Trading Update

Camco International Ltd
26 October 2006



                                 Trading Update

                    Camco passes the 100 million tonne mark


Camco International Limited ('Camco') is a leading player in the origination,
co-development, placement and management of Carbon Credits under the Kyoto
Protocol.

Camco is pleased to provide an update of the progress the Company has made in
the execution of its existing portfolio of greenhouse gas emission reduction
projects and in acquiring new projects.


HIGHLIGHTS:

- Increase in contracted tonnes to 100,300,000, up from 78,800,000 at 7 August.
This represents a 40% increase from the contracted portfolio at IPO of
71,400,000.

- 21,500,000 increase since 7 August comprises:

   •8 new projects totalling 17,000,000 tonnes.
   •The acquisition of MCF, a carbon origination and development firm in
    Russia, with a contracted portfolio of 6,800,000.
   •Conservative reclassification of 2,300,000 tonnes.

- Portfolio now represents 61 projects, in 7 countries and 13 technology
sectors, with the largest two being waste heat/gas utilisation for power
generation and coal mine methane.

- 3 new Host Country Letters of Approval ('LOAs') have been received for
projects representing a total of 21,600,000 tonnes. Camco now has Host Country
approvals for 37,900,000 tonnes, or 38% of the contracted portfolio.

- Commercialisation of the portfolio is proceeding well with 37,500,000 tonnes
now under Termsheet / ERPA.

- Expansion in staff and regional presence is proceeding in line with
expectations and staff headcount is now 40.


Tristan Fischer, CEO of Camco, commenting upon the Company's progress said:

'I am very pleased to announce that Camco has passed the 100 million tonne mark
for projects that we are developing. This represents a 40% increase since our
IPO in April and is in line with our expectations. Our strong performance is
thanks to the business platform we have created and to the dedicated efforts of
our people around the world.

Since our last update, we have further strengthened our operational capacity and
market position in our chosen territories. The Carbon market continues to evolve
and we have been tracking market developments in the United States, Canada and
Australia, which may result in a net increase in demand for Carbon Credits in
the longer term.'


PROGRESS IN EXISTING PORTFOLIO

Camco has continued to focus on the execution of its existing project portfolio
and has advanced its projects through the Kyoto approval process. Overall, there
has been good progress in the implementation of existing projects resulting in
increased certainty of successful Carbon Credit commercialisation.

Camco has received a further 3 Host Country Letters of Approval from the Chinese
authorities for projects totalling 21,600,000 tonnes, all in the Coal Mine
Methane sector. As a result, after reclassifications, 38% of Camco's contracted
project tonnes now have Host Country approval, further improving visibility on
the estimated volume of Carbon Credits.


NEW BUSINESS EXPANSION

Camco has increased the number of projects contracted under carbon share
arrangements and its reserve of Carbon in specie rights continues to grow.

Since 7 August, Camco's gross portfolio has expanded to 125,300,000 million
tonnes, of which 100,300,000 million are now under exclusive contract and
25,000,000 million are under late stage negotiation, demonstrating Camco's
success in expanding its portfolio.

These figures include a downward adjustment of projected Carbon Credits from the
contracted portfolio during the 2008-12 Kyoto commitment period totalling
2,300,000 tonnes, where changes to the scope of the projects may lead to lower
carbon credit generation than previously expected.


OPERATIONS REPORT

Camco's operational efforts have focused on building up a flexible and robust
infrastructure on which we can grow our teams in China and in Russia, and to
expand our presence in other markets.

In China, Camco is a well-established and respected market leader and business
there continues to expand, with new project wins and new staff in both business
development and CDM process roles.

Through the acquisition of MCF, Camco has again expanded its staff numbers in
Russia. Camco continues to work on its project pipeline in Russia in preparation
for the Russian government's finalisation of JI regulations.

In Central and Eastern Europe, there remains good potential for renewable energy
projects, especially in wind energy. Camco will utilise its existing European
and Russian presence to develop this market further as warranted.

In South Africa, Camco has retained a number of business developers to
capitalise on the opportunities brought to it from its extensive network of
contacts. A number of projects are in late stage negotiations and further
developments in the Africa portfolio are expected.



For further information please contact:

Camco International Limited     [phone]
Tristan Fischer, Chief Executive Officer
Scott McGregor, Chief Financial Officer

PRESS
Gavin Anderson                  [phone]
Ken Cronin
Janine Brewis


ABOUT CAMCO:

Camco is a leading player in the origination, co-development, placement and
management of Carbon Credits under the Kyoto Protocol.

Camco works with industrial companies and utilities to identify and develop
greenhouse gas emission reduction projects, managing the entire process from
project initiation to carbon credit delivery. Camco helps maximise the volume of
credits produced and facilitate their placement with purchasers in the
international carbon market.

This 'origination to delivery' capability provides greater clarity and
management of carbon credit risks, adding value to both sellers and buyers
participating in Camco's transactions.

Camco is a market leader in carbon credit origination in China and Russia, two
of the largest potential markets for Carbon Credits, as well as Eastern Europe
and Africa.

Additional information is available at www.camco-international.com


END



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