Comet Ridge Ltd · ASX:COI
Comet Ridge — US Oil and Gas Downunder Conference 2006
25 slides from Comet Ridge's conference presentation, Mar 29, 2006
Slide 1: ASX cover letter for conference presentation
ISN Comet Ridge 29 March 2006 The Company Announcements Officer Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 By Electronic Lodgement Dear Sir/Madam “US OIL AND GAS DOWNUNDER” PRESENTATION Find attached the presentation by Comet Ridge Limited to be made at the “U
Slide 2: US Oil and Gas Downunder Conference
US Oil and Gas wnunder Conferenc 30-31 March 2006 ~ Sg Perth, WA : Do Presenter: Andy Lydyard Managing Director
Slide 3: US Impact
US IMPACT Shareholder return Diversified portfolio Superior leverage — 4 projects with significant reserve potential * Two lower risk field extension/redevelopment * Two very large exploration projects — Operatorship Drilling at least 4 development wells this year Comet Ridge Limited US Downunder Co
Slide 4: Strategy
STRATEGY ¢ Low risk, close in exploration and redevelopment of mature oil and gas fields utilizing directional drilling technology developed in Australia ¢ High leverage exploration plays — Large scale coal seam gas projects — Overlooked conventional plays amenable to “Australian Exploration” ¢ USA
Slide 5: Capital Structure
YS“ CAPITAL STRUCTURE ¢* ASX code: COl ¢ Listed: April 2004 ¢ Issued shares: 61.2m shares ¢ Issued options: 6.4m 3yr 20¢ options ¢ Market cap: $14 million ¢ Cash: $3.3 million ¢ Top 20: 50% ¢ Shareholders: 492 Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASX CODE: COl
Slide 6: Rapid Transition
RAPID TRANSITION 1 Year Ago Now Area of Activity Australia (QLD) Aust & USA Type CSG CSG & Conventional Projects 2 6 Operated 0 3 Personnel 2 10 Cash $2.3 million $3.3 million Stock Price $0.09 to $0.1 $0.235 Market Cap $6 MM $14.4MM Comet Ridge Limited ASX CODE: COl US Downunder Conference 30-31 Ma
Slide 7: Group Structure
Y<“S GROUP STRUCTURE Operator Rocky Mtn JV Manager of St. Helens Comet Ridge Limited ASX CODE: COI 100% Comet Ridge USA Inc (Delaware Co.) St. Helens Energy LLC (Washington Co.) US Downunder Conference Tow Creek, Bear River Cedar Creek, Grays Harbor 30-31 March, 2006
Slide 8: US Activities
Grays Harbor Oil & Gas Cedar Creek CSG WakOMETRES Comet Ridge Limited ASX CODE: COI US ACTIVITIES Tow Creek Oil US Downunder Conference 30-31 March, 2006
Slide 9: Tow Creek & Bear River, CO
TOW CREEK & BEAR RIVER, CO ’ Bear River) ° - 5 1" Tow-Creek | +47 ase oe oe fe Proposed , — Federal unit Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASX CODE: COl
Slide 10: Tow Creek & Bear River, CO
TOW CREEK & ae DEAR RIVER, CO * Comet Ridge 33.75 to 37.5% WI & operator ¢ 11,000 acres under lease in Routt Co. N. Colo ¢ Historic oilfield redevelopment ¢ Asymmetrical anticline ¢ Niobrara Fm - fractured reservoir ¢ Untested deep structure + shallow gas ¢ 2500 to 6000 ft ¢ Directional, under balan
Slide 11: Drilling Technology
7S“ DRILLING TECHNOLOGY Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASK CODE: COl
Slide 12: Grays Harbor, WA
GRAYS HARBOR, WA Comet Ridge Limited US Downunder Conference _ 30-31 March, 2006 ASK CODE: COl
Slide 13: Grays Harbor
GRAYS HARBOR St. Helens 100% WI and operator Exclusive 2 year lease option on 420,000+ acres One company owns the mineral and surface rights Basin lightly drilled, only 2 wells drilled on seismic Large exploration database and 600 miles of 2D Numerous oil and gas shows Multiple plays with numerous s
