Comet Ridge (COI) AGM 2024 Presentation summary

Strategic position and market outlook

• Holds large 2P and 2C gas reserves and resources near key transmission infrastructure and major domestic/export customers, positioning for east coast supply needs.

• Anticipates growing demand and constrained supply in Australia as major fields decline, creating a favorable market environment.

• Mahalo Gas Hub is development-ready with key approvals and quality partners, including Santos, Jemena, and CleanCo.

• Additional 100% owned acreage at Mahalo Gas Hub provides a pipeline of future development options.

• Gas is positioned as a critical component in Australia's energy transition and manufacturing base.

Asset base and reserves

• Net 2P + 2C reserves and resources total 406 PJ, with 3P + 3C at 827 PJ across Mahalo Gas Hub permits.

• Mahalo JV (57.14% interest) holds 2P reserves of 152 PJ and 2C resources of 180 PJ; Mahalo North (100%) holds 2P reserves of 43 PJ.

• Mahalo East (100%) contains 2C contingent resources of 31 PJ, with pilot drilling recently completed.

• Additional contingent resources in the Galilee and Gunnedah Basins further diversify the portfolio.

• Reserves and resources are independently certified and reported under ASX guidelines.

Project development and operations

• Three successful lateral pilot wells have demonstrated commercial gas flows, supporting production and capital efficiency.

• Highest pilot well flow achieved was 1.75 MMcfd at Mahalo North 1, confirming lateral well concept.

• Mahalo JV project is advancing through FEED, with pipeline connection to QGP and GLNG pipelines being finalized.

• Mahalo North has Queensland environmental approval; federal EPBC approval is in progress.

• Mahalo East pilot drilling intersected high-quality coal seams, with production testing to commence soon.