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Bell Potter Gas Roundtable Tor McCaul, Managing Director 23 September 2025 Annual General Meeting Tor McCaul Managing Director 14 November 2025 For personal use only
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COMET RIDGE | A compelling east coast gas playPage 2 Important notice and disclaimer Disclaimer This presentation (Presentation) has been prepared by Comet Ridge Limited (ABN 47 106 092 577) (Comet Ridge). The Presentation and information contained in it is being provided to shareholders and investors for information purposes only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections, Comet Ridge has provided these projections based upon the information that has been provided to Comet Ridge. None of Comet Ridge or its directors, officers or employees make any representations (express or implied) as to the accuracy or otherwise of any information or opinions in the Presentation and (to the maximum extent permitted by law) no liability or responsibility is accepted by such persons. Summary information This Presentation contains summary information about Comet Ridge and its subsidiaries, and their activities current as at the date of this Presentation. The information in this Presentation is of general background and does not purport to be complete. It should be read in conjunction with Comet Ridge’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. ASX Releases Investors are advised that by their nature as visual aids, presentations provide information in a summary form. The key information on detailed Resource statements can be found in Comet Ridge’s ASX releases. Resource statements are provided to comply with ASX guidelines, but investors are urged to read supporting information in full on the website. Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance This Presentation contains certain “forward-looking statements”. Forward looking words such as, “expect”, “should”, “could ”, “may”, “plan”, “will”, “forecast”, “estimate”, “target” and other similar expressions are intended to identify forward-looking statements within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Such forward-looking statements, opinions and estimates are not guarantees of future performance. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This Presentation contains such statements that are subject to known and unknown risks and uncertainties and other factors, many of which are beyond the control of Comet Ridge, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Such forward-looking statements are relevant at the date of this Presentation and Comet Ridge assumes no obligation to update such information. Investment risk An investment in Comet Ridge shares is subject to investment and other known and unknown risks, some of which are beyond the control of Comet Ridge. Comet Ridge does not guarantee any particular rate of return or the performance of Comet Ridge. Persons should have regard to the risks outlined in this Presentation. For personal use only
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COMET RIDGE | A compelling east coast gas playPage 3 Depleting fields and unfilled demand According to the ACCC: “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 Inquiry 2017-2030 – Interim update on east coast gas market – December 2024 “Natural gas will play a critical role in Australia’s transition to lower emissions. As renewables are increasingly relied upon for electricity generation, gas will be required to support energy security, reliability and affordability, while remaining an important source of energy and feedstock for residential, commercial and industrial users.” “East coast supply is unlikely to be enough to meet demand from 2028 despite there being sufficient reserves and resources for at least the next decade.” “With depleting fields in the Gippsland Basin, the southern market is projected to increase its reliance on gas transported from Queensland and potentially imported gas.” ACCC Gas Inquiry Interim Report 16 September 2025 Image Source: : Chart 5.2: Southern states supply and demand outlook, 2026 –2036, ACCC Gas Inquiry 2017-2030 – Interim update on east coast gas market – December 2024 For personal use only
