Comet Ridge (COI) Investor Presentation summary

Strategic position and market outlook

• Holds large 2P and 2C gas reserves and resources near key infrastructure and major domestic/export customers.

• Demonstrated productivity from three successful commercial pilot wells, supporting efficient development.

• Partners with Santos, Jemena, and CleanCo in the Mahalo JV, which is development-ready with key approvals secured.

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

• Positioned to benefit from growing demand and constrained supply in the Australian east coast gas market.

Asset base and reserves

• Net 2P + 2C reserves and resources total 406 PJ; 3P + 3C total 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% interest) holds 2P reserves of 43 PJ and 2C resources of 1 PJ.

• Mahalo East (100% interest) holds 2C contingent resources of 31 PJ.

• Additional resources in the Galilee and Gunnedah Basins provide further upside.

Project development and operational highlights

• Three lateral pilot wells have proven commercial gas rates, with Mahalo North 1 achieving 1.75 MMcfd.

• High productivity shallow reservoirs enable lower capex and cost, with gas close to sales specification.

• Mahalo JV development phase completed; FEED recommended and pipeline FEED planned by Jemena.

• Mahalo North initial development approved at state level; federal approval in progress; GSA with CleanCo for ~25 PJ.

• Mahalo East pilot drilling commenced, supported by a $5m Queensland government grant.