top 20 update

CARNARVON PETROLUEM LIMITED: TOP 20 SHAREHOLDERS 29TH JULY 2008

1 J P MORGAN NOMINEES AUSTRALIA LIMITED 63,621,848 9.45%

2 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 39,975,266 5.94%

3 NATIONAL NOMINEES LIMITED 21,756,967 3.23%

4 ANZ NOMINEES LIMITED 16,338,465 2.43%

5 MR EDWARD PATRICK JACOBSON 14,817,903 2.20%

6 CITICORP NOMINEES PTY LIMITED 13,103,799 1.95%

7 ARNE INVESTMENTS PTY LTD 8,916,906 1.32%

8 MR PETER JAMES LEONHARDT 7,700,000 1.14%

9 ARNE INVESTMENTS PTY LTD 6,710,493 1.00%

10 PENDOMER INVESTMENTS PTY LTD 6,316,186 0.94%

11 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 3 6,074,941 0.90%

12 MR EDWARD PATRICK JACOBSON 6,000,000 0.89%

13

MR GREGORY JOHN MUNYARD + MRS MARIA ANN MUNYARD + MISS CARMEN

HELENE MUNYARD

5,800,000 0.86%

14 CITICORP NOMINEES PTY LIMITED 5,271,720 0.78%

15 KAYMAC NOMINEES PTY LTD 4,939,372 0.73%

16 MR BRETT STEELE WILLIAMSON + MS NICOLE DEANNE ROCKLIFF 4,900,000 0.73%

17 MR LAWRENCE ADDISON BROWN + MRS JILL BROWN 4,789,272 0.71%

18 BOND STREET CUSTODIANS LIMITED 4,636,199 0.69%

19 ATHOL STEEL PTY LTD 4,600,000 0.68%

20 SEAWELL SUPER PTY LTD 4,050,000 0.60%

Top 20 holders as at 29 Jul 2008 250,319,337 37.17%



as at 18 September 2008



Name of Shareholder Number of Shares % held

J P Morgan Nominees Australia Limited 39,410,946 5.85

HSBC Custody Nominees (Australia) Limited 33,297,035 4.95

National Nominees Limited 24,783,893 3.68

Mr Edward Patrick Jacobson 14,917,903 2.22

ANZ Nominees Limited 12,796,128 1.90

Citicorp Nominees Pty Limited 10,143,800 1.51

Arne Investments Pty Ltd 8,916,906 1.32

Mr Peter James Leonhardt 7,700,000 1.14

Macquarie Bank Limited 7,199,379 1.07

Arne Investments Pty Ltd 6,710,493 1.00

Pendomer Investments Pty Ltd 6,400,000 0.95

Athol Steel Pty Ltd 6,100,000 0.91

HSBC Custody Nominees (Australia) Limited - 6,074,941 0.90

Mr Edward Patrick Jacobson 6,000,000 0.89

Mr Brett Steele Williamson + Ms Nicole Deanne Rockliff 5,838,657 0.87

Mr Gregory John Munyard + Mrs Maria Ann Munyard + Miss Carmen

Helene Munyard 5,800,000 0.86

Citicorp Nominees Pty Limited 5,271,720 0.78

Kaymac Nominees Pty Ltd 4,939,372 0.73

Mr Lawrence Addison Brown + Mrs Jill Brown 4,789,272 0.71

Bond Street Custodians Limited 4,636,199 0.69

221,726,644 32.93