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Phoenix South-1 Well Result Update

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Oilfield Technology,

Carnarvon Petroleum Limited has provided an update on the work being performed in assessing the results from the Phoenix South-1 well, and provided some guidance on the likely timing of the drilling of the Roc well.

Apache on behalf of the joint venture is undertaking a technically complex and thorough process of assessing the well results. An outline of some of the work being undertaken has been included as an annexure to this update.

At a joint venture meeting on Tuesday 9 December 2014 , Carnarvon was provided with a detailed update by Apache of progress on their technical evaluation.

CEO Adrian Cook said, “I promised shareholders at our AGM that I would provide them with an update on the progress of the work on the Phoenix South-1 well and I can report that a great deal of work is being done right now and that the results to date are encouraging.”

“The discovery of oil at Phoenix South has caused the joint venture to re-evaluate everything it previously assumed about this basin and that has added extra time and complexity to the work schedule. Further there are no obvious analogous oil plays to provide guidance on how to evaluate this basin. Consequently, Apache require more time to receive, consider and integrate all of the data before Carnarvon is able to provide oil in place estimates, recoverability factors and recoverable volumes. I expect we will be in a better position to provide a more comprehensive update sometime toward the end of the first quarter of 2015.”

“I can confirm is that the oil sampled from the Phoenix South-1 well is exceptionally good quality light black oil with a high API gravity around 470 and highly favourable mobilities.”

Adapted from press release by Joe Green

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