Slide 1: Progressing Mahalo Gas Hub development
Noosa Mining Conference Presentation by: Progressing Mahalo Gas Hub Tor McCaul, Managing Director development Capital Raising Presentation 14 February 2024 10 November 2022
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 This Presentation contains certain “forward-looking statements”. Forward looking words su
Slide 3: Mahalo Gas Hub
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub: Large gas development close to QGP (domestic) and GLNG (export) pipelines Page 3
Slide 4: Mahalo Gas Hub: significant progress last months
Mahalo Gas Hub: significant progress last 18 months COMET RIDGE | A compelling east coast gas play Jun Dec 2022 2023 Page 4
Slide 5: Mahalo Gas Hub: path to production
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub: path to production Mahalo Gas Hub Close to infrastructure Mahalo JV Project Mahalo JV operator GSA executed Reserve and Resource additions (subject to finance and gas transport conditions) Project funding Page 5
Slide 6: 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 406 PJ; 3P + 3C of 827 PJ Net Mahalo Gas Hub COI Net Reserves* Contingent Area permits interest (PJ) Resources* (PJ) km2 % 2P 3P 2C 3C Mahalo JV project (PL 1082, 1083) 989 57.
Slide 7: Mahalo Gas Hub: key qualities
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub: key qualities Mahalo area progressing to be a major east coast hub – proven gas rates close to infrastructure in the east coast market • High productivity shallow reservoir - lower capex and lower cost gas • Proven production: Mahalo Nor
Slide 8: Mahalo JV Gas Project: Comet Ridge and Santos
COMET RIDGE | A compelling east coast gas play Mahalo JV Gas Project: Comet Ridge and Santos Extensively appraised Progressing gas project infrastructure solutions • Material equity positions for each • High productivity fairway confirmed • Progressing Jemena solution participant in PL 1082 and PL 1
Slide 9: Mahalo North: Government approvals underway
COMET RIDGE | A compelling east coast gas play Mahalo North: Government approvals underway • A new Petroleum Lease Application (PLA) has been submitted to the Queensland Department of Resources (DOR) • PLA 1128 was assigned by DOR in October 2023 • The successful Mahalo North pilot test lies in the
Slide 10: Pipeline connection: critical path step
COMET RIDGE | A compelling east coast gas play Pipeline connection: critical path step • Jemena has completed a pre-FEED* study to build, own and operate ~80km pipeline connection from Mahalo North (COI 100%) to Jemena’s Queensland Gas Pipeline (QGP) • One large gas hub requires only one large diame
Slide 11: Funding requirement prior to Mahalo Gas Hub FID
COMET RIDGE | A compelling east coast gas play Funding requirement prior to Mahalo Gas Hub FID* Placement and capital structure Placement Amount $15.0m Existing Shares on issue 1,015.5m 92% Issue Price (per Share) $0.17 Placement Shares 88.5m 8% Placement Shares 88.5m Post Placement^ 1,104.0m 100% F
Slide 12: Comet Ridge: key messages
COMET RIDGE | A compelling east coast gas play Comet Ridge: key messages The role of natural gas in East coast energy market Comet Ridge Mahalo Gas Status of approvals and Australia is strained Hub, east of Gladstone development funding Page 12 * BOO: Build, own and operate
Slide 13: Proforma Corporate overview
COMET RIDGE | A compelling east coast gas play Proforma Corporate overview Share price Market capitalisation COI Share Price and Volume - last 12 months $0.195 $188m^ $0.25 10.0m $0.20 8.0m 9 Feb 2024 (last close) Shares on issue Warrants 1,104m 65.9m* $0.15 6.0m + 4.0m performance rights Avg. exerc
Slide 14: Appendices
Appendices >» IS Comet Ridge
Slide 15: Pressure building on east coast gas market
Pressure building on east coast COMET RIDGE | A compelling east coast gas play Mandatory Gas Code of Conduct gas market ❖ $12/GJ price cap extended to June 2025 ❖ Investment slowed significantly during uncertainty created by market intervention ❖ Reasonable price provisions removed ❖ Decline in sout
Slide 16: 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, The Contingent Resour
Slide 17: Risk Factors
COMET RIDGE | A compelling east coast gas play Risk Factors The New Shares offered under the Placement should be considered speculative because of the nature of the Company’s business. There are numerous risk factors involved with the Company’s business. Some of these risks can be mitigated by the u
Slide 18: Risks Factors - Continued
COMET RIDGE | A compelling east coast gas play Risks Factors - Continued Industry and Company Specific Risks Comet Ridge’s possible future revenues are expected to be derived from domestic and/or export gas sales. The profitability of Comet Ridge’s gas business will be determined by the future marke
Slide 19: Risks Factors - Continued
COMET RIDGE | A compelling east coast gas play Risks Factors - Continued Industry and Company Specific Risks 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 aspec
Slide 20: Risks Factors - Continued
COMET RIDGE | A compelling east coast gas play Risks Factors - Continued Industry and Company Specific Risks Comet Ridge may be exposed to potential legal and other claims or disputes in the future which could negatively impact Comet Ridge’s financial Litigation Risk performance through damages paym
Slide 21: Risks Factors - Continued
COMET RIDGE | A compelling east coast gas play Risks Factors - Continued General Investment Risks Factors such as economic outlook, inflation, currency fluctuation, interest rates, demand, global geo-political events and hostilities and industrial disruption Economic Risk have an impact on operating