Permit Basin Equity Joint Venture Partner(s) Partner Interest Indicative Program WA-435-P Roebuck 50% Finder Exploration* 50% Seismic & Aeromag Acquisition, Exploration WA-436-P Roebuck 50% Finder Exploration* 50% Seismic & Aeromag Acquisition, Exploration WA-437-P Roebuck 50% Finder Exploration* 50% Seismic & Aeromag Acquisition, Exploration WA-438-P Roebuck 50% Finder Exploration* 50% Seismic & Aeromag Acquisition, Exploration WA-443-P Roebuck 100%     Studies WA-399-P Carnarvon 13% Apache* Rialto Energy Jacka 60% 12% 15% Seismic Acquisition, Exploration EP321 Perth 2.5% of 38.25%(i)     Appraisal EP407 Perth 2.5% of 42.50% (i)     Appraisal   Note:    (*)         Denotes operator where Carnarvon is non-operator partner                (i)         Carnarvon has an overriding royalty interest in these assets   WA-435-P, WA-436-P, WA-437-P,  WA-438-P & WA-443-P The four permits WA-435-P through to WA-438-P are situated in the north-western part of the Bedout Sub-basin within the greater Roebuck Basin, offshore Western Australia. The blocks lie in an under-explored area that has received little recent attention, between the prolific Carnarvon Basin hydrocarbon province to the southwest and the Browse Basin to the northeast. The town of Port Hedland lies approximately 150 km to the south of the permits and Broome lies 250 km to the northeast. Water depths range from 35 to 265 metres and the permits cover a very large area of more than 21,000 km² (268 graticular blocks). Only six wells have been drilled in the permits to date. The two wells, Phoenix-1 and Phoenix-2, drilled on the large Phoenix structure in WA-435-P both intersected extensive gas columns within lower-porosity, mid-Triassic reservoirs. In particular, Phoenix-1 recorded 110 metres of net gas-bearing section; however, further work is required to determine whether the gas discovery at Phoenix could flow at commercial rates. A larger, untested structure in WA-435-P lies directly on trend with the Phoenix structure, 5 to15 km to the southwest. Further to the southeast in WA-437-P lies yet another large, untested structure. Regional geology suggests that reservoir quality improves southward toward these prospects, but this model will need to be confirmed by drilling. These Triassic structures have significant potential of the order of several Tcf’s of recoverable gas, if exploration and appraisal drilling are successful. Other viable plays are recognised in these blocks including possible oil exploration potential at the shallower Cretaceous-aged levels. Carnarvon and Finder intend to carry out numerous studies to evaluate this potential. The Government approved work programme for these permits, for the initial firm three-year term, comprises seismic reprocessing, the recording of an aeromagnetic survey and technical studies, which will include a complete analysis of the gas intersections in the Phoenix-1 and Phoenix-2 wells. The second three-year term is planned to consist of seismic acquisition and the drilling of at least one well in each permit. The results of the initial technical studies will be used to modify/accelerate this second period work programme as appropriate. WA-443-P This permit is adjacent to Carnarvon’s other Roebuck Basin blocks and was acquired in April 2010.  No previous drilling has taken place in the WA-443-P block.  One large Middle Triassic prospect has been interpreted, the Jaubert Prospect, which is a faulted anticlinal closure.  The structural form and size of the prospect are comparable to the Phoenix group of potentially large gas accumulations.  Carnarvon has secured this new permit with a firm programme over three years to reprocess and interpret 1,400 km of 2D seismic.  Geological and geophysical studies will also be carried out in conjunction with similar work in the adjacent permits.     WA-399-P WA-399-P was awarded on 7 May 2007. The permit covers an area of 50km² located between the Pyrenees and Macedon oil and gas fields and the Leatherback oil accumulation. Carnarvon has completed the reprocessing of all available seismic over the permit (550 km²). The current work programme requires acquisition of 315km of new 2D seismic and Carnarvon is reviewing vessel availability and prices.   NEW ZEALAND Permit Basin Equity Joint Venture Partner(s) Partner Interest Indicative Program PEP 38524 Offshore Taranaki Basin 10% AWE* ROC KEA Petroleum 65% 15% 10% Exploration drilling Tuatar-1 July/August 2010  Note:    (*)         Denotes operator where Carnarvon is non-operator partner