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Comet Ridge Limited provide Mahalo project update

Friday, Feb 15, 2013

Coal seam gas explorer Comet Ridge Limited (ASX:COI) announced today that the Scrubber Gully 2 well at its ATP 337P Mahalo asset in Queensland's Bowen Basin, has intersected 7.2 metres of net coal.

Scrubber Gully 2 is the first of four step-out coreholes to be drilled following the recent drilling of pilot production wells in the Mira field. Scrubber Gully 2 is located approximately 5.2 km southeast of the Mira field pilot wells and is approximately 245 km west of Gladstone in central Queensland. During the drilling of the well, some weather downtime was incurred due to recent rainfall; however the field area dried out quickly and operations were resumed with the well ultimately reaching a total depth of 523 metres.

The rig is currently moving to the next well in the sequence, Turkey’s Nest 1 , which will be also be cored through the reservoir section to further extend the area available for booking reserves in the Mahalo block. Unlike the Mahalo field and Mira field pilot wells, these step-out coreholes are not intended to be production wells, and subsequently it is expected that each core hole will be plugged and abandoned as the Joint Venture works through the drilling sequence.

Comet Ridge currently has a 35% interest in ATP 337P Mahalo, having divested a 5% interest in the asset to Stanwell Corporation Limited in an agreement announced in September 2011. Under the terms of that
agreement, Stanwell Corporation Limited will fund Comet Ridge's expenditure for the Mahalo field and Mira field pilot schemes and step-out drilling. The agreement also gives Stanwell Corporation an option to
purchase half or all of Comet Ridge's equity in the Mahalo block, based on 2P reserves booked.

Equity participants in ATP 337P Mahalo are Comet Ridge Mahalo Pty Ltd 35%, Stanwell Corporation Limited 5% (with an option to increase), Australia Pacific LNG Pty Ltd 30% and Santos QNT Pty Ltd 30%.

Source: Comet Ridge Limited

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