Ann: Half Year Financial Report, page-2

Carnarvon Petroleum Limited (ASX:CVN) (“Carnarvon”) is pleased to provide shareholders with the Half Year Financial Report to 31 December 2014. During the Half Year, Carnarvon recorded sales revenue of $7.5 million a gross profit of $4.6 million and a net profit of $19.3 million. At 31 December 2014 Carnarvon’s cash and receivable from the sale of its remaining Thai interests totalled $105.4m. The consideration for the Thai sale was received in February 2015 resulting in total cash of approximately $108 million at the completion of the transaction. The depreciation of the Australian Dollar to the United States Dollar caused the increase in the cash balance between the Half Year Financial Report and completion of the transaction.