Carnarvon Petroleum : Buffalo project update on data sharing

23 June 2017

• Carnarvon is employing cutting edge exploration technology to unlock Buffalo project opportunities
• NOGA, in the adjacent acreage, is rapidly changing the dynamics of its oil production operations
• Both parties believe that by working together they can enhance value in their respective operations

Carnarvon Petroleum Limited ("Carnarvon") (ASX:CVN) is pleased to provide the following update on its 100% held WA-523-P exploration permit, containing the Buffalo oil field.

Carnarvon is joining with Northern Oil & Gas Australia Pty Limited ("NOGA") on a collaborative data sharing project spanning data in the Buffalo block (WA-523-P), and the Corallina and Laminaria producing oil fields, in the AC/L5 and WA 18-L blocks (100% interest) which are contiguous to the north and west. The respective blocks are outlined in the attached map.

As outlined in the most recent Buffalo project update (refer CVN ASX announcement on 15 May 2017) we have seen impressive improvements in data quality across the WA-523-P exploration permit and the new potential identified in the Buffalo structure. There has been significant industry interest shown in the WA- 523-P block since this update and the technology that has enabled this new view of the subsurface oil structures.

NOGA is the operator of the producing Laminaria and Corallina oil fields and the owner of the Northern Endeavour FPSO, located some 15 km to the northwest of the Buffalo oil field. The Northern Endeavour FPSO has processed over 200 million barrels of oil from the adjacent Corallina and Laminaria oil fields. It is anticipated that similar upside and de-risking of drilling targets to that identified in the Buffalo field may also be unlocked using the same advanced seismic processing techniques.

Carnarvon and NOGA are co-operating to ensure that re-processing of the Laminaria 3D seismic results in a seamless high-quality 3D dataset over the Corallina, Laminaria and Buffalo fields, and Carnarvon's experience over the Buffalo block will be used by NOGA to fast track their results.

By sharing the data over the Laminaria / Corallina fields, NOGA is able to assist in better understanding the potential available in the Buffalo oil field, and also guide the Carnarvon team on potential development opportunities.

This collaborative approach is expected to benefit both companies as we strive to unlock the potential upside in the area.

Yours faithfully

Carnarvon acreage

NOGA acreage

About Carnarvon Petroleum Ltd

Carnarvon Petroleum Ltd is an oil and gas exploration company, listed on the Australian stock exchange (ASX: CVN).

Carnarvon has an extensive acreage position in the North West Shelf of Western Australia, with equity positions in 12 blocks covering a total area of 36,000 km2 at varying interest levels. Carnarvon has discovered oil, gas and condensate at the Roc and Phoenix South structures and is working with partner Quadrant Energy on bring those to commercialisation.

About Northern Oil & Gas Australia Pty Limited ("NOGA")

Northern Oil & Gas Australia Pty Limited (NOGA) is a private Australian company headquartered in Perth. Through its wholly owned subsidiary Timor Sea Oil & Gas Australia Pty Limited (TOGA) NOGA holds Production Licences WA-18-L and AC/L5, in which lie the producing Laminaria and Corallina oil fields, and associated infrastructure including the Northern Endeavour Floating Production Storage and Offloading facility.

Shareholder enquiries

Email: investor.relations@cvn.com.au