Slide 14: Cedar Creek Area
ab Cedar Creek Area [7 IN Comet Ridge Torrent Energy CORPORATION Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASK CODE: COl
Slide 15: Cedar Creek
CEDAR CREEK ¢ St. Helens 40% (non-operator) ¢ Shallow CSG and deeper conventional gas ¢ 100,000 acres under lease option ¢ 15,000 acres under 5 year leases ¢ Technical work encouraging ¢ New prospect area identified ¢ Planned late 2006 drilling Comet Ridge Limited US Downunder Conference 30-31 March
Slide 16: Challenges
CHALLENGES People Comet Ridge Limited ASX CODE: COl Capital resources Aggressive competition Rig equipment US Downunder Conference 30-31 March, 2006
Slide 17: Australian Projects
YS<“ AUSTRALIAN PROJECTS “Galilee MAHALO Tipton West Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASX CODE: COl
Slide 18: Mahalo
MAHALO Santos Core project Targeting Permian coals Sits on key infrastructure Earning 40% (non operator) Gas resource: 180 — 990 BCF 2 holes drilled Feb ‘06 Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASK CODE: COl
Slide 19: Phase II Program
PHASE II PROGRAM Humboldt 1 D ay —_ Mahalo Project Area Petralevem Weils: Dry hate, Ge She Goal Hole Comet Ridge Core Holes Propesed tere Holes on Gas silpailne MWe Edge of Permian Depth motros sub sea: Stucturet High PF Gastieid Comet Ridge Limited ASX CODE: COI Poliux Seam Top Bandanna Formation U
Slide 20: Phase II Results
PHASE II RESULTS ¢ Mira and Humboldt core holes drilled in February ¢ Positive results: — Coal thickness close to prognosis — Permeabilities range between 6 and 56 md — Coals undergoing desorption testing ¢ Mahalo 2 drilling and testing delayed Comet Ridge Limited US Downunder Conference 30-31 March
Slide 21: Tipton West
TIPTON WEST ¢ Divested minority, non-operated, interest * Cash proceeds $4.8 MM ¢ Retain a 1.5% gross royalty” * Beach funding first $35 MM of development ¢ Drilling has commenced ¢ First gas sales (and hence cash flow to Comet Ridge) planned for early 2007 *Capped @ $8MM Comet Ridge Limited US Down
Slide 22: Shareholder Return
SSS SHAREHOLDER RETURN : : ASS | Ausa ee POck E Exchand ey SS hor dt Ee a Lifgase00s - Terusrenob. pradt 2120 pune PU POU $ 24 soa Hf et 14 . 15008 $17 1300 E $15 3 a ee 11.20(E a pe $.13 1ocor $12 geoith, i $l i i soot $.09 sooo sooo 4000 4000 3000 3000 2000¢ 2000 LOOOdMM ULL, | i Wi a HY 1 ot Tea
Slide 23: 2006 Objectives
2006 OBJECTIVES ¢ Book reserves at Mahalo ¢ Book reserves at Tow Creek ¢ Establish production and cash flow in the USA ¢ Grow position at Cedar Creek ¢ Initiate exploration work on Grays Harbor ¢ Grow team of oil (and gas) finders Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASK COD
Slide 24: Summary
SUMMARY An Australian explorer now in control of its own destiny Expanded portfolio and areas of operation — USA and Australia Conventional as well as CSG Operator with significant interests Owns royalty on Tipton West development Comet Ridge Limited US Downunder Conference 30-31 March, 2006 ASK COD
Slide 25: Contact Details
YS“ CONTACT DETAILS ¢ Andy Lydyard ¢ Managing Director « Denver ¢ Vic Palanyk ¢ General Manager * Brisbane Office: Fax: Mobile: Email: Address: +1303 357 4646 Mobile: +1303 357 4648 Tel: +41 :303 547 4478 Fax: andyi@cometridge.com.au Email: 999.18th Street, Suite 3000 Address: Denver Colorado 80202
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