Comet Ridge Ltd · ASX:COI
Comet Ridge — RIU Good Oil Conference 2004
20 slides from Comet Ridge's conference presentation, Sep 1, 2004
Slide 1: Comet Ridge Limited — Moving Forward
y NS Comet Ridge Comet Ridge Limited —> Moving Forward Presented by Andy Lydyard RIU Good Oil Conference Esplanade Hotel, Fremantle WA 1-2 September 2004
Slide 2: Comet Ridge Limited — History & Snapshot
IN Comet Ridge Comet Ridge Limited — History & Snapshot = Formed by Strike Oil August 2003 = Focused on developing advanced CSG assets in Eastern Australia « $2m seed capital raised December 2003 ($0.13) = Combined CSG assets of Strike Oil & Anzoil # Raised $5m via IPO — Listed April 2004 ($0.20) «
Slide 3: Corporate Structure
Qe Comet Ridge Corporate Structure « Share Price: $0.12 * Ordinary fully paid shares: 61.2m # Unlisted 20 cent options: 5.3m « Market capitalisation: $7.3m # Trading range: $0.092 to $0.19 Major Shareholders * Perilya Limited: 16% * Strike Oil Limited: 10% * Top 20 59% *» ASX CODE: Col
Slide 4: Business Strategy
Ie Comet Ridge Business Strategy Overall Identify, prove, develop and expedite cash flow from coal seam gas resources in Eastern Australia Current Focus Progress the substantial Tipton West CSG resources to reserve status and project development
Slide 5: Why Comet Ridge?
IN Comet Ridge Why Comet Ridge? # Leverage to a certified gross 1 TCF gas resource » Expected short term transition from explorer to producer # 3 conditional gas sales contracts for Tipton West « Well located to end user markets « Expanding gas markets # High calibre technical & management team » St
Slide 6: Coal Seam Gas in Eastern Australia
IN Comet Ridge Coal Seam Gas in Eastern Australia * Gas market growth forecast > 4% pa = QLD 13% Gas Scheme — starts 2005 = CSG supplies ~30% of gas used in QLD ® Significant reserves and production growth # CSG exploration in the Bowen Basin since the early 90’s « The Surat Basin has been explored
Slide 7: Eastern QLD Reserves Comparison
INN Comet Ridge Eastern QLD Reserves Comparison Data: Courtesy of ECOS Conventional vs. CSG Source: Company Reports TOTAL 2P CONVENTIONAL (PJ) — 406PJ P4 155 4P 155 P1=Proven P2=Probable ~Possibl PS=Possible p3 | 462 | 3p | 868 TOTAL 2P CSG (PJ) — 2884PJ P1.-| 1042°:| ~1P 1042 1P=Proven 2P=Proven +
Slide 8: Coal Seam Gas in Eastern Australia
IN Comet Ridge Coal Seam Gas in Eastern Australia * Gas market growth forecast > 4% pa = QLD 13% Gas Scheme — starts 2005 = CSG supplies ~30% of gas used in QLD ® Significant reserves and production growth # CSG exploration in the Bowen Basin since the early 90’s « The Surat Basin has been explored
Slide 9: Location of Assets
INN Comet Ridge Location of Assets | Mahalo Project | (Earning 40%) “> WCM Project pm (includes Tipton W. | &Meenawarra) | (20 - 36.7%)
Slide 10: Project Highlights
IN Comet Ridge Project Highlights * Three projects progressing in Queensland « Tipton West, Mahalo & Meenawarra = Certified 1 TCF gross CSG resource at Tipton West * 3 conditional gas sales contracts for up to 28 mmcfd (5.6 mmcfd net to COI) from Tipton W. in place « 2P reserves certification antici
Slide 11: Walloon Coal Measures Project
IN Comet Ridge Walloon Coal Measures Project WCM Project {includes Tipton West & Meenawarra) (20 - 36.7%)
Slide 12: ATP 683P Dalby (20%)
IN Comet Ridge ATP 683P Dalby (20%) WCM Project Aree Berg agen Nowh Pic Tipton West ATP 683P Dalby 8. Meenawarra (36.67%) ATP 683P Millmerran (30%) CSG Hole Power station Acquired from Strike Oi Comet Ridge Interests Watfoon 686 Faiway Roriia te Briabane Gas Pipeline ) ATP 689P (30% Acquired from An
Slide 13: WCM Project
IN Comet Ridge WCM Project * Certified gas resource announced July 2004 * Focused on converting significant gas resource to reserves « 4 well Tipton West Pilot commissioned « Dewatering to be accelerated * 5 to 7 additional pilot wells being drilled » Meenawarra drilling followed by pilot » Early ca
Slide 14: Tipton West
IN Comet Ridge Tipton West a] @ Long Swamp t Plainview 4 Legend Gas Resource Tipton West Pilot Pilot Production Well Planned Pilot Welt Monitoring Well Core Well Petroleum Welt $O00KS 25km
Slide 15: Our Customers
oN Comet Ridge Our Customers = Wambo Power Ventures Pty Ltd « 3.97 PJ pa for 15 years commencing 2006 # Ergon Energy Pty Ltd * 2 separate projects - Dalby & Oakey * 3.2 PJ pa for 15 years (2006) # BP Bulwer « 15 PJ over.5 years supply to Bulwer.island (2006) 10.2 PJ pa (2.0 PJ pa net to COl) to be s
Slide 16: Mahalo Project
oN Comet Ridge Mahalo Project a Previously Comet Ridge Project a Earning 40% in part of ATP 337P = 2 wells drilled a Bandanna Fm coals gas bearing & permeable a Significant resource (~500 BCF) a Target coals @ 200 to 300 metres a Inferred free gas at Mahalo a 2 additional wells planned* a GSQ core h
Slide 17: Mahalo Project
on Comet Ridge Mahalo Project Somerby -1 Coals gassy, formation test indicates coals are permeable but damaged by drilling fivids Mahalo -1 Strong gas shows unable to test safely ai Leawe ps caste ace a" Gtacneet High Core He Pollux Sean: @ Proposed 2nd Phase Earning hole location* Top Bandanna Form
Slide 18: Future Focus
IN Comet Ridge Future Focus 2004 - December Half « Establish 1P+2P reserves @ Tipton W. = Establish location of Meenawarra pilot « Gas sales contracts finalised » Elevate company profile & improve share price! 2005 « Develop Tipton West » Establish pilot at Meenawarra « Test gas cap at Mahalo * Esta
Slide 19: Board Composition
IN Comet Ridge Board Composition Chairman: Managing director: Non exec director: Non exec director: Jeff Schneider Andy Lydyard Simon Ashton Gill Swaby
Slide 20: Comet Ridge Limited
PS Comet Ridge Comet Ridge Limited ABN 47 106 092 577 Level 10, International House 26 St. George's Terrace, Perth 6000, Western Australia T: (08) 9225-7108 F; (08) 0225-6100 www.cometridge.com.au