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Comet Ridge 27 October 2021 ASX Announcement September 2021 Quarterly Activities Report Highlights • • • Transformative acquisition of APLNG's 30 % interest in the Mahalo Gas Project ( announced 3 August 2021 ) , taking Comet Ridge's interest to 70 % . Acquisition funding provided by continuing Mahalo JV partner , Santos Ltd ( STO ) in exchange for options to increase STO's equity to 50 % in the Mahalo Gas Project and to acquire a 50 % interest in Comet Ridge's 100 % Mahalo North ( ATP 2048 ) and Mahalo East ( ATP 2061 ) assets . $ 10 million loan facility agreed with Pure Asset Management to support the Company's Mahalo Gas Hub project development strategy , with Tranche 1 drawdown of $ 6.5 million completed 17 September 2021 . • $ 5.0m placement ( net of costs ) completed 16 September 2021 . • Drilling commenced at Mahalo North ( ATP 2048 ) after quarter end , with very positive results from first well . Mahalo Gas Hub Area , Bowen Basin , QLD Comet Ridge holds equity in four project areas in the Mahalo Gas Hub area , with three of these currently held at 100 % equity . The current net area for Comet Ridge across the Mahalo Gas Hub is substantial at 1,250 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 . 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 & opportunity COI % interest Area ( km² ) Mahalo Gas Project ( CSG ) PL 1082 , 1083 ; 40 % * 911 PCA 302 , 303 , 304 Mahalo North ( CSG & ATP 2048 100 % 450 deeper conventional gas ) Mahalo East ( CSG and ATP 2061 100 % 97 deeper conventional gas ) Mahalo Far East ( CSG & ATP 2063 100 % 338 deeper 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 * COI equity interest increasing to 70 % Appraisal program commenced in Q2 FY2022 for reserves certification Appraisal program being planned for reserves certification ATP awarded and data interpretation is 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