots across the hu
Slide 10: Mahalo Gas Hub – Mahalo Joint Venture Project
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Mahalo Joint Venture Project Mahalo JV is an extensively appraised project moving to development in two adjacent PL areas For personal use only Mahalo Joint Venture Upcoming Milestones (COI 57.14%; STO 42.86% and Operator) ❑ Complete up
Slide 11: Mahalo Gas Hub – 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 Gas Status of approvals and Australia is strained Hub, near Gladstone development funding and building Page 12
Slide 13: Corporate overview
COMET RIDGE | A compelling east coast gas play Corporate overview COI Share Price and Volume - last 12 months Share price Market capitalisation $0.25 10.0m $0.115 $138m For personal use only $0.20 8.0m 19 Sep 2025 Shares on issue Warrants $0.15 6.0m 1,196m 77.7m* $0.10 4.0m Cash Debt $0.05 2.0m $13.
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 Gas Project provided in this Presentation, The Contingent