Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Pareto Securities 30th Annual Energy Conference 2023
33 slides from Carnarvon Energy's conference presentation, Sep 20, 2023
Slide 1: Corporate presentation – Pareto Securities Energy Conference
ASX AN NOUN CE MEN T Corporate presentation – Pareto Securities Energy Conference 20 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 Pareto Securities 30th Annua
Slide 2: A Portfolio of Quality Assets
PARETO SECURITIES ENERGY CONFERENCE For personal use only A PORTFOLIO OF QUALITY ASSETS SEPTEMBER 2023 carnarvon.com.au
Slide 3: Background Information: Contingent and prospective resources
BACKGROUND INFORMATION For personal use only Contingent and prospective resources 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: Background Information: Forward looking statements
BACKGROUND INFORMATION For personal use only Forwarding looking statements This presentation contains certain “forward looking statements” which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with
Slide 5: The Emerging Bedout Sub-basin
THE EMERGING BEDOUT SUB-BASIN For personal use only Highly prospective basin ➢ 3.2 billion boe in prospects (Gross, Pmean)** ➢ 491 million boe discovered (Gross, 2C) ➢ 67% exploration success rate Activities being advanced Dorado ➢ Phase 1 liquids development to FID ➢ Integrating liquids discovered
Slide 6: Exploration
For personal use only SECTION 1 EXPLORATION carnarvon.com.au 5
Slide 7: 'Yet-to-Find' Potential
‘YET-TO-FIND’ POTENTIAL For personal use only Five key prospects (Pmean, gross)* CVN 10% CVN 20% . Ara . • Ara – 549 bscf & 91 mmbbls • Wallace – 238 bscf & 11 mmbbls • Wendolene – 506 bscf & 83 mmbbls • Starbuck – 101 mmbbls & 214 bscf • Pavo South – 66 mmbbls . Wendolene . . Starbuck Wallace Unloc
Slide 8: Ara Prospect
ARA PROSPECT For personal use only What we like about Ara Seismic courtesy of TGS • Size – 549 Bscf of gas and 91 mmbbls of associated hydrocarbon liquids* • Stacked play – Cuvier & Archer Formations • Attractive Geological risk – one in three Bedout High chance of success (Pg=37%) • Huge follow-up
Slide 9: Ara Cluster - Analogue
ARA CLUSTER - ANALOGUE WA-435-P WA-436-P For personal use only Bedout Seismic courtesy of TGS 352 2,692 Ara mmboe High mmboe Ara Bara Cuvier Bedout Bandy High 56 mmboe Revelstoke Yuma Ara McKean Archer Wiwaxy https://www.norskpetroleum.no/en/facts/field Ara cluster - 2.1 Tcf of gas & 349 mmbbls* Joh
Slide 10: Developments
For personal use only SECTION 2 DEVELOPMENTS carnarvon.com.au 9
Slide 11: Phased Developments Planned
PHASED DEVELOPMENTS PLANNED For personal use only Pavo Dorado 10
Slide 12: Dorado Phase Plan
DORADO PHASE 1 PLAN 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 Secure finance CUSTOMARY CONDITIONS 5 JUNE 2023 FID r
Slide 13: Pavo Integration Plan
PAVO INTEGRATION PLAN 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 1 Oil Pavo North Pavo South 12
Slide 14: Phase 2 Gas Development Plan
PHASE 2 GAS DEVELOPMENT PLAN Illustrative Integrated For personal use only Gas and Liquids development Significant value in the gas GAS PROCESSING • Future exploration success in any of the gas clusters will ensure economic volumes for development Ara • Current discovered Dorado and Roc gas resource
Slide 15: Financial
For personal use only SECTION 3 FINANCIAL carnarvon.com.au 14
Slide 16: Dorado Funding Status
DORADO FUNDING STATUS For personal use only CURRENT - A$181 million in cash CURRENT - A$138 million (US$90 million) project funding carry* TO DELIVER - senior debt for Dorado with strong interest in process • The CPC divestment completion was announced on 16 August 2023 • Details of the transaction
Slide 17: Value in Delivering Dorado
VALUE IN DELIVERING DORADO An asset sale completed in August 2023 solidified Carnarvon’s strong financial position For personal use only 700 Bedout 5 exploration 600 4 Additional 10% held $A by CVN in Pavo etc 500 million 3 CPC deal look- 400 through on retained assets 300 2 CPC carry Current equity
Slide 18: Equity Snapshot
Market value A$270m CVN share price of A$0.15 Issued shares 1,800m For personal use only Enterprise value (EV) A$89m Cash of A$181m (no debt in CVN) EQUITY EV over 2C resources ~US$1.00/boe SNAPSHOT CVN’s net 2C resource is 54 mmboe Australian listed energy company (ASX : CVN) Average M&A transactio
Slide 19: Upcoming Catalysts
Asset Delivered August 2023 divestment For personal use only Dorado progress Milestone updates to be toward FID provided through to FID UPCOMING Dorado debt Process expected to finance recommence in early 2024 CATALYSTS Dorado final Targeting final capex and FID capex & FID ready in 2024 Exploration
Slide 20: Contingent & Prospective Resource Estimates
For personal use only CONTINGENT & PROSPECTIVE RESOURCE ESTIMATES Appendix 19
Slide 21: Contingent Resources
BEDOUT BASIN CONTINGENT RESOURCES Gross basis Oil and Condensate Natural Gas Barrels of Oil Equivalent For personal use only MMbbls 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 35 204 332 580 48 78 137 Phoenix South 7 17 30
Slide 22: 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 Starbuck Clust
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: Carnarvon Energy Ltd contact details
<< CARNARVON ENERGY LTD @ Level 2 76 Kings Park Road admin@cvn.com.au West Perth WA 6005 R. +618 9321 2665 @® wwwecarnarvon.com.au
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