Production
Oil production, net to Carnarvon, averaged 1,050 bopd over the half year to December 31, 2007, which compares with 288 bopd in the half year to 30 June 2007. At 31 December 2007 average production was 2,900 bopd net to Carnarvon (net production in March 2008 was around 3,800 bopd).
Reserves
A significant reserve upgrade by independent consulting firm Gaffney Cline & Associates Ltd. identified net 2P oil reserves of 11.377 million barrels of oil to Carnarvon, an increase of over 300% above previously published oil reserves estimates. A drilling programme of up to 20 exploration, appraisal and development wells is likely to add further reserves through 2008.