Carnarvon Petroleum Appoints CEO

Carnarvon Petroleum reports that Mr. Ted Jacobson has been appointed as Chief Executive Officer of the Company.

Mr. Jacobson is a petroleum geophysicist with 35 years experience in petroleum exploration principally in the European North Sea, South East Asia, South America and Australia. Within Australia he has been responsible for initiating a number of petroleum discoveries within the Cooper Basin, Barrow Sub Basin and Timor Sea. Prior to joining Carnarvon, Ted was co-founder of Discovery Petroleum and more recently since 1996 co-founder and technical director of Tap Oil Ltd which grew to a market capitalization of over $400 million under his technical leadership.

Mr. David Orth has altered his position from Chief Operating Officer and will continue as a technical consultant. The management changes are linked to the recently announced relocation of Carnarvon's operations to Perth.

Commenting on the appointment, Carnarvon Chairman Mr. Peter Leonhardt stated:

"Ted Jacobson's agreement to assume a leadership role at Carnarvon is another significant step in the re-invigoration of the Company and follows the establishment of a strong working relationship with Pan Orient, our new operating partner at the Wichian Buri Oil Field onshore Thailand, in which Carnarvon holds a 40% interest. Carnarvon can look forward to an exciting year in 2006 with a significant 3D seismic and drilling program to further appraise and develop Wichian Buri."