Carnarvon provided the results of an independent estimate of contingent and prospective resources related to the applications for two production licenses encompassing recent crude oil discoveries onshore Thailand. The Production Area Applications (PAA) cover the Wichian Buri Extension Field (WBEXT) in Concession L44/43 and the L33-1 / L33-2 fields in Concession L33/43.

Highlights PAA have been applied for covering the recent discoveries in the L44 concession at WBExt and L33 concession at L33-1&2.

It is anticipated the L33 PAA will be approved, the two shut-in wells will be producing, by December 2010.

Contingent resources assigned to the WBV1 and WBV2 volcanic reservoirs and the F sandstone reservoir in Concessions L44 and L33 net to Carnarvon’s 40% operated working interest is 10.3 million barrels recoverable at a best estimated confidence level within the PAA.

Prospective resources assigned to the WBV1 and WBV2 volcanic reservoirs in Concessions L44 and L33 net to Carnarvon’s 40% operated working interest is 4.5 million barrels recoverable within the PAA.

Contingent & Prospective Resource Estimates The estimates of contingent and prospective resources have been conducted by Gaffney Cline & Associates-Singapore (“GCA”) and have been prepared as part of two production license area applications submitted to the Thailand Department of Mineral Fuels (“DMF”) incorporating drilling results and production data to October 28, 2010.

Contingent resource volumes estimated in these GCA reports are contingent on the Operator of the permits, Pan Orient, receiving approval for the two production license area applications as submitted to the DMF. Pan Orient has no reason to believe these two production license applications will not be approved by the DMF and anticipates each production license application to be approved within approximately 90 days from the date of submission.

The extent of the crude oil accumulations in the reservoirs set out in these estimates of contingent and prospective resources, and associated production levels, will not be known until after additional appraisal drilling, production testing, defining the oil / water contacts and defining the oil & gas contacts.

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