Comet Ridge (COI) RBC 2024 Energy Forum 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 production.

• 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 as major fields decline.

Asset base and reserves

• Net 2P + 2C reserves and resources total 406 PJ; 3P + 3C total 827 PJ across Mahalo Gas Hub.

• Mahalo JV (57.14% interest) holds 152 PJ 2P reserves and 180 PJ 2C resources.

• Mahalo North (100% interest) holds 43 PJ 2P reserves and 149 PJ 2C resources.

• Mahalo East (100% interest) holds 31 PJ 2C resources, with pilot drilling underway.

• Additional acreage in Mahalo Far East and Far East Extension under evaluation for further resource 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.

• Proximity to infrastructure: 14 km to Denison processing, 80 km to Jemena QGP, and 6 km to GLNG pipeline.

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

• Mahalo North and Mahalo East progressing with environmental approvals and pilot drilling to add reserves.