Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (May 2022)
16 slides from Carnarvon Energy's shareholder meeting presentation, May 23, 2022
Slide 1: EGM Presentation
EGM Presentation For personal use only 23 May 2022 (ASX:CVN) GENERATING VALUE THROUGH THE ENERGY TRANSITION 1
Slide 2: Disclaimer
Disclaimer 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 employee of the company. Mr Huizenga has over 25 years experience in petr
Slide 3: Dorado development phase 1
Dorado development phase 1 For personal use only ➢ FEED advanced - technical work near complete and current focus on finalising capital costs and contracts and execution plan, particularly: ➢ Well Head Platform (WHP) ➢ Floating Production Storage and Offloading (FPSO) vessel ➢ Regulatory approvals ➢
Slide 4: Pavo through Dorado provides multiple benefits
Pavo through Dorado provides multiple benefits For personal use only ➢ Recent Pavo discovery enables Dorado to produce for a longer period by deferring economic cut-off ➢ Compresses the time to tie-in Pavo production by utilizing Dorado production facilities ➢ Potential to lower the average capital
Slide 5: Pavo also supports high flow rates for longer
Pavo also supports high flow rates for longer For personal use only Dorado Project Phase 1 Oil - P50 ➢ Maintaining high flow rates preserves low operating costs per barrel for longer by spreading mostly fixed annual operating costs over a larger resource pool ➢ Potential to also extend the useful li
Slide 6: Dorado funding plans (non-equity)
Dorado funding plans (non-equity) For personal use only ➢ Technical DD commenced Sept 2021 Dorado’s attraction Senior debt ➢ Commercial engagement has for financiers commenced ➢ Strong debt servicing capacity ➢ Finance in addition to senior debt Mezzanine ➢ Low operating cost per barrel finance ➢ Ju
Slide 7: Pavo enhances the basin's exploration potential
Pavo enhances the basin’s exploration potential For personal use only Near term drilling campaigns progressing 2023 Pavo appraisal drilling 2023/24 2023/24 Large oil test and one gas target (2 wells) northern area of the basin 2024 2024 Baxter appraisal (Dorado upside potential) ahead of Dorado deve
Slide 8: Carnarvon is committed to be part of the energy transition
Carnarvon is committed to be part of the energy transition For personal use only Net zero Sustainability Renewable diesel commitment reporting investment GENERATING VALUE THROUGH THE ENERGY TRANSITION 8
Slide 9: Target to produce mmbbls p.a. in renewable diesel by 2030
Target to produce 3 mmbbls p.a. in renewable diesel by 2030* For personal use only Photo of renewable diesel Photo of Carnarvon staff at the first being produced from woody project’s Narrogin site, with staff biomass in the USA holding a typical biomass feedstock * In joint venture with other partie
Slide 10: Additional products associated with renewable diesel production
Additional products associated with renewable diesel production For personal use only Biochar - applications include: • Carbon soil enhancer • Water reduction & filtration • Metallurgical charcoal • Animal feed Approx. 8,300 tons / annum projected production Wood vinegar - applications include: • Fe
Slide 11: Oil in long term under supply
Oil in long term under supply For personal use only Dorado First Oil GENERATING VALUE THROUGH THE ENERGY TRANSITION 11
Slide 12: Key takeaways
Key takeaways For personal use only 1. Strong oil prices driven by critical under investment and continued demand - timing ideal for CVN’s production 2. Oil prioritised with Dorado sanctioning in 2022 and 100,000 bopd production facility online by 2026 3. Significant cash flows projected from Dorado
Slide 13: Generating value through the energy transition
For personal use only Generating value through the energy transition – a contemporary approach that integrates conventional assets and renewables HEAD OFFICE Level 2, 76 Kings Park Road T. +61 8 9321 2665 West Perth WA 6005 E. admin@cvn.com.au
Slide 14: Appendix
For personal use only Appendix Supporting material
Slide 15: Bedout Basin Contingent Resources
Bedout Basin Contingent Resources Gross basis Oil and Condensate Natural Gas Barrels of Oil Equivalent 1 For personal use only 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 To
Slide 16: Bedout Basin Selected Prospective Resources
Bedout Basin Selected Prospective Resources For personal use only Gross basis Light Oil Natural Gas Barrels of Oil equivalent Pg MMbbl BCF MMboe % P90 P50 Mean P10 P90 P50 Mean P10 P90 P50 Mean P10 Pavo 13 47 55 107 3 12 14 28 14 49 57 112 51% Bedout Project Total 13 47 55 107 3 12 14 28 14 49 57 11