Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Good Oil Conference 2010
28 slides from Carnarvon Energy's conference presentation, Sep 7, 2010
Slide 1: Good Oil Conference 2010
For personal use only Good Oil Conference 2010 Ted Jacobson
Slide 2: Capital Structure
Capital Structure For personal use only • Issued shares 687m Significant Shareholdings (12 Aug 2010) • Options nil Currently there are no significant shareholders • Share price (as at 4 Aug 2010) $0.40 • Market capitalisation $275m Directors & staff hold 9.0% 2
Slide 3: Peer Comparison
Peer Comparison For personal use only $400,000,000.00 $350,000,000.00 $300,000,000.00 Mareket Capitalisation (A$) $250,000,000.00 $200,000,000.00 $150,000,000.00 $100,000,000.00 $50,000,000.00 $- Mid-cap exploration and production company 3
Slide 4: Reserves (net to CVN)
Reserves (net to CVN) For personal use only 30 25 20 15 10 5 0 Reserve Production 2P Reserve Production 2P Reserve Production 2P Reserve Production 2P Increase Reserve Increase Reserve Increase Reserve Increase Reserve CY 2006 CY 2007 CY 2008 CY 2009 Strong potential reserve growth with 57mmbbls in
Slide 5: Key Metrics
Key Metrics For personal use only Production (net) 3,000 bopd Market capitalisation A$275m 2P reserves (net) 24.5 mmbbls 3P reserves (net) 57.0 mmbbls Reserve life 25 years EV / 2P reserves A$11.25 / bbl EBIT / bbl A$43.25 / bbl NPAT / bbl A$16.60 / bbl High margin long life oil fields 5
Slide 6: PROJECTS - International
PROJECTS - International For personal use only New Zealand Thailand Tuatara 10% L20/50 50% L33/43 & L44/43 40% Indonesia L52/50 & L53/50 50% Rangkas 25% CVN’s focus is SE Asia & Australasia 6
Slide 7: PROJECTS - Australia
PROJECTS - Australia For personal use only Carnarvon Basin WA-399-P 13% Phoenix Gas Bedout Sub Basin Permits 50% WA 399-P farmed out WA-443-P 100% CVN retains 13% for free carry through 3D Seismic Karatha hub Port Hedland 7 CVN is building our presence in Australia 7
Slide 8: Permits
THAILAND - Permits For personal use only L33/43 Carnarvon 40% Exploration & Development Ongoing drilling Sirikit Oilfield L44/43 Carnarvon 40% Production & Exploration Ongoing drilling L20/50 – Carnarvon 50% & operator Exploration Oil production Drilling 4 Qtr 2010 L52/53 & L53/53 - Carnarvon 50% Se
Slide 9: L44/43 Overview
THAILAND - L44/43 Overview For personal use only High margin production with exploration upside • Onshore close to quality infrastructure • Opex & trucking ~US$10.80/bbl • Depreciation / amortisation ~US$7.20/bbl (*) (*) Based on current accounting policy and estimates • Production ~1.0 mmbbls p.a.
Slide 10: L33/43 & L44/43 Oil Fields
THAILAND - L33/43 & L44/43 Oil Fields For personal use only L33-1 • Reserves spread across several oil fields L33-2 notably Bo Rang A & B, L44-W NSE-F1 & NSE Central WBEXT-1 Bo Rang B • Six production licences Wichian Buri • 20 year life Bo Rang A • optional 10 year extension period NSE North • 38 p
Slide 11: Recent Drilling Results
THAILAND - Recent Drilling Results For personal use only L33/43 • L33-1 exploration well flow tested at 1,100 bopd gross • L33-2 appraisal well flow tested at 2,370 bopd gross • Application for Production Licence being prepared with production expected to commence ~ Jan to Feb 2011 • Further infield
Slide 12: L33-1 Discovery
THAILAND - L33-1 Discovery For personal use only L33-1 L33-1 L33-2 5.3 Km2 9.7 Km2 1.8 Km2 L33-2 NEW DISCOVERY L33-1 tested 1,100 bopd L33-2 tested 2,350 bopd Depth ~ 700 metres L33-1 – black oil 35 API Awaiting prodn. licence L33-2 - yellow oil 38 API Combined 3,450 bopd awaits grant of production
Slide 13: WB Extension
THAILAND - WB Extension For personal use only WBEXT-1 Currently on test @ 3,500 bopd Fractured volcanics Depth ~ 770 metres WBEXT-1 on 90 day production test 13
Slide 14: Fractured Reservoirs
THAILAND - Fractured Reservoirs For personal use only • L33, L44 & SW1A contain multi layered oil filled fractured reservoirs • Massive lost circulation – no returns over reservoirs • Heterogeneous nature of DEPTHS fracturing means individual well Bo Rang ~ 250 - 450m performance varies: • 100,000 b
Slide 15: Average Well Performance
THAILAND – Average Well Performance For personal use only Flush All wells perform differently production Typically initial flush production Decline after oil extracted from major fractures Plateau production at lower level Plateau Plots as TYPE 1 or TYPE 2 production fractured reservoir (after Nelso
