Ann: Financial Report to Shareholders, page-2

For both the Condor and Eagle projects, Carnarvon is currently seeking farm-in interest to progress the exciting prospects both permits contain.

WA-521-P (“Labyrinth Project”)
Despite the technical work demonstrating that the WA-521-P exploration permit is prospective for liquid
hydrocarbons, the Company does not consider these prospects as core exploration targets due to their critical risks
of hydrocarbon source and migration, which requires definitive data from a well to reduce this risk.
On this basis, the Company submitted a request to surrender the WA-521-P permit to the regulator, with consent to
surrender received following the end of the period.