Ann: Partial Bedout Divestment, page-4

Binding agreement executed to divest a 10% interest in Carnarvon’s Bedout assets,including the Dorado field Cash consideration of US$146MM, comprising an upfront payment of US$56MM and acarry of US$90MM on Carnarvon’s forward expenditure, once a Final InvestmentDecision is made on the Dorado development Carnarvon’s debt financing process is continuing, and expected to provide the balanceof funding for the Dorado development once financing is secured Following completion, Carnarvon to hold a pro-forma cash balance of approximatelyA$178MM