Lambouka Oil And Gas Exploration Project

Carnavale Resources Limited is an Australian exploration company based in Balcatta, Western Australia.

During the first quarter 2010, Carnavale Resources Limited announced that it had agreed to farm-in to Audax Resources Limited’s (ASX: ADX) two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane. G.R15.PU, is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia. Collectively, the prospect is known as the Lambouka oil and gas prospect.

Carnavale will earn a 20% working interest in Lambouka which is scheduled to be drilled in the June quarter 2010.

Carnavale is listed on the Australian Stock Exchange (ASX), ticker symbol [CAV] and on the German Stock Exchange in Frankfurt under [A0MJ31].