Carnarvon Energy Limited provided an update on the Buffalo-10 well. Since the last report, the Conductor was installed and cemented in place, and the 17 ½" hole was drilled down to section total depth of around 804 metres Measured Depth ("MD"). Set and cement the 13 3/8" casing and install wellhead, after which the rig will drill ahead in 12 ¼" hole to approximately 2,800 metres MD before setting the 9 " casing.

No hydrocarbons are anticipated to be intersected in this drilling section. The Buffalo project objective involves the redevelopment of the Buffalo oil field in the Timor Sea. The field resides in only 30 metres of water with a reservoir depth between 3,200 and 3,300 meters below the sea bed.

The previous field proved the existence of very high deliverability reservoir containing high quality light oil that is expected to sell at a premium to Brent in present market. Carnarvon's mid case recoverable volume estimate is 31 million barrels (gross, 2C contingent resource). With the minimum economic field size estimated to be significantly lower than the mid case estimate, there is a strong likelihood the Buffalo-10 well will confirm an economic project.

Accordingly, Carnarvon's drilling plans provide for the Buffalo-10 well to be retained as the first production well in the redevelopment program. For the above reasons, Carnarvon is also working its project partner, Advance Energy Plc, on plans to compress the timeline to first production once the Buffalo-10 well confirms a commercial oil resource. These plans include engaging with industry for supply and installation of suitable equipment to produce the oil.