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COMET RIDGE | A compelling east coast gas playPage 4 Risks for the east coast gas market According to AEMO: “The risk of peak-day shortfalls and seasonal supply gaps in the southern states is expected to arise from 2028, with annual supply gaps emerging from 2029, when production from existing, committed, and anticipated projectsin the southern states is forecast to fall 32%, requiring new supply investments.” “During Australia’s transition to a net zero emissions future, gas will continue to be used by Australian households, businesses, and industry, and to support the operation of the electricity sector.” “From 2028, seasonal supply gaps may emerge in southern Australia if conditions lead to sustained high gas usage, while expanded production of uncertain supply will be needed to meet domestic and export positions in northern Australia.” “In 2029 and later, despite falling forecast gas usage, annual supply gaps are forecast meaning a structural need for new gas supply beyond developments classified as committed and anticipated is necessary to maintain gas supply adequacy, as southern gas production continues to decline.” AEMO’s Gas Statement of Opportunities (GSOO) - March 2025 Image Source: : Chart 6.1 Current reserves and resources and potential sources of new supply, ACCC Gas Inquiry 2017-2030 – Interim update on east coast gas market – December 2024 In short, a lot more natural gas is needed and there are limited options for new supply to meet demand from 2028/29. For personal use only
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COMET RIDGE | A compelling east coast gas playPage 5 The East Coast Natural Gas Market – key points to consider The natural gas market is structurally short due to inactivity and ideological blocks by the Victorian and NSW Governments who now expect Queensland to sort out their problems for them, even if it means breaking Gladstone LNG contracts and giving Australia a bad name internationally. Hopefully, the Queensland and Federal Governments won’t allow this to happen. Comet Ridge is focused on selling into the domestic gas market due to the shortfall. Federal Government market intervention and bureaucracy has made the gas supply problem even worse, undermining investment confidence. The current gas market review gives hope that bureaucracy will be reduced, duplication stopped and approvals will be able to occur more quickly. The best way to assist the market to function, is to allow more gas supply to come on-line. Whatever stress the gas market is under now, it will get worse from 2028 according to the Federal Government’s own AEMO and ACCC. AEMO is the Australian Energy Market Operator ACCC is the Australian Competition and Consumer Commission For personal use only
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COMET RIDGE | A compelling east coast gas playPage 6 2025 Financial Year Timeline May 2024 Awarded $5m Qld Govt Frontier Exploration Grant for Mahalo East July 2024 Awarded new block ATP 2072 Mahalo Far East Extension Oct 2024 Mahalo East 1 & 2 wells drilled Nov 2024 Mahalo JV approved Upstream FEED by Santos FY 2026FY 2024 Dec 2024 $12m funding completed via placement July 2025 Mahalo East 52PJ 2P reserves independently certified Sep 2025 Mahalo North EPBC application public notification finishes Jan 2025 Mahalo East pilot on-line producing water then gas Mar 2025 Jemena Mahalo JV Pipeline FEED approved May 2025 CleanCo GSA conditions adjusted to match planned Mahalo JV FID May 2025 Pure Loan refinanced and extended JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN FY 2025 2024 2025 For personal use only
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COMET RIDGE | A compelling east coast gas playPage 7 Mahalo Gas Hub: Increased Certified Gas Reserves and Resources Mahalo Gas Hub permits Area COI interest Net Reserves* (PJ) Net Contingent Resources* (PJ) km2 % 2P 3P 2C 3C Mahalo JV Gas Project (PL 1082, 1083) (PCA 302, 303, 304) 989 57.14 152 262 180 294 Mahalo North (PLA 1128, PLA 1132) 360 100 43 149 - - Mahalo East (ATP 2061) 97 100 52 118 - - Mahalo Far East (ATP 2063) 338 100 - - being evaluated Mahalo Far East Ext. (ATP 2072) 66 100 - - being evaluated TOTALS 1,850 247 529 180 294 * Refer to the LR 5.44 Disclosure and the Competent Person Statement in the Appendix. Net 2P + 2C of 427 PJ; 3P + 3C of 823 PJ For personal use only
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COMET RIDGE | A compelling east coast gas playPage 8 Mahalo East Pilot and Reserves Certification Mahalo East Pilot Outcome • High quality core and production test data acquired - confirming extension of high-quality Mahalo and Mahalo North fairways • Lateral development wells remain the preferred design in this area for reserves development • All four target coals developable by lateral wells across the block • Reserves independently certified by Sproule: • Classification: Reserves Justified for Development • Additional 27% 2P Reserves and 29% 3P Reserves to Comet Ridge’s net Gas Reserve portfolio Comet Ridge Net 2P and 3P Gas Reserves* at Mahalo Gas Hub (increased by 27% and 29% respectively from the recent Mahalo East certification) * Refer to the Competent Person Statement in the Appendix. For personal use only
