Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (May 2011)
24 slides from Carnarvon Energy's investor presentation, May 9, 2011
Slide 1: South East Asian Oil Producer and Explorer
Investor Presentation May 2011 For personal use only South East Asian Oil Producer and Explorer Carnarvon Presented by Petroleum Ted Jacobson ASX code: CVN CEO www.carnarvon.com.au
Slide 2: Disclaimer
Disclaimer For personal use only The information in this document, that relates to oil exploration results and reserves, is based on information compiled by the Company’s General Manager (Operations), Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga consents to the inclusi
Slide 3: Carnarvon is a compelling Investment proposition
Carnarvon is a compelling Investment proposition For personal use only Carnarvon offers investors: • Significant, long life oil reserves currently in production in Thailand • Material gas appraisal project offshore Western Australia • Continuous exploration, appraisal and development drilling progra
Slide 4: South East Asian and Australasian Focus
South East Asian and Australasian Focus 50% For personal use only 42.5% Exploration/Appraisal 7.5% L20/50 L44/43, L33/43 Production and SW1A 60% 40% L52/50 and L53/50 • ASX 200 listed 50% 50% 51% 25% • Conventional hydrocarbon model 24% Rangkas PSC • Shallow offshore and onshore 50% holdings 50% Pho
Slide 5: Experienced & responsive management team
Experienced & responsive management team For personal use only The Board Peter Leonhardt - Chairman Chartered Accountant Ted Jacobson Ted Jacobson - MD CEO Management Geophysicist Geophysicist Bill Foster – Non Executive Engineer Neil Fearis – Non Executive Corporate lawyer Few operatorships to dist
Slide 6: Corporate snapshot
Corporate snapshot For personal use only OPERATING CASH FLOW • 688m shares issued 45 • $175m Market 40 Capitalisation 35 • $24m Cash (March 2011) 30 25 • No Debt (March 2011) A$’M 20 • 28% Institutional 15 Shareholding 10 • 9% Director and 5 Staff shareholding 0 2008 2009 2010 2011 First half 6
Slide 7: Share Price
Share Price For personal use only CVN Share Price has increased 5 times over the past 5 years Production at New oil pool Production at 8,000 bopd in discoveries in 3,000 bopd in Thailand Thailand Thailand L52/53 Drilling Phoenix exploration Drilling wells in 1 Appraisal Thailand Rangkas wells
Slide 8: Background in Thailand
Background in Thailand For personal use only Sirikit • Hydrocarbon Presence: Oil was being produced at ~100 bopd from the Wichian Buri 8 Field sandstone reservoir • Under Appreciated Asset: Major oil companies such as Shell, BP and Petrocorp had explored onshore Thailand discovering only one signifi
Slide 9: CVN Oil Fields in Thailand
CVN Oil Fields in Thailand • Carnarvon has a 40% interest in For personal use only L44/43, L33/43 & SW1A L33-1 L33-2 • Operator - Pan Orient Energy 60% • WBEXT Since 2006 JV has Drilled 14 new oil pools o Wichian Buri G&H sand Poe-6 NSE L44-W o POE-6 fault block sands North o Na Sanun East Central o
Slide 10: Carnarvon Today
Carnarvon Today For personal use only P CVN currently produces around 700,000 to 900,000 mmbbls annually P CVN generates operating cash flow in the order of $30m annually P Active exploration programme in SE Asia / Australasia P Looking for more opportunities P Underlying profitability provides capi
Slide 11: Reserves Thailand
Reserves Thailand For personal use only 1P Reserves of 4.7 mmbbls / 2P Reserves of 20.4 mmbbls* (*as at 31 December 2010) Reserves diversified across 14 major producing fields 10
Slide 12: Production Thailand
Production Thailand Produced almost 10mmbbls For personal use only 450,000 oil gross since 2006 400,000 CVN 40% Production Volume (bbls) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 - Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Quar
Slide 13: Gas Discovery in Australia
