CVN 0.00% 34.0¢ carnarvon petroleum limited

preliminary results of flow testing

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    CARNARVON PETROLEUM NL 2002-12-02 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Please find attached Carnarvon Petroleum's announcement regarding
    the preliminary results on the production testing of two of the three
    recently drilled successful wells at the Wichian Buri Oil Field in
    the SW1A Concession in Central Thailand in which the Company has a
    40% interest.

    L Troncone
    COMPANY SECRETARY


    PRELIMINARY RESULTS OF FLOWTESTING OF NEW OIL WELLS

    Petroleum is pleased to announce initial oil rates from well testing
    for two of the recently drilled Phase II development wells, WB-N4
    and WB-N6. On 30th November 2002, facilities were in place that
    allowed the F Sandstone intervals of the two wells to be flowed
    simultaneously while being jet pumped. The average combined oil
    production rate from the two wells was 418 BOPD (barrels of oil per
    day) at a FTHP (flowing tubing head pressure) of 2750 PSI.

    These are the first of the multiple oil intervals in the three new
    Phase II wells to be jet pumped. Key flow test results to date for
    the two wells under both jet pumping and natural flow conditions are
    shown in the table below. The table shows the stabilised oil rate for
    natural flow and the maximum oil rate for the jet pumped wells
    together with the corresponding flowing tubing head pressure in each
    situation.

    WELL/ NATURAL FLOW NATURAL FLOW JETPUMP JET PUMP JET PUMP -
    INTERVAL OIL RATE FTHP MAX OIL FTHP COMBINED
    RATE OIL RATE

    WB-N4 125 BOPD 10 PSI 340 BOPD 2900 PSI
    F Sand 418 BOPD
    at 2750 PSI

    WB-N6 320 BOPD 10 PSI 403 BOPD 2750 PSI
    F Sand

    Production testing of the Phase II wells began on November 3rd after
    the F Sandstone intervals were perforated in late October. The wells
    were first tested under natural flow conditions to establish
    reservoir and well parameters and thereby productive potential. They
    were then tested as jet pumped wells to establish deliverability.
    Data collected during this process from downhole pressure gauges is
    currently being analysed with a view to optimising production rates
    for the wells.

    The remaining well, WB-N5, was put on jet pump for the first time on
    30 November 2002 and is currently being tested. The initial results
    after 12 hours jet pumping give a rate of 65 BOPD at 07:00 hrs on the
    1st of December. Last week WB-N5 was flowed naturally to surface at a
    low rate. Results for WB-N5 will be announced in the near future as
    will the analyses of the well testing data for all the wells.

    Oil produced from the three new wells, together with oil produced
    from the existing wells of some 180 BOPD, is being sold direct to the
    refiner.

    To date, installation of equipment has limited production rate and
    test duration. Over the past three weeks the Operator has
    intermittently flow tested the F intervals while constructing and
    optimising the production system including surface facilities, flow
    lines and down-hole equipment. This process is ongoing. A permanent
    surface pump is now being installed and is expected to be operational
    soon to assist in achieving the maximum combined oil rate. This
    should allow all three Phase II wells to be on long-term production
    from the F Sandstone by the end of the year.

    Dr Ken Tregonning, Carnarvon's Managing Director said: "The results
    from these new wells have exceeded the expectations of Carnarvon and
    its Joint Venture partner when they committed to proceed with Phase
    II. The exciting thing about the Phase II outcomes so far is the
    near-term prospect of further improvements in production arising from
    the Operator bringing into production WB-N5, gaining experience with
    the use of jet pumps and optimising the production system, as well as
    the future upside from producing the untested E and G reservoirs
    that were also discovered during the Phase II drilling.

    Dr Tregonning added: "These are still early days for the SW1A Joint
    Venture but Carnarvon is cautiously optimistic that over the next few
    months we should see steady improvements in production rates. We hope
    this will signal the beginning of a new era for Carnarvon whereby it
    will enjoy strong operating cash flows."

    Carnarvon Petroleum NL is a listed junior oil and gas exploration and
    production company. Carnarvon has oil and gas reserves and production
    in the Wichian Buri Oil Field in Thailand, and reserves in Papua New
    Guinea and the North West Shelf of Australia. The SW1A Joint Venture
    consists of Carnarvon Petroleum NL (40% interest) and Pacific Tiger
    Energy Inc (60% - Operator).

    For further details please contact:

    Dr Ken Tregonning in Melbourne on 03 9824 2104
    or Mr Leonard Troncone in Perth on 08 9288 4522

    Tez
 
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