New Funding Arranged for Thai Oil Field Phase 2 Development Investor Presentation March 2002 Carnarvon Petroleum Carnarvon Petroleum

2 Executive Personnel Dr Ken Tregonning (BSc(Hons), PhD) –Managing Director Two decades international oil and gas experience in S.E.Asia, Australasia, UK, Europe, USA etc. Petroleum and reservoir engineering, economics and management Former Executive Director of Australasian oil exploration company David Orth (BSc, DipGeoSci) – Executive Director Twenty plus years international oil and gas experience with Amoco, BHPP & Triton in exploration, operations & management in Africa, UK, Middle East & South East Asia Involved in discovery of 1 billion BOEs in Gabon, UK, M.East and PNG Len Troncone (BComm) – Company Secretary/CFO Over twenty years experience gained in the finace, mining, mineral processing, diversified engineering and oil and gas industries in Australia Past twelve years have been with Australian public companies including Devex Limited, United Group Limited and Carnarvon Petroleum NL

3 Corporate Vision Carnarvon has undergone a paradigm shift from being an explorer to being a producer Our goal is to identify, evaluate and acquire undervalued assets –Acquire producing properties with upside potential –Concentrate on the Asian/Australasian initially –Expand into the worldwide scene in time

4 Carnarvon Recent History Carnarvon Recent History Sold Perth Basin permits to AusAm Resources in 2000 Acquired Block SW1A in Thailand Applied for Blocks L44/43 & PL2 in Thailand Sold majority of Carnarvon Basin permits to Apache Energy in 2001 Currently marketing PNG permits for sale

5 Carnarvon SW1A History Carnarvon SW1A History Acquired 40% interest in SW1A concession in late 2000 for US$1.6M including 80% of the cost of drilling two new wells (WB-N1, WB-N2) Since spent a further US$0.25M in drilling WB-N3 All three new wells discovered oil in F Sandstone formation with additional hydrocarbons in shallower horizons

Background Information on SW1A (Carnarvon 40% Interest) SW1A Concession

7 SW1A Location Map Block SW1A lies in central Thailand some 250 kms north of Bangkok Travel is by road over sealed highway Travel time is approximately 3 hours

8 SW1A Production Licences SW1A Production Licences

9 WBN1 WBN2 WBN3 WB1 WBA N 4 4 Increasing reservoir potential N & W Depositional Model

10 Current Oil Producing Portfolio Current Oil Producing Portfolio Thailand, SW1A: –30 MMBO remaining recoverable oil reserves (10 MMBO Proved; 56MMBO upside) –WB-N1, WB-N2 & WB-N3 have producible oil –Current production rate under-performing at approximately 200 BOPD from 4 wells (WB-N1 shut-in pending award of PL2) –Current operations include workovers and well performance analysis (WB-N2 shut-in for PBU) –Fraccing of wells under consideration

11 SW1A Drilling History SW1A Drilling History Since Carnarvon acquired 40% interest in SW1A in December 2000: Well WB-N1 WB-N2 WB-N3 February Date April 2001 June 2001 February 2002 February Perforation/Oil Zone Interval 921 – 961m 928 – 1010m 966 – 1010m (F Sandstone Intersection – Oil Bearing)

US$2M Funding Arranged for Phase 2 Development of Wichian Buri Oil Field Funding

13 Broad Terms of Funding Broad Terms of Funding Funding provided by Gemini Oil & Gas Limited, an oil and gas financing specialist US$2M available to drill up to 4 new wells within PL1 and, when awarded, PL2 Drilling to commence once approved Work Program & Budget agreed by JV Partners and long-lead items acquired Likely drilling start Q and completed by end of 2002

14 Broad Terms of Funding (Cont.) Broad Terms of Funding (Cont.) JV Partners to make payments based on a percentage of sales exclusively from the F Sandstone formation within PL1 & PL2 Production from wider SW1A acreage and other oil-bearing formation is expressly excluded (i.e. unencumbered) Percentage rate reduces once payments to Gemini reach the value of the original funding

15 Broad Terms of Funding (Cont.) Broad Terms of Funding (Cont.) Gemini funding is all “at risk” money: No obligation to repay the principal in the (unlikely) event that the development program is a commercial failure Only encumbrance is on production licences PL1 and PL2

16 What Does it Mean to the SW1A JV? What Does it Mean to the SW1A JV? Momentum to the Joint Venture Cost-effective development program Production output of 1,000 BOPD targeted Self-funding of future development programs Better pricing for oil sales generated by the Joint Venture

17 What Does it Mean to Carnarvon? What Does it Mean to Carnarvon? US$ 0.8M (40% of US$2M) of “no-risk” funding of its share of the SW1A JV Phase 2 development No need to raise capital to fund SW1A development Focus on production improvement strategies for SW1A Capacity to actively look for other investment opportunities

18 Contact Details Ken Tregonning Ph David OrthPh Len Troncone Ph Website :