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Comet Ridge 30 July 2021 ASX Announcement June 2021 Quarterly Activities Report Highlights • Mahalo Joint Venture discussions have been materially progressed during and post the quarter and are nearing completion . Comet Ridge expects to announce an update of these discussions imminently . • Comet Ridge is focused on providing a pathway for the multi - block Mahalo Gas Hub to provide meaningful gas volumes into the strengthening east coast gas market . • Mahalo Far East block ( ATP 2063 ) awarded during the quarter . Mahalo Gas Hub Area , Bowen Basin , QLD Comet Ridge holds equity in four blocks in the Mahalo Gas Hub area , with three of these currently held at 100 % equity . The total net area for Comet Ridge across the Mahalo Gas Hub is substantial at 1250 km² with a large part of these blocks sitting over the highest productivity Mahalo shallow fairway that saw the Mira 6 well in the Mahalo Gas Project produce 1.4 MMcfd ( million standard cubic feet of gas per day ) from a horizontal pilot well drilled only 924 metres in coal . Development wells over the Mahalo Gas Hub area are planned to be drilled 1,500 to 1,800 metres in coal , inferring production rates , based on Comet Ridge geological modelling , of 2.3 MMcfd to 2.7 MMcfd per well in similar quality coal reservoirs . A summary of each of the permits in the Mahalo Gas Hub area and current status is shown in Table 1 below . Permit Status Project name COI % interest Area ( km² ) Mahalo Gas Project ( CSG ) PL 1082 , 1083 ; 40 % 911 PCA 302 , 303 , 304 ATP 2048 100 % 450 Mahalo North ( CSG ) Mahalo East ( CSG ) ATP 2061 100 % 97 Mahalo Far East ( CSG & ATP 2063 100 % 338 conventional gas ) Table 1 - Comet Ridge permit and equity position in the large Mahalo Gas Hub area A compelling east coast gas play Comet Ridge Limited | ABN 47 106 092 577 | ASX : COI Development ready , Government approved , pending JV FID pathway Appraisal program planned for reserves certification Data interpretation and appraisal program planning ongoing ATP recently awarded and data interpretation ongoing Level 3 , 410 Queen Street Brisbane Queensland 4000 GPO Box 798 Brisbane Qld 4001 Phone +61 7 3221 3661 Email : comet@cometridge.com.au cometridge.com.au