Carnarvon Petroleum Limited provides shareholders with the following update on the spudding and drilling operations at the NSE-H4 well as at 06:00hrs, 17th December 2012.

The NSE-H4 well commenced drilling operations on 13th December 2012. As at 06:00hrs on 17th December the well was preparing to run and cement the 9 -5/8' casing before drilling ahead to planned total depth in 8 ½' hole size.

The well will be directionally drilled to a total depth of 1014m MD and is expected to take around 10 days to complete.

The well is targeting the NSE main volcanic in an area where wells have produced up to 1,200 bopd (gross) and recovered around 700,000 barrels of oil (gross).

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