Dorado one of the largest oil resources ever found on the NW Shelf, Carnarvon Petroleum says

WEST PERTH -- Carnarvon Petroleum Limited has completed its assessment of the hydrocarbon volumes within the Dorado structure in WA-437-P, providing the following information.

Carnarvon’s Managing Director and CEO, Adrian Cook, said “the 171 MMbbl of oil discovered in Dorado
is one of the largest oil resources ever found on the North West Shelf.

Oil fields of this significant scale are not often found, with the last large field discovery on the North West Shelf
being around 30 years ago.

It is common for additional resources to be discovered in the surrounding area after a large discovery. In this
regard we expect to provide the market with further details on prospects identified by the play concept now
proven at Dorado, that we believe have the potential to also contain oil resources.”

“The gas and condensate discovered in the Phoenix Project is also is a significant and valuable resource that is
in addition to the discovered oil. Dorado discovered 552 billion cubic feet of gas and 16 MMbbl of
condensate on a 2C basis. When combined with the nearby Roc field, the aggregate resource is around 884
Bcf of gas and 36 MMbbl of associated condensate on a gross 2C basis.” Cook said.

These volumetric results reiterate the significance of the Dorado discovery and we look forward to maturing
this resource and finding additional neighbouring resources in our future drilling programs.”