CARNARVON ENERGY LIMITED — Director's Dealing 2015

Nov 26, 2015

Director share sale

27 November 2015

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) provides the attached Appendix 3Y covering the sale of 5,000,000 shares in the Company by Mr Ted Jacobson due to personal circumstances.

Ted Jacobson is a non-executive director of the Company and former Chief Executive Officer and Managing Director. He is also the Company’s largest shareholder with 27,188,267 shares following this share sale.

Mr Jacobson said “ It is with reluctance that for family and health reasons I have to sell a small part of my holding in Carnarvon. Like all Carnarvon shareholders I am excited by the upcoming drilling of Roc-1. This is a fantastic opportunity and I am excited and cannot wait until we know the results of the well.”

For all enquiries please contact:

Shareholder Enquiries

Media Enquires

Mr Thomson Naude Company Secretary Phone: (08) 9321 2665 Email: investor.relations@cvn.com.au

Mr Tony Dawe Professional Public Relations (08) 9388 0944 / 0405 989 743 tony.dawe@ppr.com.au

Yours faithfully

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Adrian Cook Managing Director Carnarvon Petroleum

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Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity CARNARVON PETROLEUM LIMITED ABN 60 002 688 851

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	EDWARD PATRICK JACOBSON
Date of last notice	2 JULY 2015

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

	Direct or indirect interest	Direct or indirect interest	1. Direct2. Indirect3. Indirect	1. Direct2. Indirect3. Indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevant		1. N/A2. Jacobson Geophysical Services PtyLtd (director and shareholder)3. Rosemary Pauline Jacobson
	interest.		3. Rosemary Pauline Jacobson
	Date of change		24 November 2015
	No. of securities held prior to ch	ange	1. 17840149 ordinary shares	able at015cisabler 2015
			,,788,704 listed options exercis$010 irin 29 Dmbr 2
			., expg ecee2. 13,748,118 ordinary shares
			2,101,928 listed options exerat $0.10, expiring 29 Decembe
			3. 600,000 ordinary shares
Class	Class		Ordinary shares
S ht f dfid t

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	Number acquired	Number acquired	N/A	N/A
Number disposed			1. 5,000,000
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation			1. $587,500.002. N/A3. N/A
•No. of securities held after change			1. 12,840,149 ordinary shares788,704 listed options exercisable at$0.10, expiring 29 December 20152. 13,748,118 ordinary shares2,101,928 listed options exercisableat $0.10, expiring 29 December 20153. 600,000 ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back			On market trade

• See chapter 19 for defined terms. Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed	No
above traded during a+closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	N/A
to proceed during this period?
If prior written clearance was provided, on what date was this	N/A
provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3