Gunnedah Basin

Comet Ridge has one remaining NSW exploration licence (PEL 427), which was renewed by the NSW Government on 12 May 2022 for a period of six years. The approved area was reduced to 12 blocks by the NSW Government over an area of 891 km² located in the northern Gunnedah Basin, immediately north of Santos’ Narrabri CSG Project in the Bohena Trough.

Comet Ridge holds a 59.1% CSG equity interest and 100% conventional equity interest in PEL 427. Comet Ridge is the Conventional Operator whilst Santos operates the CSG interest.

Given the uncertainty and significant risk related to investment in natural gas in NSW, the Company is planning to be 100% focused on its Queensland operations for the foreseeable future.