#1CARNARVON proactive Thinking & Acting Differently Investor conference presentation 14 July 2020#2DISCLAIMER AND RESOURCE INFORMATION The resource estimates outlined in this Presentation are based on and fairly represent information and supporting documentation prepared by the Company's Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 25 years' experience in petroleum exploration and engineering. Mr Huizenga holds a Bachelor Degree in Engineering, a Masters Degree in Petroleum Engineering and is a member of the society of Petroleum Engineers. Mr Huizenga is qualified in accordance with ASX Listing Rules and has consented to the form and context in which this statement appears. All contingent and prospective resources presented in this report are prepared as at 28 August 2017, 23 April 2018, 20 August 2018, 15 October 2018 and 15 July 2019 pursuant to the Company's ASX announcements released to ASX on 28 August 2017, 23 April 2018, 20 August 2018, 15 October 2018 and 15 July 2019. The estimates of contingent and prospective resources included in this Presentation have been prepared in accordance with the definitions and guidelines set forth in the SPE-PRMS. Carnarvon is not aware of any new information or data that materially affects the information included in this Presentation and that all material assumptions and technical parameters underpinning the estimates in this Presentation continue to apply and have not materially changed. Carnarvon used deterministic and probabilistic methods to prepare the estimates of these contingent resources. These contingent resources have been aggregated by arithmetic summation and hence the aggregate 1C may be a very conservative estimate and the 3C may be a very optimistic estimate due to the portfolio effects of arithmetic summation. There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment are subjective processes of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. This Presentation contains certain "forward looking statements" which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and gas industry, many of which are outside the control of, change without notice, and may be unknown to Carnarvon, as are statements about market and industry trends, which are based on interpretation of market conditions. Forward looking statements can generally be identified by the use of forward looking words such as "anticipate", "expect", "likely" "propose", "will", "intend", "should", "could", "may", "propose", "will", "believe", "forecast", "estimate", "target", "outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the future performance of the Company. No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based, because events and actual circumstances frequently do not occur as forecast and future results are subject to known and unknown risks such as changes in market conditions and regulations. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this Presentation. Any reliance by a reader on the information contained in this Presentation is wholly at the reader's own risk. Carnarvon and its related bodies corporate and affiliates and their respective directors, partners, employees, agents and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a person or persons as a result of relying on any statement in, or omission from, this Presentation. To the maximum extent permitted by law or any relevant listing rules of the ASX, Carnarvon and its related bodies corporate and affiliates and their respective and its directors, officers, employees, advisors, agents and intermediaries disclaim any obligation or undertaking to