Here is the massive upside to Carnarvon. Remember each of the...

Here is the massive upside to Carnarvon.

Remember each of the wells on production at the moment in the Na Sanun and Na Sanun East fields are only producing from 1 of the 4 potential volcanic fracture zones within each well. Therefore each of these well are potentially capable of producing from 4 separate zones.

In the investor update dated 12 September CVN have stated that the contingent resources (gross recoverable) estimates, based on a field size of 15.87km2, could be as high as 40.3MM bbls for just 1 of the 4 potential volcanic fracture zones. Given the well successes in the south and central fault compartments, success in the north fault compartment (the soon to be flow tested L44G and L44G-D1 wells) would extend the field size to approx the 15.87km2. If each of the 4 volcanic faults are of similar size then Na Sanun East could contain somewhere in the order of 160MM bbls with net 64MM bbls net to CVN just on this field.

The updated reserve numbers to be released within the next 4 months could be anything. Exciting times ahead for all holders.

Danash