new announcement, page-2

Here's the announcement!

Dear Sirs,
AWARD OF NEW PERMIT – OFFSHORE WESTERN AUSTRALIA
AUSTRALIA

Carnarvon Petroleum Ltd is pleased to announce that its application to the Australian Government to
acquire 100% of a new offshore West Australian permit covering application block W08-11 (permit
number to be advised) has been successful.
The application block W08-11 is situated in the north-western part of the Bedout Sub-basin within the
greater Roebuck Basin. The block lies in an under-explored area that has received little recent attention,
adjacent to the prolific Carnarvon Basin hydrocarbon province to the south-west. The town of Port
Hedland lies 180 kms to the south. Water depths range from 120 to 265 metres and the block covers a
large area of 4,955km².
Three wells have been drilled in the block to date. The two wells, Phoenix-1 and Phoenix-2, drilled on
the large Phoenix structure both intersected extensive gas columns within low porosity mid Triassic
reservoir. In particular, Phoenix-1 recorded 110 metres of net gas-bearing section, however further work
is required to determine reservoir parameters and whether the discovery could flow at commercial rates.
Carnarvon has agreed to a firm commitment to reprocess 2,500kms of seismic and carry out technical
studies for the first three years estimated to cost $500,000. Following the completion of this work,
Carnarvon intends to acquire seismic and drill at least one well in the following three year indicative
programme.


CEO Comment
Ted Jacobson, Carnarvon CEO, commented:
“This is good work by our technical team, resulting in the acquisition of a large permit with an excellent
address and a potential large gas discovery, while ensuring minimal upfront expenditure commitments
for the company.
While the current time frame is for reprocessing and studies, Carnarvon is looking at ways to accelerate
the drilling of appraisal wells on the Phoenix and adjacent structures.”
Yours faithfully,
Carnarvon Petroleum Limited
Ted Jacobson
Chief Executive Officer