Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (February 2019)
47 slides from Carnarvon Energy's investor presentation, Feb 12, 2019
Slide 1: For personal use only
For personal NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 2: Disclaimer
Disclaimer CARNARVON This presentation has been prepared by Carnarvon Petroleum Limited ABN 60 002 688 851 (Carnarvon or the Company) and is dated 12 February 2019. Summary information This Presentation contains summary information about the Company's activities current as at the date of this Presen
Slide 3: Disclaimer
Disclaimer CARNARVON Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance This Presentation contains certain “forward looking statements”
Slide 4: Disclaimer
Disclaimer CARNARVON Information in this Presentation, including any forecast financial information, does not constitute investment, legal, tax or other advice, or a recommendation to investors or potential investors in relation to holding, purchasing or selling new shares in the Company. This Prese
Slide 5: Investment summary
Investment summary OIL & GAS DISCOVERED Over 100mmboe discovered net to CVN' & PREMIER PARTNER Australia’s 2nd largest O&G company Santos is 80% partner on Dorado A PRIME LOCATION Ideal for developmentin shallow water West Australia a rey INVESTOR INTEREST Increasing institutional investor interest
Slide 6: For personal use only
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Slide 8: Capital overview
Capital overview & 52 week share price Ordinary shares on issue Share price as at 30 Jan 2019 Market capitalisation Debt (as at 31 Dec 2018) Cash (as at 31 Dec 2018) Enterprise value Vika. sect tel aes Aug's septs oct 18 om aunjon CARNARVON PETROLEUM LTD
Slide 9: Core business streams
Core business streams DORADO Exciting appraisal well program and field development planning scheduled for 2019. Program to build on the existing value in the light oil &gas discovery. Final Investment Decision in 2020 for field development. BUFFALO Drill first well in late 2019 / early 2020 after ke
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7 6 4 3 2 1 5 For personal use only 7 6 4 5 2 1 3 10
Slide 11: 2019 Investment Activities
2019 Investment Activities DORADO-2 APPRAISAL WELL DORADO-3 APPRAISAL WELL DORADO DEVELOPMENT PREPARATION ROC SOUTH-1 EXPLORATION WELL BUFFALO WELL DEVELOPMENT FOCUS © CARNARVON GROWTH FOCUS Y © © PETROLEUM LTD iL
Slide 12: Investment opportunity
Investment CARNARVON opportunity @ ls Lil UNIQUE VALUE CATALYSTS Exposure to Australia’s most Proposition enhanced with more than Multiple share-price catalysts exciting exploration province 100 mmboe in discovered resources! over the next 12 to18 months se RISK PROFILE FUNDING FOCUS Attractive give
Slide 13: Corporate Information
For personal use only CORPORATE INFORMATION 13
Slide 14: Our strategic framework
Our strategic framework o 8 oe DISCOVER Unlock the oil and gas assets strategically located within close-proximity tc existing infrastructure and in the shallow water of Timor-Leste and the renowned North West Shelf of Western Australia: Dorado; Buffalo; Phoenix; Roc; Labyrinth; Condor & Eagle; Outt
Slide 15: Business activities over next 12-18 months
Business activities CARNARVON over next 12-18 months Dorado-2 appraisal well Dorado-3 appraisal well Dorado oil field development Roc South-1 exploration well Buffalo well This 2019 well is seeking to confirm the extent of the oil in the Caley sand (down dip well location) Penetrating the Baxter and
Slide 16: Dorado & Roc South wells rig contracted
Dorado & Roc South wells rig contracted NOBLE TOM PROSSER JACK UP DRILLING RIG UNDER CONTRACT FOR DORADO APPRAISAL WELLS COMMENCING APRIL 2019 CARNARVON PETROLEUM LTD 16
Slide 17: Board of Directors
Board of Directors INDEPENDENT CHAIRMAN PETER LEONHARDT INDEPENDENT NED WILLIAM (BILL) FOSTER ‘i MANAGING DIRECTOR ADRIAN COOK ds INDEPENDENT NED DR PETER MOORE CARNARVON PETROLEUM LTD INDEPENDENT NED GAVIN RYAN 7
Slide 18: For personal use only
For personal use only ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 18
Slide 19: Dorado & Roc Information
For personal use only DORADO & ROC INFORMATION 19
Slide 20: Largest offshore discoveries between 2015 and Q3 2018
For personal use only Million barrels of oil equivalent (mmboe) 1000 1500 2000 2500 3000 3500 4000 0 500 Zohr (Egypt) Oil Discoveries Yakaar (Senegal) Tortue (Mauritania) Liza (Guyana) Gas Discoveries Teranga (Senegal) Ballymore (USA) Payara (Guyana) Zama (Mexico) Whale (USA) Zalophus (Angola) Hamme
Slide 21: Near Dorado, Roc discovered & appraised
Near Dorado CARNARVON Roc discovered & appraised 2a
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For personal use only 700 600 500 400 300 200 100 - 22 1.
