The board of Directors of Comet Ridge Limited (ASX Code: COI)...

The board of Directors of Comet Ridge Limited (ASX Code: COI) advises that drilling operations on the Florence project in
south eastern Colorado in underway after being delayed by a few days by restrictions imposed by the State of Colorado on
moving the larger parts of the rig.
All of the drilling rig and equipment is now on location and drilling operations have commenced. Please see further details
below:
Well Information:
Well Name: Golden #33-20
Operator: Comet Ridge USA*
Location: Well is within the limits of the Florence oil field approximately
1km south west of the town of Florence, Fremont County, CO.
Current Operation: Preparing to drilling out surface casing
Proposed Total Depth: 4,926 feet measured depth (md)
4,500 feet true vertical depth (tvd)
Current Depth: 696 feet md, 692 feet tvd
Progress since last report: 696 feet
Hydrocarbon indications: None
Comet Ridge Limited Interest: 43.75% equity in Comet Ridge Resources, LLC** which has a
97.25% working interest
Report Time: 6am Monday 7th July, 2008
Mountain Daylight Standard Time
Next routine report: Tuesday 15th July, 2008
*