new hartleys buy recommendation , page-6

http://www.carnarvon.com.au/docs/Hartleys180208.pdf

Carnarvon Petroleum Limited (“Carnarvon”,”CVN”,”Company”) has recently been
granted a much anticipated production license over its oilfield discovery at Na Sanun
East (“NSE”), onshore Thailand (CVN 40%). This will allow commencement of full
field development and subsequent firming up of reserve numbers. Full field
development at NSE will enable increasing the current 3,520bopd net sales to as
high as 8,000bopd by year end. Estimated net cash flow for FY2008 is approx.
A$46m, increasing to approx. A$77m for FY2009.
The Company has also been awarded an exploration license over nearby block
L20/50 (CVN 50%) and is the sole bidder (with Pearl Energy 50%) over two more
onshore blocks. CVN aims to drill at least 10 high impact exploration wells this year.
Carnarvon boasts a well balanced pipeline of assets in various phases of the
Exploration and Production (“E&P”) lifecycle, allowing it to use the technical
expertise garnered from success at NSE to strategic advantage. With all of these
pieces of the puzzle falling into place we continue to rate Carnarvon Petroleum
Limited as a Buy.