Slide 23: Dorado & Roc with Roc South to be drilled in 2019
Dorado & Roc CARNARVON with Roc South to be drilled in 2019 Dorado-1 A Roc-1 Roc-2 discovery — discovery appraisal ROC SOUTH IS SITUATED BETWEEN THE DORADO & ROC DISCOVERIES AND IS STRUCTURALLY SIMILAR TO DORADO 23
Slide 24: 3D & 2D seismic data at Top Caley interval
For personal use only 1 Peng 5 2 6 3 1 2 4 3 5 4 6 3D & 2D seismic data at Top Caley interval 24
Slide 25: Dorado & Roc confirm new hydrocarbon basin
Dorado & Roc confirm new hydrocarbon basin Four exploration permits cover the basin Carnarvon interests in each permit: * WA-435-P * WA-436-P * WA-437-P * WA-438-P 20% 30% 20% 30% Multiple targets exist across a number of intervals providing extensive future exploration potential. CARNARVON PETROLEU
Slide 26: For personal use only
For personal use only 26 1. Refer resources information contained in slides 34 & 35
Slide 27: Buffalo Information
For personal use only BUFFALO INFORMATION 27
Slide 28: Buffalo oil field highlights
Buffalo oil field CARNARVON highlights For personal use only Proven oil field Low risk Field re-development Low cost Forward plan 50,000 barrels of oil per day (bopd) flowed from the first two wells in 1999 (BHP operator) 20 million barrels were produced from four wells between 1999 and 2004 4,000 b
Slide 29: Buffalo water depth
For personal use only 25 METRE WATER DEPTH 29
Slide 30: Buffalo oil field images from BHP's operations
Buffalo oil field CARNARVON images from BHP’s operations WELL HEAD PLATFORM FLOATING PRODUCTION STORAGE & OFFLOADING VESSEL (FPSO) 30
Slide 31: Labyrinth Project Information
For personal use only LABYRINTH PROJECT INFORMATION 31
Slide 32: Labyrinth project farm out process underway
Labyrinth project CARNARVON farm out process underway mtvp) Ivory / Ivory Deep Middle Jurassic to Cretaceous seals Project secured low oil price environment for very minimal work commitments Technical work drew on proprietary knowledge from Roc & Dorado wells GO| Late Triassic and early Jurassic mix
Slide 33: Resource Information
For personal use only RESOURCE INFORMATION 33
Slide 34: Gross and net contingent resources
For personal use only Gross Resources (100% basis) Light Oil Natural Gas Condensate Barrels of Oil Equivalent MMbbl BCF MMbbl MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 82 171 320 229 552 1,197 6 16 36 128 283 566 Roc - - - 205 332 580 12 20 35 48 78 137 Phoenix South 7 17 30 - - - - - - 7 17
Slide 35: Gross and net prospective resources
For personal use only Gross Resources (100% 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 Roc South 9 45 56 118 15 76 100 217 12 59 74 156 63% Pavo 11 63 82 179 3 31 108 249 11 68 101 223 34% Apus Caleyi 12 91 125 279 3
Slide 36: Key Risks
For personal use only KEY RISKS 36
Slide 37: Key risks
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Slide 43: Foreign Selling Restrictions
For personal use only FOREIGN SELLING RESTRICTIONS 43
Slide 44: Foreign selling restrictions
Foreign selling CARNARVON restrictions International Offer Restrictions This document does not constitute an offer of new shares of CVN in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold,
Slide 45: Foreign selling restrictions
Foreign selling CARNARVON restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with
Slide 46: Foreign selling restrictions
Foreign selling CARNARVON restrictions United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets
Slide 47: Contact
CONTACT = m > oO ° n a ce) m Level 2,76 Kings Park Road West Perth WA 6005 +61 8 93212665 admin@cvn.com.au CARNARVON PETROLEUM LTD For personal
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