Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (June 2019)
28 slides from Carnarvon Energy's investor presentation, June 2019
Slide 1: A Unique Exposure to the World Class Dorado Discovery
AUNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY CARNARVON PETROLEUM LTD
Slide 2: Resource estimates and forward-looking statements
The resource estimates outlined in this report have been prepared by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 25 years’ experience in petroleum exploration and engineering. Mr Huizenga holds a Bachelor Degree in Engin
Slide 3: A Unique Exposure to the World Class Dorado Discovery
A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 3
Slide 4: Capital overview
Capital overview CARNARVON & 52 week share price ORDINARY SHARES ON ISSUE 1,343 million MARKET CAPITALISATION $712 million CASH (AS OF 31 MAR 2019) $93 million DEBT NIL Contingent resources net 108 mmboe! ASX:CVN $0.630 Aug 8, 2018 $0.530 May 31, 2019 Dorado-1 ; discovery JUN-18 JUL18 AUGA8 SEP18 oc
Slide 5: Company timeline
▪ ▪ Aug-2014 Apr-2015 Jul-2018 Aug-2018 May-2019 A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 5
Slide 6: 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 late 2020 for oil field development. BUFFALO Drilling first well targeted in mid 2020
Slide 7: 1. Refer to resources information contained in annexure slides
1. Refer to resources information contained in annexure slides
Slide 8: Carnarvon today
Carnarvon CARNARVON today 1) Currently appraising a world-class oil discovery 2 Working on a broad range of development, appraisal and exploration positions e Operating in a prolific oil and gas province which has seen in excess of US$200 billion development capital invested since 2009 Broad range o
Slide 9: A Unique Exposure to the World Class Dorado Discovery
A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 9
Slide 10: Permit locations on the North West Shelf
WA-521-P WA-435-P WA-436-P Phoenix Phoenix South Roc WA-437-P Legend WA-438-P Gas pipeline Dorado Oil field Gas field Port Hedland Karratha Dampier 10 1. Refer to resources information contained in annexure slides
Slide 11: A Unique Exposure to the World Class Dorado Discovery
1 2 3 A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 11
Slide 12: A Unique Exposure to the World Class Dorado Discovery
A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 12
Slide 13: Regional infrastructure and pipelines
Legend Oil Field Gas Cond. Field LNG plant Phoenix South Existing Pipeline Roc Proposed pipeline Dorado NWS Fields Reindeer Corvus Pluto LNG NWS LNG Varanus Island Gorgon LNG gas plant Devil Creek gas plant Mining gas customers Dampier to Bunbury natural gas pipeline (“DBNGP”) 13 1. Refer to resourc
Slide 14: 3D and 2D seismic data at Top Caley interval
1 2 5 6 3 1 2 4 3 5 4 6 3D & 2D seismic data at Top Caley interval 14
Slide 15: Phoenix project prospects and leads
Legend Oil Field Gas Cond. Field WA-435-P WA-436-P PHOENIX-2 Prospect / Lead (20%) (30%) PHOENIX-1 PHOENIX SOUTH-1 PHOENIX SOUTH-2 BEDOUT BASIN PHOENIX SOUTH-3 Bewdy Tucana WA-437-P Roc E WA-438-P (20%) Milne Channel (30%) ROC-1 ROC-2 Pavo Roc SE Roc South Dorado Apus NW Volta Apus W Dorado-Apus Apu
Slide 16: Buffalo highlights
Buffalo highlights low risk redevelopment of former oil field Proven oil field Field re-development Forward plan 50,000 barrels of oil per day (bopd) flowed from the first two wells in 1999 (BHP operator) 20 million barrels produced from four wells between 1999 and 2004 4,000 bopd were still flowing
Slide 17: Buffalo oil field
Buffalo oil field CARNARVON expected to be a short cycle high yield asset 6 PSC in Timor-Leste Carnarvon Licence to drill - Environmental plan to drill up actioning 2) to three wells is now approved 3] Well funding Photos from BHP'’s operations between 1999 and 2004 FLOATING PRODUCTION STORAGE & OFF
Slide 18: A Unique Exposure to the World Class Dorado Discovery
A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 18
Slide 19: Upcoming drilling and development timeline
Dorado-2 • Jun-19 • appraisal well • • Roc South-1 • Aug-19 exploration well • • • Dorado-3 • Oct-19 appraisal well • Mid • Buffalo well 2020 • End Dorado oil field • 2020 development • • 19
Slide 20: 20
20
Slide 21: Contingent resources gross and net
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 30 Phoenix 2 7 16 - -
Slide 22: Prospective resources gross and net
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 44 163 373 12 98 154
Slide 23: Board of Directors
Board of Directors CHAIRMAN PETER LEONHARDT INDEPENDENT NED WILLIAM (BILL) FOSTER CARNARVON PETROLEUM LTD MANAGING DIRECTOR ADRIAN COOK < INDEPENDENT NED INDEPENDENT NED DR PETER MOORE GAVIN RYAN 23
Slide 24: Management team
Management CARNARVON PETROLEUM LTD team — CEO coo CFO HEAD OF EXPLORATION ADRIAN COOK PHILIP HUIZENGA THOMSON NAUDE STEPHEN MOLYNEUX 25+ years 25+ years Chartered Accountant PhD in Geology and experience in experience in with 10+ years Geophysics from Imperial finance, primarily O©&G industry as exp
Slide 25: Prospective resources by prospect
700 600 500 400 300 200 100 - Roc Dorado Roc South Pavo Apus Oil & condensate (mmbbls) Gas (mmboe) A UNIQUE EXPOSURE TO THE WORLD CLASS DORADO DISCOVERY 1. 25
Slide 26: Dorado and Phoenix prospect stratigraphy map
WA-435-P WA-436-P Ara Ara, Bandy, Wallace, Bandy BEDOUT-1 Grommit & Wallace East Indus & Lupi MINILYA-1 LAGRANGE-1 Lupi Indus Permian 2 PHOENIX-2 Wallace East Mensa Cluster Permian 1 DARWIN-1 Grommit PHOENIX-1 Wallace PHOENIX SOUTH-1,2 & 3 Mensa (ex P-1), Bottler, Peng & Bewdy Lund Bottler Tucana Me
Slide 27: 3D seismic line Dorado to Roc to Phoenix South
3D seismic line CARNARVON Dorado to Roc to Phoenix South Dorado-1 2018 oil and gas Roc-2 Roc-1 Phoenix South 1,2,3 discovery 2016 gas discoveries 2014, 2016, 2018 oil + gas discoveries 80-90m water 100m water 135m water Roc-2 flow test — 7 - T G S } 3D seismic data inversion predicting the presence
Slide 28: Contact
CONTACT HEAD OFFICE Level 2,76 Kings Park Road West Perth WA 6005 +61 8 93212665 aul admin@cvn.com.au CARNARVON PETROLEUM LTD
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