Slide 16: Bo Rang Structure
THAILAND - Bo Rang Structure For personal use only Volcanic intrusions at multiple levels - eg. production from Bo Rang A & Bo Rang B Extent of volcanics mapped on seismic But difficult to predict fracture distribution Evaluating methods to improve successful intersections Volcanics at multiple leve
Slide 17: L20/50
THAILAND - L20/50 For personal use only • On trend with 200 mmbbl Sirikit Oil Field (now producing ~20,000 bopd) • Acquired 550 km new 2D seismic data Phitsanulok • Three drillable prospects identified Basin Outline • Official written approval received for the Environmental Impact Assessment Sirikit
Slide 18: L20/50 Basin Modelling
THAILAND - L20/50 Basin Modelling For personal use only • New seismic defines deep basin in block Source Kitchen • Basin modelling indicates a source kitchen (>2600m polygon, ~60 km2 area) capable of generating hydrocarbons (supported by oil shows and geochemistry for Nong Bua – 1) Nong Bua -1 0.6 0
Slide 19: L20/50 Tapao Kaew Prospect
THAILAND - L20/50 Tapao Kaew Prospect For personal use only • Stacked, hanging-wall anticline closures Intra Yom • 4-way dip at Intra Yom Fm level Horizon 1 • Faulted 3-way buttress at Hor.1 and Unc. A levels Unc. A • Potential 21 MMbbls Pmean recoverable oil W E • Immediately adjacent to kitchen; T
Slide 20: L20/50 Chalawan Prospect
THAILAND - L20/50 Chalawan Prospect For personal use only W Chalawan E Unc. ‘A’ Closure Unc. A Fan 1 • Tilted fault blocks with 3-way dip closure at Unc. ‘A’ and Fan 1 levels • Lacustrine delta prograding westward • Potential 35 MMbbls Pmean recoverable oil (one reservoir level) • Directly updid fro
Slide 21: L20/50 Krai Thong Prospect
THAILAND - L20/50 Krai Thong Prospect For personal use only Horizon 1 Unc. A N Strike Line S W Dip Line E • Stacked, mounded fan-deltas 5 km • 4-way dip at Hor. 1 level (lacustrine delta prograding northward) • Faulted 4-way at both Unc. A and Fan 1 levels (alluvial fans, input from both east and we
Slide 22: AUSTRALIA - Phoenix Gas Permits
AUSTRALIA - Phoenix Gas Permits For personal use only WA-435-P, WA-436-P, WA-437-P, WA-438P • Large 28,300 km2 area CVN 50%, Finder 50% (Operator) • Shallow water ~ 100 metres WA-443-P CVN 100% & Operator • Close (~150kms) to shore, pipelines & infrastructure Phoenix-1 8% porosity • Phoenix-1 gas di
Slide 23: AUSTRALIA - Phoenix Gas Discovery
AUSTRALIA - Phoenix Gas Discovery For personal use only Total Net Pay Gas (Gas) Depth Structure Map of Near Mid Triassic Gas Sand Level Phoenix-1 Log Data Upside Phoenix-2 1Tcf OGIP 678 m gross gas column Phoenix-1 767 m gross gas 110 m net Phoenix South Prospect ~3.5 Tcf OGIP Roc Prospect 10 km Num
Slide 24: AUSTRALIA - Phoenix Data Acquisition
AUSTRALIA - Phoenix Data Acquisition For personal use only Accelerated Year 1 work Year 1 data acquisition underway fulfils all firm 3 year commitments • New seismic in Q3/Q4 2010 • 407 km regional 2D and • 1,100 km2 detailed 3D over Phoenix trend • New aeromagnetic data acquired (15,847 km2) in Q2/
Slide 25: INDONESIA - Rankas PSC
INDONESIA - Rankas PSC For personal use only • Carnarvon farmed into the Jakarta permit in September 2009 Carnarvon 25% • Large permit located onshore RANGKAS Lundin Petroleum Operator West Java, close to Jakarta • Previous wells (last in 1991) targeted shallow Neogene carbonates; deeper Numerous Oi
Slide 26: INDONESIA - Rangkas PSC Seismic
INDONESIA - Rangkas PSC Seismic For personal use only • Acquisition of 474 km of 2D seismic data scheduled for September 2010 • Over 12 significant leads to refine with new data • Environmental baseline study complete • Reprocessing of 1000 km of existing 2D data complete 474 km New 2D Seismic • Cor
Slide 27: Forward Programme
Forward Programme next 6 months For personal use only THAILAND L44/43 – Up to 12 appraisal/development wells WBEXT L33/43 & L44/43 Bo Rang A & B Actual programme NSE-F1 dependent on Si Thep ongoing results L33/43 – Further development wells L33-1 & L33-2 L20/50 - Drill 1 firm + 2 contingent wells –
Slide 28: Good Oil Conference 2010
For personal use only Good Oil Conference 2010 Ted Jacobson Come and join us for a free Key Points coffee at booth 40! 28