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COMET RIDGE | A compelling east coast gas playPage 9 • Very large total project area of 1848 km2 leading to a very large reserve and resource volume • High productivity shallow reservoir - lower drilling costs and capex • Four lateral pilots across the hub over a very wide area, enables large independently certified 2P and 3P Reserve position • Southern Bowen Basin produces less water than other Qld basins • Gas is sales specification with very minor CO2 • Close to infrastructure: • Approximately 80 km to Jemena’s (QGP) transmission line to Gladstone • Another 6 km to Santos’ GLNG pipeline to Gladstone Mahalo Gas Hub – Significant 2P Reserves - close to market connection For personal use only
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COMET RIDGE | A compelling east coast gas playPage 10 Mahalo Gas Hub – Both Front End Engineering Design stages progressing Santos – Upstream FEED ❑Gas facility packs issued for: • compressors • dehydration • gensets • HAZOP complete ❑Water treatment facility: • Design Review • HAZOP complete ❑Other work continuing on: • Sub-surface • Gathering System • Electrical and Control philosophy Two FEED stages running concurrently – Santos with the Upstream and Jemena with the Pipeline to market Jemena – Pipeline FEED ❑Route Selection Complete • Subject to final Geotech results ❑Field Geotech drilling ongoing in the field and due to finish later this month ❑10-inch diameter (250 mm) confirmed ❑Delivery of Mahalo JV gas to two transmission pipelines: • Jemena’s QGP for domestic market • Santos GLNG For personal use only
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COMET RIDGE | A compelling east coast gas playPage 11 Jemena - Geotechnical soil sampling along proposed pipeline route For personal use only
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COMET RIDGE | A compelling east coast gas playPage 12 Mahalo compression facility design 3 main Compression Packages in view 4th future expansion Compressor Package (in grey) shown also For personal use only
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COMET RIDGE | A compelling east coast gas playPage 13 Mahalo compression facility design Gas export skid and Dehydration skid in foreground (right) Safety flare system to the left Workshop and office in the distance Generators top right For personal use only
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COMET RIDGE | A compelling east coast gas playPage 14 Bringing new energy to Australia’s east coast gas market Large 2P & 2C* Reserve and Resource position, close to transmission infrastructure and key domestic and export customers. Attractive flow rates from four successful commercial pilot areas over a wide area, to de-risk the project and maximise economics. Mahalo JV is development ready with key upstream development and environmental approvals in place. Upstream FEED and Pipeline FEED progressing prior to FID. Significant growth through additional 100% held acreage at Mahalo Gas Hub: • Mahalo North 43PJ of 2P Reserves • Mahalo East 52PJ of 2P Reserves • Additional upside from 3P Reserves areas and Mahalo Far East/Ext Comet Ridge is in a unique position with near term, development-ready 2P Gas Reserves and additional 2C Gas Resources, close to major markets with a pro-natural gas State Government * Refer to the Competent Person Statement in the Appendix. For personal use only
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Reserves and ResourcesFor personal use only
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COMET RIDGE | A compelling east coast gas playPage 16 Current Reserves and Resources Statement (ASX Listing Rule 5.44) Comet Ridge Limited – Net Recoverable Reserves and Resources Basin Project / Permit COI Interest Reserves (PJ) Contingent Resources (PJ 1P 2P 3P 1C 2C 3C Southern Bowen Basin, QLD Mahalo JV (PL 1082, 1083) (PCA 302, 303, 304) 57.14% - 152 262 109 180 294 Southern Bowen Basin, QLD Mahalo North (PLA 1128, PLA 1132) 100% 12 43 149 - - - Southern Bowen Basin, QLD Mahalo East (ATP 2061) 100% - 52 118 - - - Galilee Basin, QLD Gunn (ATP 744) 100% - - - - 67 1,870 Galilee Basin, QLD Albany (ATP 744) 70% - - - 39 107 292 Gunnedah Basin, NSW PEL 427 59.09% - - - - - 281 TOTAL 12 247 529 156 354 2,737 ASX Listing Rule 5.44 disclosure is set out on the following page For personal use only