Gas Discovery in Australia For personal use only Phoenix Gas • Gas discovered in 1980 & 1982 • Carnarvon 50% equity Phoenix Gas Discovery • Shallow water ~100 metres deep • Close to coast and gas pipelines 175 kms from Port Headland • Good gas prices • Strong domestic demand Domestic Gas Pipeline •
Slide 14: Phoenix gas resource
Phoenix gas resource Near top gas sand depth map For personal use only Phoenix 1 exploration well • 767 metre gas column Phoenix Discovery • 110 metres net gas reservoir 0.5 Tcf • Not tested – drilling limitations • Middle Triassic sandstone Phoenix South • ~4,000 metres deep Prospect • Porosity 4%
Slide 15: Phoenix gas resource
Phoenix gas resource • Phoenix 1 gas For personal use only PHOENIX 2 discovery in low permeability Middle Triassic sandstones PHOENIX 1 • Engineering studies Phoenix Sth indicate Phoenix 1 Prospect should flow on testing • Phoenix 2 appraisal Roc Prospect to north intersected tight sandstone reservo
Slide 16: Phoenix gas resource
Phoenix gas resource Inner Shelf Phoenix-1 Middle to Outer Shelf Phoenix-2 For personal use only Depositional Environment - Summary Canning Basin Fluvio- Deltaic Beach Complex Beach Complex Keraudren-1 Poissonnier-1 Phoenix South Bruce-1 Lawley-1 & Roc 8. Carbonate Shelf (during transgression) 16
Slide 17: Phoenix Programme Summary
Phoenix Programme Summary For personal use only • Phoenix structure defined on existing 2D seismic • Discovery wells not flow tested • Need to drill appraisal wells to: • Determine if commercial flow rate possible • Composition of gas • Presence of valuable condensate • 1,100sq kms 3D seismic was ac
Slide 18: Rangkas oil
Rangkas oil For personal use only Onshore Indonesia • Large permit 3,997 sq kms • Onshore adjacent to Jakarta • Close to markets • 7 Prospects & leads highlighted by existing seismic • Numerous oil seeps and oil shows in wells • 500kms new seismic has been acquired to delineate drill targets • 1,000
Slide 19: Rangkas oil
Rangkas oil For personal use only NUMBEROUS PROSPECTS & LEADS • Prospective resource at Paleogene level. • Potential also at deeper Miocene Saraweh carbonate level • Numerous prospects and leads 19
Slide 20: Rangkas Programme Summary
Rangkas Programme Summary For personal use only • Previous wells drilled for shallow target • Numerous oil shows in wells and oil seeps at surface • 500 kms of 2D seismic acquired earlier this year • 1,000 kms old seismic reprocessed • Currently processing new seismic • Drilling plans awaiting resul
Slide 21: THAILAND – L52/50 & L53/50
THAILAND – L52/50 & L53/50 Phun Phin-01 PP1 E-211, 210.49 6, 65.54 E-202, 445.29 5, 69.28 E-212, 225.62 • Hydrocarbon Presence: This permit - N-215 - For personal use only SP: 460.0 440.0 420.0 400.0 380.0 360.0 340.0 320.0 300.0 280.0 260.0 240.0 220.0 200.0 0.300 0.300 0.400 0.400 sits immediately
Slide 22: Active Programme in CY 2011
Active Programme in CY 2011 THAILAND For personal use only L44/43 & L33/43 34 exploration / appraisal / development wells (2011) 25% Sandstone reservoir appraisal 50% Fractured reservoir appraisal 25% exploration L52/50 & L53/50 Planning for new seismic data acquisition 2 wells commitment for 2012 A
Slide 23: Summary
Summary For personal use only • Over $30mm annual cash flow from Thailand oil production • Currently $24mm cash reserves (March 2011) • No debt (March 2011) • More to come from production licences in Thailand Joint Venture committed to improving production More exploration More appraisal • Gas appra
Slide 24: Carnarvon is a compelling Investment proposition
Carnarvon is a compelling Investment proposition For personal use only In concluding…….. Carnarvon offers investors: Significant low cost, long life oil reserves currently in production in Thailand Material gas appraisal project offshore Western Australia Continuous exploration, appraisal and
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