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30 April 2012 Highlights: MARCH QUARTERLY REPORT Comet Ridge plans three wells and moves towards pilot scheme as gas supply tightens in Queensland and coal mine power demand in Galilee Basin drives

The recently released NSW CSG policies should see exploration in the Gunnedah Basin restarted.

1 30 April 2012 Highlights: MARCH QUARTERLY REPORT Comet Ridge plans three wells and moves towards pilot scheme as gas supply tightens in Queensland and coal mine power demand in Galilee Basin drives gas commercial options. First pilot well in Mahalo Block scheduled to spud 30 May with up to 12 wells scheduled this year. The recently released NSW CSG policies should see exploration in the Gunnedah Basin restarted. Australian Permits: ATP 743P and ATP 744P Galilee Basin, QLD (Comet Ridge 100%) Commercial The market for natural gas in Queensland continues to tighten, with almost daily media coverage about consumers in domestic, industrial and power markets struggling to obtain commitments for gas, given the enormous gas volumes required by the LNG projects centered on Curtis Island, near Gladstone. Just to the east of Comet Ridge s Gunn Project Area (in the southwestern part of ATP 744P) where to date the company has booked almost 2500 PJ of contingent and prospective resources, the eastern part of the Galilee Basin is developing into a world-scale coal mining province. These coal mines are likely to have a very significant power requirement that may exceed 1000 MW. With this in mind, the company is currently working to define an attractive range of commercial options for gas and power sales in the area surrounding the Gunn Project Area. This commercial plan will be integrated with the current technical planning around the drilling of appraisal wells this year and the commencement of a pilot scheme for gas production in Fig 1: Coal Tenements just east of Comet Ridge s Gunn Project Area T: E: info@cometridge.com.au 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN F: W: GPO Box 798, Brisbane, Qld, 4001 Australia ASX CODE: COI

$A further detailed review of core and flow data from coals in the Gunn Project Area (GPA) confirms that there is significant natural fracturing and cleating in the coals and that these coals are$

2 Technical Interpretation and Integration of the seismic data set acquired late in 2011 has been completed, with additional magnetic and gravity analysis also being included into the model. A further detailed review of core and flow data from coals in the Gunn Project Area (GPA) confirms that there is significant natural fracturing and cleating in the coals and that these coals are likely to be productive. The GPA sits across the top of a broad structural feature, originally identified by the drilling of the Gunn 1 and Hergenrother 1 wells and later imaged by seismic. The seismic, magnetic and gravity analysis has enabled the company to obtain a very good image of the subsurface across the very large GPA (an area of approximately 1,400 km 2 ). wells. Fig 2: ATP 743P & 744P Galilee Basin Comet Ridge is currently in the final stages of planning for the drilling of three appraisal wells in and around the Gunn Project Area with drilling expected to commence in June/July with the objective of optimally designing and locating the pilot scheme. The rig contractor has been selected and the agreement is expected to be executed in early May. Some or all of these wells are likely to be completed with 7 production casing and therefore be available as future production The company is also considering options to complete and run an early production test on one of these wells during the second half of this year, ahead of the main pilot commencing in Early production performance data from the single well production test can then be used to optimise the design for the main pilot wells that will be drilled in Community Engagement & Beneficial Use of Water Comet Ridge continues to engage constructively and co-operatively with the local community at both a local government and individual landowner level in the Galilee Basin. After the end of the reporting period, the company presented at community forums in Barcaldine and Longreach with other Galilee Basin gas explorers and had a chance to meet further landowners and business owners from around the region. Produced water is generally the topic of most interest to the community. Comet Ridge and other Galilee CSG companies discussed the options for use of produced CSG water by the rural community, including options around increasing fodder production for stock by growing Saltbush or other fodder crops. 2 of 6

Galilee Basin Operator s Forum (GBOF) & Water Management Data from over 10,000 water bores (some data stretching back over 100 years) in the Galilee Basin has been examined.

3 Galilee Basin Operator s Forum (GBOF) & Water Management Data from over 10,000 water bores (some data stretching back over 100 years) in the Galilee Basin has been examined. This study primarily examines shallow water bore data from the many geological zones that make up the Great Artesian Basin (GAB) and also examines the limited water bore data that is available from the Permian Betts Creek Beds and Aramac Coal Measures which lie beneath the GAB. The final report is expected to be released in May/June. The study will be provided to local councils and the Queensland Water Commission, and will be an important historical reference for the Galilee Basin. The website for the Galilee Basin Operator s Forum can be found at ATP 337P Mahalo Bowen Basin, QLD (Comet Ridge 35%) After the sell-down of 5% of its equity to Stanwell Corporation late last year for $7 million, Comet Ridge now holds a 35% interest in ATP 337P Mahalo, with Santos QNT Pty Ltd and Australia Pacific LNG (Origin / ConocoPhillips / Sinopec) each holding a 30% interest. The Mahalo 3 well is scheduled to spud on 30 May. Four drilling leases have been prepared in the Mahalo area so the joint venture can move rapidly to install the first pilot scheme. Two fourspot pilots and an additional four core holes have been scheduled for 2012, giving the joint venture a target of 12 wells to drill for this year. year. The aim of the Pilot Project is to convert significant 2C and 3C Contingent Resources (193 & 387 PJ) into 2P and 3P Reserves. It is anticipated that a second Pilot Project will be progressed in 2012 to expand the reserves base for ATP 337P Mahalo, with the Comet Ridge share of funding being contributed by Stanwell Corporation under the agreement reached last Fig 3: ATP 337P Mahalo PEL 427 and PEL 428 Gunnedah Basin, NSW (Comet Ridge 25% & 40%) Since 2011, field work in these two NSW blocks had been delayed, awaiting the NSW Government s new policies on gas exploration. Comet Ridge was pleased, that on 6 March, the NSW Government released a draft regional land-use policy and newly mapped regional land-use plans for the Upper Hunter and New England North West regions. The government also announced other measures which included an aquifer policy and a new draft code of practice for the CSG industry. 3 of 6

