Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (November 2022)
21 slides from Carnarvon Energy's shareholder meeting presentation, Nov 18, 2022
Slide 1: Corporate presentation – Annual General Meeting
Corporate presentation – Annual General Meeting 18 November 2022 For personal use only In accordance with Listing Rule 3.13.3, Carnarvon Energy Limited (ASX:CVN) is pleased to provide the attached corporate presentation to be given by the Managing Director and CEO, Mr Adrian Cook, at the Annual Gene
Slide 2: Annual General Meeting
For personal use only 18 November 2022 Annual General Meeting carnarvon.com.au 1
Slide 3: Business update – Managing Director's presentation
For personal use only Business update Managing Director’s presentation 2 2
Slide 4: Disclaimer
DISCLAIMER For personal use only 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 ye
Slide 5: Overview
OVERVIEW For personal use only LOW PROJECT COST TARGET, CAPEX & OPEX <US$25 / bbl FEED confirmed Dorado’s technical & commercial strength 98 mmboe SUBSTANTIAL Pavo success added 13 mmbbls DISCOVERED to CVN’s 2C resource base RESOURCES DEEP One of the most attractive GROWTH PIPELINE 396 mmboe explora
Slide 6: Dorado development
DORADO DEVELOPMENT For personal use only A TECHNICALLY AND COMMERCIALLY ROBUST PROJECT FEED substantially completed in 2022 • Light sweet crude, with low CO2 LPG-rich gas • 100,000 bpd capacity floating production, storage and offloading vessel • 16-slot well-head platform, with 10 initial wells: •
Slide 7: Dorado sanctioning (FID)
DORADO SANCTIONING (“FID”) For personal use only FID DEFERRED TO NEW TARGET OF 2023/24 INFLATION Inflation rates are high by historic standards, but forecast to ease in 2023 SUPPLY CHAIN Currently challenging and impacting on projects globally, JV monitoring situation REGULATORY APPROVALS The Offsho
Slide 8: Dorado funding progress
DORADO FUNDING PROGRESS For personal use only STRONG PROGRESS IN 2022, CONFIRMING ADVANCED FINANCIER SUPPORT DORADO’S ATTRACTION • Strong debt servicing capacity - Low operating cost per barrel SENIOR DEBT MEZZANINE DIVESTMENT FINANCE - Material early free cash flows Strong level of Aim to reduce ne
Slide 9: Pavo-1 discovery
PAVO-1 DISCOVERY For personal use only THE LARGEST LIQUIDS DISCOVERY IN AUSTRALIA SINCE DORADO The Pavo North resource of 43 mmbbl Pavo South resource potential of (Gross 2C basis) increased Carnarvon’s 66 mmbbl (Gross Pmean basis) Bedout liquids by 13 mmbbls (2C basis) has a 64% chance of success A
Slide 10: Pavo tie-back to Dorado
PAVO TIE-BACK TO DORADO For personal use only MATERIALLY ENHANCED VALUE PROPOSITION Dorado WHP Dorado FPSO Pavo North Studies commenced for integration with Dorado FPSO • Within tie-back range to proposed Dorado facilities • Liquids rich resource complements the Pavo South Dorado production profile
Slide 11: Bedout Basin – 1.5 billion boe potential
BEDOUT BASIN – 1.5 BILLION BOE POTENTIAL For personal use only PROVEN PETROLEUM SYSTEM WITH UNPRECEDENTED UPSIDE Top 20 prospects have substantial oil and gas potential • Success could open up multiple play types Future exploration concepts • Pavo South and surrounding prospects • Dorado very nearfi
Slide 12: Highlighted exploration potential
HIGHLIGHTED EXPLORATION POTENTIAL For personal use only Ara: McKean: ~600 bscf gas and 100 ~100 mmbbls oil and mmbbls condensate 165 bscf gas Yuma: Starbuck: ~425 bscf gas and 70 ~60 mmbbls oil and mmbbls condensate 10 bscf gas Wallace: Pavo South: ~200 bscf gas and 10 ~66 mmbbls oil and mmbbls cond
Slide 13: Macro environment
MACRO ENVIRONMENT For personal use only MEETING THE WORLDS GROWING DEMAND FOR ENERGY RENEWABLES GROWING NEW TECHNOLOGIES • Albeit off a relatively low base • Add investment risk and cost GAS KEY FOR TRANSITION VOLATILITY IN THE TRANSITION • Important global energy source • Energy access, affordabili
Slide 14: Biofuels
BIOFUELS For personal use only IDEAL FOR HARD TO ABATE SECTORS SUCH AS TRANSPORTATION AND AVIATION Bio-liquid gold: How biofuel circularity could unlock the energy transition (Source: Wood Mackenzie) “There’s little doubt that liquid biofuels should play a crucial role in the energy transition. Bio-
Slide 15: Assessing new opportunities
ASSESSING NEW OPPORTUNITIES For personal use only PRODUCTION LEVERAGE OR NEAR TERM EXISTING PRODUCTION EXPERTISE ENHANCE UTILISE PORTFOLIO REGIONAL DIVERSIFICATION KNOWLEDGE ADDITIONAL MAINTAIN AVENUES TO FISCAL GENERATE VALUE DISCIPLINE 14 Carnarvon holds an incredible position in the Bedout basin
Slide 16: Key value adding workstreams
KEY VALUE ADDING WORKSTREAMS For personal use only 1 2 3 4 5 DORADO PAVO BEDOUT BIOFUELS NEW VENTURES Sanction Assess Agree Sanction project (FID) tie-in & targets for first project Secure & secure incorporate next drilling & secure assets with funding into Dorado campaign & funding near term design
Slide 17: Carnarvon Energy Ltd
CARNARVON ENERGY LTD ® 16
Slide 18: Annexure: Contingent and Prospective Resource Estimates
For personal use only Annexure 1 Contingent and Prospective Resource Estimates 17 17
Slide 19: Bedout basin contingent resources
Bedout basin contingent resources For personal use only Oil and Condensate Natural Gas Barrels of Oil Equivalent Gross basis MMbbl BCF MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 86 162 285 367 748 1358 176 344 614 Pavo North 26 43 62 6 11 17 27 45 65 Roc 12 20 35 205 332 580 48 78 137 Bedout Project Su
Slide 20: Bedout basin prospective resources (gross)
Bedout basin prospective resources For personal use only Prospective resources gross field basis Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These pr
Slide 21: Bedout basin prospective resources (net CVN)
Bedout basin prospective resources For personal use only Prospective resources net CVN basis Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project and may relate to undiscovered accumulations. These prospe
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