disseminate any updates or revisions to the information in this Presentation to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based. Nothing contained in this document constitutes investment, legal, tax or other advice. This document, and the information contained within it, does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision, you should consider seeking independent professional advice before seeking to take any action based on the information contained in this document. This presentation has been prepared by Carnarvon. No party other than Carnarvon has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this presentation.#3PRESENTATION CONTENT VISION ELITE 1 2 3 4 CORPORATE DASHBOARD Snapshot of the Carnarvon business and its strategic focus. DORADO DEVELOPMENT The liquids development is in concept select phase with FEED expected to commence in Q3, 2020. BEDOUT EXPLORATION Large new sub-basin, new 3D seismic and a portfolio of prospects and leads. DIVERSE PORTFOLIO Carnarvon holds a diverse portfolio of exciting exploration opportunities.#41 CORPORATE DASHBOARD Dorado 150 million barrels of oil in stage 1 development (Gross 2C, CVN 20%) Bedout New basin, CVN holds commanding position $300 million Market value at $0.195 per share $118 million Cash at 31 March 2020 (no debt) Area of CVN focus Share price COVID-19 & oil price ཆ༽དང་ཨང་རིག་ Dorado-1 discovery Dorado-2 appraisal 0.60 0.50 0.40 0.30 0.20 0.10 0.00 SOM. ● Dorado OM Jun '17 Sep '17 Dec '17 Mar '18 Jun '18 Sep '18 Dec '18 Mar '19 Jun '19 Sep '19 Dec '19 Mar '20 Jun '20 Volume P Carnarvon Petroleum Ltd Level 2, 76 Kings Park Road West Perth WA 6005#52 LOCATION In Australia DORADO DEVELOPMENT 116'00'E 117°0'0"E 118'00″E 119°0'0"E 120 00-479-Р 121°0'0"E 122°0'0"E -17'0'0'S Location Map W19-8 1800'S WA-482-P WA-482-P 90m water depth 150km from Port Hedland WA-528-P WA-389-P W19-11 SCALE Dorado is a large field Roc field is nearby Material exploration upside 19'0'0'S WA-525-P W19-10 WA-535-P Good W19-14 WA-17- WAT WA-2 W19-12 owse Trunkline Proposed Browse North Rankin WA-4-L Okha Angel WA-542-P 18- W19-15 WA-499-P TENB EP 475 21'00s Reindeer EP 490 Dampier EP 491 Karratha HDevil Creek Gas Plant. W19-9 WA-533-P WA-487-P -WA-540-P WA-521-P WA-436-P WA-527-P WA-435-P WA-541-P WA-437-P WA-438-P Port-Hedland Roc field (2016) Dorado field (2018) STP-EPA-0094 EP 436 U 436 Broome EP91 U N SPA 31 AO SPA 29 AO EP 493 0 25 50 75 100 Kilometers 16 Dec 2019 JAa5046#62 DORADO DEVELOPMENT DISCOVERED AND APPRAISED 2018 Dorado-1 discovery 2019 Dorado appraised (2 wells) Combination of oil and gas Four quality reservoirs (Caley, Baxter, Crespin & Milne) DORADO-2 DORADO-1 Oil Rich Gas-Cond. Likely Oil Likely Gas-Cond UPPER CALEY CALEY CRESPIN BAXTER MILNE Water-Wet Sst Top Seal Intra-Archer Seals#72 DORADO DEVELOPMENT CONVENTIONAL Conventional industry development Stage 1 - oil & condensate Future stage 2 - gas & LPG's KEY POINTS (stage 1) 75,000 to 100,000 bopd initially Only 8 to 10 wells (incl. re-injection wells) Projected low cost field DORADO FPSO WHP Subsea infrastructure Production & gas re-injection wells PROPOSED DORADO DEVELOPMENT#82 DORADO DEVELOPMENT CONCEPT SELECT PHASE (PRE-FEED) TO BE COMPLETED THIS QUARTER Three parties short listed in WHP tendering phase Offtake tanker Subsea infrastructure pre-FEED contract issued WHP Topside Jacket J-tube Rigid Riser Piles Diverless subsea connectors FPSO (Hull & Topside) Three short listed parties in competitive FPSO design phase Offloading hose and reel DTM (Disconnectable Turret Mooring) Subsea Buoy Water Depth-90m Flowlines Flexible Risers Tether Base