4 Across the state about 1.35 million hectares of high quality agricultural land around the Liverpool Plains, Scone and Cessnock was identified for additional protection, but none of this area was excluded from gas exploration. The NSW Government is expected to finalise the current plans and policies after receiving input from interested parties over the next several weeks. Comet Ridge believes that the NSW Government understands the many benefits that a vibrant gas industry can bring to NSW, including critically, the issue of supply of electricity, and hence the new policies should enable the CSG industry to move forward in NSW, resolving the current period of uncertainty. The takeover of Eastern Star Gas by Santos in the latter part of 2011 demonstrates the gas potential of the Gunnedah Basin area. NSW is currently a significant gas importer and development of the Gunnedah Basin area can positively impact those communities and the NSW economy as a whole. Subsequently, Comet Ridge will be working closely with Santos (the CSG operator of blocks PEL 427 & 428) during 2012 to continue with our seismic acquisition and drilling plans. Fig 4: Gunnedah Basin New South Wales New Zealand Permits: PMP Greymouth Block West Coast (Comet Ridge 100%) PEP Buller Block West Coast (Comet Ridge 100%) PEP North Waikato Waikato (Comet Ridge 100%) Over the past several months, Comet Ridge has completed a significant piece of technical analysis across its entire 8,600 km 2 acreage position in NZ which included the interpretation of the recent aerial magnetic surveys and Airborne Gravity Gradiometry surveys. This effort also achieved the first coal seam gas contingent resources independently certified on the West Coast of 244 PJ across the Greymouth coalfields. Comet Ridge has made application to NZP&M (NZ Petroleum and Minerals) to extend the five year licence term for a further five years on both exploration blocks. 4 of 6

5 USA Comet Ridge Resources LLC (Comet Ridge %) During the quarter, Comet Ridge Resources LLC (CRR) continued to bring on line and open up the six new Florence producers that were drilled towards the end of Company production averaged 930 barrels of oil per day for the quarter. The Yeti well at Grays Harbor in Washington State is on schedule for drilling in June CRR continues to actively evaluate a number of farm-in and acquisition opportunities in the USA. Stephen Rodgers Company Secretary For further information please contact: Media: Tor McCaul Dianne Monopoli Managing Director Principal Consultant Three Plus tor.mccaul@cometridge.com.au dianne@threeplus.com.au of 6

COMET RIDGE LIMITED - OVERVIEW has significant Coal Seam Gas (CSG) projects in key regions of Queensland, northern New South Wales and New Zealand, as well as oil and gas interests in the United

6 COMET RIDGE LIMITED - OVERVIEW has significant Coal Seam Gas (CSG) projects in key regions of Queensland, northern New South Wales and New Zealand, as well as oil and gas interests in the United States. Gas resources have been independently certified at four projects. The company is listed on the Australian Securities Exchange (ASX Code: COI) and is based in Brisbane. The Board and Management are experienced in establishing and developing energy projects. Corporate Strategy Comet Ridge has gained early entry into well-located exploration areas, allowing shareholders to gain substantial leverage into the upside value potential associated with exploration success. Comet Ridge conducts CSG exploration and appraisal, with the aim of maturing exploration acreage from Gas Resources into Proven and Probable Gas Reserves. This process initially involves drilling wells in order to certify Prospective and Contingent Resources and then through further appraisal via Pilot Projects, progressing into certified Reserves. Where possible, Comet Ridge takes high equity positions in its large exploration permits, including a 100% interest in both its Galilee Basin and New Zealand assets. Comet Ridge has 35% equity in the ATP 337P Mahalo block in the Bowen Basin, and holds 25% and 40% equity respectively in PEL 427 and PEL 428 in NSW. Certified Resources In executing our strategy, Comet Ridge has successfully independently certified the following Prospective and Contingent Resources: Net Recoverable Resources Project Location Contingent Resource (PJ) Prospective Resource (PJ) Gunn Project Area (ATP 744P) Galilee Basin, Qld 1, * Mahalo Block (ATP 337P) Bowen Basin, Qld PEL 427 and PEL 428 Northern NSW PMP and PEP West Coast, Sth Island, NZ Total 2,732 1,619 *Where the auditor has detailed Prospective Resources in a range (low, middle and high) the mid-range case has been listed in the table. Work Program Comet Ridge has an active exploration and appraisal work program for CSG projects in Queensland, northern NSW and New Zealand. The first Pilot Project for ATP 337P Mahalo is planned for 2012, with additional exploration and appraisal work planned for the Galilee Basin, northern NSW and NZ. T: E: info@cometridge.com.au 283 Elizabeth St, Brisbane, Qld, 4000 Australia ABN F: W: GPO Box 798, Brisbane, Qld, 4001 Australia ASX CODE: COI

REID S DOME GAS DRILLING PROGRAM TO COMMENCE

State Gas Pty Ltd (ACN 617 322 488) C/- GPO Box 525 BRISBANE QLD 4001 ASX RELEASE 22 October 2018 REID S DOME GAS DRILLING PROGRAM TO COMMENCE HIGHLIGHTS State Gas has engaged Silver City Drilling to drill