Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Euroz Hartleys Energy Forum 2023
25 slides from Carnarvon Energy's conference presentation, Sep 5, 2023
Slide 1: Corporate presentation – Euroz Hartleys Energy Forum
ASX AN NOUN CE MEN T Corporate presentation – Euroz Hartleys Energy Forum 5 September 2023 Carnarvon Energy Limited (Carnarvon) is pleased to provide the attached corporate presentation to be given by Carnarvon’s Managing Director and CEO, Mr Adrian Cook, at the Euroz Hartleys Energy Forum today. Fo
Slide 2: A Portfolio of Quality Assets
EUROZ HARTLEYS ENERGY FORUM For personal use only A PORTFOLIO OF QUALITY ASSETS SEPTEMBER 2023 carnarvon.com.au
Slide 3: Background Information: Contingent and prospective resources
BACKGROUND INFORMATION Contingent and prospective resources For personal use only The resource estimates outlined in this presentation are based on and fairly represent information and supporting documentation prepared by Carnarvon’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time em
Slide 4: Dorado Project Status
DORADO PROJECT STATUS Target to be FID ready in 2024 For personal use only Pavo Dorado 3
Slide 5: Dorado Project FID
DORADO PROJECT FID JV pursuing opportunities to lower development costs For personal use only 1 Optimise development concept Field development design based on 2022 FEED work 2 US$90M IN DORADO Finalise PROJECT build cost & contracts FUNDING CARRY* 3 Progress US$146M IN EP approvals CONSIDERATION 4 S
Slide 6: Pavo Project Status
PAVO PROJECT STATUS Focus has been on its integration into Dorado facilities Dorado WHP Dorado FPSO Pavo field For personal use only Pavo discovery Pavo South undrilled prospect Maintaining high flow rates through the Dorado facilities preserves low unit operating costs Oil Rate (BOPD) Dorado Phase
Slide 7: Exploration Status
EXPLORATION STATUS One of the most prospective portfolios in Australia For personal use only CVN permits & licences in the Bedout* Opportunity highlights FIVE areas of exploration focus (circled) NINE trillion cubic feet of gas potential gross prospective pmean resource 1.6 billion barrels of liquid
Slide 8: Dorado Funding Status
DORADO FUNDING STATUS CPC divestment key to CVN financing Dorado phase 1 For personal use only HOLDING - A$181 million in cash HOLDING - A$138 million (US$90 million) project funding carry from CPC* TO DELIVER - senior debt for Dorado with strong interest in the 2022 process • The CPC divestment com
Slide 9: Upcoming Catalysts
UPCOMING CATALYSTS Sanctioning Dorado and building scale For personal use only DELIVERED 1 ASSET SALE COMPLETION AUGUST 2023 2 FID ▪ Work has been progressing around integrating the Pavo field into Dorado ▪ Economic conditions increasingly support FEED progression on Dorado that integrates Pavo PROG
Slide 10: Asset Sale Completed Aug. 2023
ASSET SALE COMPLETED AUG. 2023 Attractive look-through components across the portfolio For personal use only 700 Bedout 5 exploration 600 4 Additional 10% held by CVN in Pavo etc $A 500 million CPC 3 payment & 400 carry look- through on retained assets 300 2 CPC carry benefit of 200 A$138m 1 100 Cas
Slide 11: Equity Snapshot
Market value A$260m CVN share price of A$0.145 Issued shares 1,800m For personal use only Enterprise value (EV) A$79m EQUITY Cash of A$181m (no debt in CVN) SNAPSHOT Australian listed energy company EV over 2C resources US$1.00/boe (ASX : CVN) CVN’s net 2C resource is 51 mmboe Average M&A transactio
Slide 12: Contingent & Prospective Resource Estimates
For personal use only CONTINGENT & PROSPECTIVE RESOURCE ESTIMATES Appendix 11
Slide 13: Contingent Resources
BEDOUT BASIN CONTINGENT RESOURCES For personal use only Gross basis Oil and Condensate Natural Gas Barrels of Oil Equivalent MMbbl BCF MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 86 162 285 367 748 1358 176 344 614 Pavo 26 43 62 6 11 17 27 45 65 Roc 12 20 35 205 332 580 48 78 137 Bedout Project Sub Tota
Slide 14: Summary of Gross Prospective Resources
BEDOUT BASIN PROSPECTIVE RESOURCES* For personal use only Clusters Gross prospective resources Gas Liquids Total Bcf mmbbls mmboe Summary of gross Ara Cluster (Table 1) 2106 349 723 prospective Wallace Cluster (Table 3) 2954 153 674 resources as Wendolene Cluster (Table 5) 1561 256 529 contained wit
Slide 15: Ara Cluster Gross Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Ara Cluster Gross Volumes Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Bandy WA-435-P 10% 31% 45 286 399 911 6 41 66 160
Slide 16: Ara Cluster Net Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Ara Cluster Net Volumes Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Bandy WA-435-P 10% 31% 5 29 40 91 1 4 7 16 1 10 14
Slide 17: Wallace Cluster Gross Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES Wallace Cluster Gross Volumes For personal use only Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 3 123 205 524 0 5 10
Slide 18: Wallace Cluster Net Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES Wallace Cluster Net Volumes For personal use only Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 0 12 21 52 0 1 1 3 0 3
Slide 19: Wendolene Cluster Gross Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Wendolene Cluster Gross Volumes Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Mensa B WA-435-P 10% 58% 3 21 44 105 2 12 2
Slide 20: Wendolene Cluster Net Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Wendolene Cluster Net Volumes Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Mensa B WA-435-P 10% 58% 0 2 4 11 0 1 3 5 0 2
Slide 21: Starbuck Cluster Gross Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Starbuck Cluster Gross Volumes CVN Risked Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 7 55 136 363 4 33
Slide 22: Starbuck Cluster Net Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Starbuck Cluster Net Volumes CVN Risked Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 1 11 27 73 1 7 16 4
Slide 23: Pavo South Cluster Gross Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Pavo South Cluster Gross Volumes CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Taurus WA-437-P 10% 37% 15 84 102 215 1 4
Slide 24: Pavo South Cluster Net Volumes
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only Pavo South Cluster Net Volumes Risked CVN Pg Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Prospect Permit Mean Equity (%) P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Taurus WA-437-P 10% 38% 2 8 10 21 0 0 1 1 0
Slide 25: For personal use only
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