Carnarvon to Farm-In to Rangkas Block Onshore Indonesia

Carnarvon Petroleum has entered into a farm-in agreement with Lundin Rangkas B.V, a wholly owned subsidiary of Lundin Petroleum, in respect of the Rangkas block onshore West Java, Indonesia.

Carnarvon will acquire a 25 percent interest in the Rangkas block onshore Indonesia. The block covers an area of 3,977 km2. Previous drilling in the Block and surface oil seeps have confirmed an active petroleum system. Several prospects and leads have been identified in the Block from earlier 2D seismic. A 2D seismic acquisition program is due to commence in 2010.

Lundin Petroleum is the operator of the Rangkas block and will have the remaining 75 percent working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.