Piles Legend Oil Production Flowline Mooring Chain. Gas Injection Flowline Umbilical Line Conceptual design for the production wells is now complete#92 DORADO DEVELOPMENT ENGINEERING DESIGN (FEED) IS EXPECTED TO COMMENCE LATE THIS QUARTER FEED Q3, CY20 FINAL INVESTMENT DECISION IN CY21 1 FPSO construction WHP construction Production well drilling Subsea infrastructure manufacture & installation Commissioning FIRST PRODUCTION 1: Subject to market conditions#103 BEDOUT EXPLORATION BEDOUT SUB-BASIN Liquids rich petroleum system High drilling success in current JV Multiple play types exist CURRENTLY Interpreting new quality 3D data Maturing preferred drill targets Planning for drilling CY21¹ 1: Subject to market conditions * PROSPECT/LEAD OIL FIELD GAS FIELD "Labyrinth" Triassic oil province WA-521-P 100% CVN WA-436-P 70/30% Santos CVN WA-435-P 80/20% Santos CVN WA-437-P 80/20% Santos CVN PS1 ROC DORADO Keraudren 3D APUS PAVO WA-438-P 70/30% Santos CVN N 0 40km#113 BEDOUT EXPLORATION SHALE SEAL DORADO RESERVOIR DORADO CHANNEL APUS RESERVOIR INTERPRETED SOURCE ROCK INTERVAL NEW 3D SEISMIC New data improving target imaging Apus prospect large updip feature Pavo prospect also attractive SEISMIC LINE THROUGH DORADO (LHS) TO APUS (RHS) 0 1 2 3 4 5 KM#124 DIVERSE PORTFOLIO EXPLORATION Mix of oil and gas targets Very low holding commitments High equity interests CURRENT STATUS Farm-out processes in progress: Buffalo, Labyrinth & Condor Maturing potential in other blocks Angus Project-oil play Operator: Carnarvon Permits: WA-523-P 100% Condor Project - oil play Operator: Carnarvon Permits: AC/P 62 100% Dorado and Roc - oil & gas play Operator: Santos Browse Permits: WA-435-P 20% WA-436-P 30% WA-437-P 20% WA-438-P 30% Labyrinth Project - oil play Derby Broome Buffalo Project - oil field Operator: Carnarvon Timor Leste PSC 100% Timor Former JPDA Timor-Leste eaty Boundary Eagle Project-oil play Operator: Carnarvon Permits: AC/P 63 100% Darwin Truscott Wyndham Kununurra Operator: Carnarvon Permits: WA-521-P 100% Scarborough Outtrim Project-gas COFVIS NWS LNG Pluto LNG Port Hedland play Gorgon LNGA Karratha Operator: Santos Permits: WA-155-P 70% Western Australia Exmouth Onslow Wheatstone LNG Carnarvon Legend Existing Pipeline City/town ▲ LNG plants ☑Gas well Oil well Indonesia...... Australia Katherine Northern Territory#134 BUFFALO PROJECT Proven oil field Undrained attic oil Robust economics Low cost development Resource upside In field & exploration BUFFALO BUFFARO-9 DIVERSE PORTFOLIO BUFFALO-7 3650- 3660- BUFFALO-3 3580 3570- 3560 040,000 BUFFALDEALO-5 BUFFALO 8 Proposed East Buffalo 1 PROPOSED EAST BUFFALO 3240 -3420 3440- 3490 3480 3440- 3450 460 3490- 3500 -3420- -3430- 3440- 3450- 450- 3460 -3410 3370- 330- 3370- 3380- -3390 3420 38 3440 Pandorina 1 Kasareta 1 Claudea 1 Kuda Tasi East Coralina 1 Jahal Corallina Alaria 1 AC/L5 Laminaga North 1 Laminarial Capung 1, 1A Laminaria Halmeda 10 WA-18-L -800.000 m Petalonia North 1 Fannie Bay 1 Lamerco 10 -8.800.000 m Buffalo Kitan Bamacle 1 Map Area Karongo 1 Fu Nu Bogong 1 Krill 1 Tanjil 1/ST1 WA-52-P O Hong Niu 1 Bluff 10 Jin Niu 1 170.000 Australian jurisdiction 10 Kilometres MGA Zone 52 Timor Leste 9jurisdiction 21000 S#14QUESTIONS VISION ELITE 1 2 3 4 CORPORATE DASHBOARD Snapshot of the Carnarvon business and its strategic focus. DORADO DEVELOPMENT The liquids development is in concept select phase with FEED expected to commence in Q3, 2020. BEDOUT EXPLORATION Large new sub-basin, new 3D seismic and a portfolio of prospects and leads. DIVERSE PORTFOLIO Carnarvon holds a diverse portfolio of exciting exploration opportunities.