Comet Ridge Ltd · ASX:COI
Comet Ridge — Investor Presentation (June 2026)
23 slides from Comet Ridge's investor presentation, Jun 24, 2026
Slide 1: Consolidating Mahalo Gas Hub
Bell Potter Gas Roundtable For personal use only Tor McCaul, Managing Director 23 September 2025 Consolidating Mahalo Gas Hub June 2026
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 Ridge). This Presentation contains certain “forward-looking statements”. Forward looking
Slide 3: 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, 100% owned Proven gas field Close to Production permits Speed to market Reservation policy gas portfolio productivity infrastructure and in place Mahalo is development
Slide 4: Mahalo Gas Hub – Substantial Gas Hub, Reserves and Resources
COMET RIDGE | A compelling east coast gas play Mahalo Gas Hub – Substantial Gas Hub, Reserves and Resources Total** 2P + 2C of 676 PJ; 3P + 3C of 1,240 PJ For personal use only Contingent Mahalo Gas Hub COI Reserves* Area Resources* permits interest (PJ) (PJ) km2 % 2P 3P 2C 3C Mahalo** (PL 1082, 108
Slide 5: De-risked Project, Reaching Development
COMET RIDGE | A compelling east coast gas play De-risked Project, Reaching Development Project Status Step-Out & Growth For personal use only • Significant 2P + 3P Reserves: De-risked position • Market Engagement: Active discussions • Development Ready: Upstream and EPBC environmental approvals with
Slide 6: Lower Cost, Shallow CSG, powered by Comet Ridge Experience
COMET RIDGE | A compelling east coast gas play Lower Cost, Shallow CSG, powered by Comet Ridge Experience Lower Cost, Shallow CSG For personal use only • Comprehensive Geological Model: Built from extensive appraisal and historical data • Proven Commercial Pilots: Four successful pilots across a wid
Slide 7: Gas Reservation may steer Comet Ridge towards LNG Supply
COMET RIDGE | A compelling east coast gas play Gas Reservation may steer Comet Ridge towards LNG Supply Domestic vs LNG supply Implications for Comet Ridge For personal use only • US-Iran war has severely impacted the global LNG market by cutting • Whilst details are not yet available, even with res
Slide 8: Re-shaped Transaction to Acquire Santos 42.86% Interest
COMET RIDGE | A compelling east coast gas play Re-shaped Transaction to Acquire Santos 42.86% Interest Completion of this transaction will gain Comet Ridge 100% of the entire Mahalo Gas Hub1 For personal use only Original Consideration2 Amended Consideration2 • $2 million cash deposit (paid in Janua
Slide 9: Timetable to First Production Significantly De-risked Through 100% Ownership
COMET RIDGE | A compelling east coast gas play Timetable to First Production Significantly De-risked Through 100% Ownership FY26 FY27 FY28 FY29 For personal use only Jun 26 Qtr Sep 26 Qtr Dec 26 Qtr Mar 27 Qtr Jun 27 Qtr FY28 Sep 28 Qtr Dec 28 Qtr Santos Deal Completion Subsurface Development Plan I
Slide 10: Funding Rationale
COMET RIDGE | A compelling east coast gas play Funding Rationale Secure 100% ownership of 1,850 km2 total Mahalo Gas Hub project area and a large reserve (2P 361 PJ) and 1 resource (2P + 2C 676 PJ or 3P + 3C 1,240 PJ) For personal use only 2 Optimise the entire Mahalo Gas Hub as a single coordinated
Slide 11: Equity Raising Summary
COMET RIDGE | A compelling east coast gas play Equity Raising Summary Firm Commitments Received for A$40 million two-tranche Placement For personal use only • Comet Ridge has received firm commitments to raise A$40.0 million via a two-tranche placement through the issue of ~390.2 million fully paid
Slide 12: Sources and Uses – Funded to FID
COMET RIDGE | A compelling east coast gas play Sources and Uses – Funded to FID A$ million For personal use only Sources of Funds Existing Cash1 2.2 Placement Proceeds 40.0 SPP Proceeds2 5.0 Total Sources of Funds 47.2 Uses of Funds Santos Transaction Costs3 26.5 Working Capital4 & Offer Costs 20.7
Slide 13: Pro-Forma Capital Structure
COMET RIDGE | A compelling east coast gas play Pro-Forma Capital Structure Notes: Comet Ridge Placement Acquisition of Comet Ridge 1. Assumes full take up of the SPP. (Current) & SPP1 42.86% Mahalo (Pro Forma)2 2. The pro-forma financial information is for illustrative purposes only and is not inten
Slide 14: 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, is based The Continge
Slide 15: Appendices
COMET RIDGE | A compelling east coast gas play Page 15 Appendices For personal use only
Slide 16: Key Business Risks
COMET RIDGE | A compelling east coast gas play Key Business Risks The material business risks for Comet Ridge are outlined in this section. These risks may materialise independently, concurrently or in combination. The active management of these risks through our risk management framework is imperat
Slide 17: Key Business Risks
COMET RIDGE | A compelling east coast gas play Key Business Risks The material business risks for Comet Ridge are outlined in this section. These risks may materialise independently, concurrently or in combination. The active management of these risks through our risk management framework is imperat
Slide 18: Efficiencies of Single Owner and Smaller Company Cost Structure
COMET RIDGE | A compelling east coast gas play Efficiencies of Single Owner and Smaller Company Cost Structure • Share resources across permits to achieve economies of scale For personal use only • Minimise surface infrastructure for efficiency • Build gas production in a streamlined, robust sequenc
Slide 19: Successful Pilots show Mahalo Gas Hub Productivity and Commerciality
COMET RIDGE | A compelling east coast gas play Successful Pilots show Mahalo Gas Hub Productivity and Commerciality Gas Rate Project Achieved For personal use only 0.43 MMcfd Mahalo JV 1.44 MMcfd Mahalo JV 1.75 MMcfd Mahalo North (100% COI) Page 19
Slide 20: Depleting Fields and Unfilled Demand
COMET RIDGE | A compelling east coast gas play Depleting Fields and Unfilled Demand 1 According to the ACCC1,2 For personal use only “Between 2026 and 2036, there is forecast to be 2,179 PJ of unfulfilled demand…the annual gas shortfall is expected to rise to around 300 PJ by the mid-2030s.” “Natura
Slide 21: Board
COMET RIDGE | A compelling east coast gas play Board For personal use only James A.V. McKay Tor McCaul Chris Pieters Martin Riley B.Com, LLB B.E (Hons/Petroleum), B.Econ, MBA B.Sc (Hons), B.Bus B.E (Hons 1st Class, Chemical) Non-Executive Chairman Managing Director Executive Director Non-Executive D
Slide 22: Management
COMET RIDGE | A compelling east coast gas play Management For personal use only Stephen Rodgers Dale Aaskow Robin Polson LLB Dipl. T B.Com. GAICD SAFIN Company Secretary Chief Operating Officer Chief Financial Officer Stephen Rodgers is a lawyer with over 35 Dale Aaskow joined the Company as Robin P
Slide 23: Management
COMET RIDGE | A compelling east coast gas play Management For personal use only Ashley Edgar Melanie Fitzell B. App. Sc. – App. Geology, Grad. Dip. Env. St BSc. (Hons) General Manager – Exploration & Sub-Surface Lead Geologist/Tenures & Applications Ashley has over 35 years’ experience working Manag