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COMET RIDGE | A compelling east coast gas playPage 17 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 JV Gas Project provided in this Presentation, is based on, and fairly represents, information and supporting documentation determined by Mr Timothy L. Hower of Sproule International (Sproule), in accordance with Petroleum Resource Management System guidelines. Mr Hower is a full-time employee of Sproule, and is a qualified person as defined under the ASX Listing Rule 5.42. Mr Hower is a Licensed Professional Engineer in the States of Colorado and Wyoming as well as being a member of The Society of Petroleum Engineers. Mr Hower has consented to the publication of the Reserve and Contingent Resource estimates for the Mahalo JV Gas Project in the form and context in which they appear in this Presentation. The Reserve and Contingent Resource estimates for Comet Ridge’s 57.41% interest (following completion of the acquisition of APLNG’s 30% interest and subsequent option exercise by Santos) in the Mahalo JV Gas Project having been prepared by Sproule International were released to the Market in the Company’s ASX announcement of 30 October 2019 and were estimated using the deterministic method with the estimate of Contingent Resources utilising the probabilistic method and not having been adjusted for commercial risk. Comet Ridge announced its revised allocation of the Reserves and Resources for its increased holding in the Mahalo JV Gas Project 26 September 2022. The estimate of Reserves for the Mahalo North Project (ATP 2048) and Mahalo East Project (ATP 2061) provided in this Presentation, is based on, and fairly represents, information and supporting documentation determined by Mr Timothy L. Hower of Sproule International (Sproule), in accordance with Petroleum Resource Management System guidelines. Mr Hower has consented to the publication of the Reserve estimates for the Mahalo North Project in the form and context in which they appear in this Presentation. The Reserve estimates for Comet Ridge’s 100% interest in the Mahalo North Project were released to the Market in the Company’s ASX announcements of 2 November 2022 and 20 December 2023 and were estimated using the deterministic method. The Reserve estimates for Comet Ridge’s 100% interest in the Mahalo East Project were released to the Market in the Company’s ASX announcement of 25 July 2025 and were estimated using the deterministic method. The Contingent Resource for the Albany Structure located in the Galilee Basin ATP 744 are taken from an independent report by Dr Bruce McConachie of SRK Consulting (Australasia) Pty Ltd, an independent petroleum reserve and resource evaluation company. The Contingent Resources information has been issued with the prior written consent of Dr McConachie in the form and context in which they appear in this Presentation. His qualifications and experience meet the requirements to act as a qualified petroleum reserves and resource evaluator as defined under the ASX Listing Rule 5.42 to report petroleum reserves in accordance with the Society of Petroleum Engineers (SPE) 2007 Petroleum Resource Management System (PRMS) Guidelines as well as the 2011 Guidelines for Application. The Contingent Resource estimates for the unconventional gas for the Gunn CSG Project located in ATP 744 provided in this Presentation are based on and fairly represent, information and supporting documentation determined by Mr John Hattner of Netherland, Sewell and Associates Inc, (NSAI) Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner is a full-time employee of NSAI and is a qualified person as defined under the ASX Listing Rule 5.42 and has given his consent to the use of the resource figures in the form and context in which they appear in this Presentation. Contingent Resource estimates for the Gunn CSG Project located in ATP 744 provided in this Presentation were originally released to the Market in the Company’s announcement of 25 November 2010 and were estimated using the deterministic method with the estimate of Contingent Resources for ATP 744 not having been adjusted for commercial risk. Comet Ridge confirms that it is not aware at this time of any new information or data that materially affects the information included in any of the announcements relating to the Mahalo JV Gas Project, Mahalo North Project, the Mahalo East Project or ATP 744 and that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. For personal use only