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.

Lambouka lies in 400m water depth and straddles the Italian and Tunisian international boundary. It is a large tilted horst block with a combined prospective mean resource of 270 MMBOE, targeting three prospective and regionally proven hydrocarbon objectives namely the highly productive Middle to late Miocene Birsa Sandstone, the Middle Miocene Ain Grab Limestone and the deeper Late Cretaceous Abiod Chalk.

Management

The company is managed by Ron Gajewski, Executive Director. Mr Gajewski is an accountant by profession, with many years of experience as a director of public listed companies and as a corporate advisor to public companies. Mr Gajewski is currently chairman of Burey Gold Ltd and Erongo Energy Ltd and was formerly an executive chairman of Contact Resources Ltd and has held directorships with mining companies listed in both Canada and Australia.