From today's ann...Carnarvon’s Managing Director Ted Jacobson...

From today's ann...

Carnarvon’s Managing Director Ted Jacobson commented:
“Carnarvon and its Joint Venture Partner and operator, TSX listed Pan-Orient Corporation, are
delighted with the results of the phase 1 exploration programme. Results from the 8 well drill
programme, where 7 wells are now producing or soon to be producing, confirm the prospectivity
and productivity of the Wichian Buri oilfield and highlight upside from additional areas such as
POE-9. Results from the interpretation of new 3D seismic and previous wells drilled in the permits
further confirm this view. Following the success of phase 1, new opportunities have been identified,
and we are delighted with the quality of the selected drill targets and the expanded phase 2 drilling
programme that has been agreed by the Joint Venture.
Carnarvon is currently considering alternatives in respect of funding for the initial stages of the
expanded phase 2 programme. Cashflows from producing fields are expected to fully fund the latter
stages of the drilling programme. Further details will be provided over the coming weeks.”

Cap Raising soon?

also,

1 Phase 1 work programme was completed in 2006 with the drilling of 8 wells. The final
well (POE-9) has been production tested and has maintained flow rates for over 2 months at
between 320 and 389 bopd

– this confirms a new field discovery. -

Bad day for an announcement - all seems pretty
positive to me (except for funding of phase 2 maybe)