Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — RIU Good Oil & Gas Energy Conference 2023
28 slides from Carnarvon Energy's conference presentation, Sep 7, 2023
Slide 1: Corporate presentation – Good Oil Conference
ASX AN NOUN CE MEN T Corporate presentation – Good Oil Conference 7 September 2023 Carnarvon Energy Limited (Carnarvon) is pleased to provide the attached corporate presentation to be given by Carnarvon’s Chief Operating Officer, Mr Philip Huizenga, at the RIU Good Oil and Gas Energy Conference toda
Slide 2: A Portfolio of Quality Assets
RIU GOOD OIL & GAS 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 Contingent and prospective resources 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 em
Slide 4: Unlocking the world class Bedout Sub-basin
CARNARVON ENERGY Unlocking the world class Bedout Sub-basin For personal use only Bedout Sub-basin prospects shown in black – Excellent basin success rate details next slide • 4 discoveries from 6 exploration wells in the 3D seismic era Pavo • Phoenix South (2014) • Roc (2016) • Dorado (2018) Dorado
Slide 5: Impending Exploration
IMPENDING EXPLORATION Next targets aim to unlock a vast amount of resources CVN permits & licenses in the Bedout Sub-basin Five key prospects (Pmean, gross)*: For personal use only • Ara – 549 bscf & 91 mmbbls CVN 10% CVN 20% • Wallace – 238 bscf & 11 mmbbls . . Ara • Wendolene – 506 bscf & 83 mmbbl
Slide 6: Ara
ARA Well targeting 549 bscf with strong technical merits For personal use only What we like about Ara: • Size – 500 Bscf of gas and approximately 100 Seismic courtesy of TGS mmbbls of associated hydrocarbon liquids (gross, Pmean)* • Stacked play – Cuvier & Archer Formations • Attractive Geological r
Slide 7: Ara Cluster - Analogue
ARA CLUSTER - ANALOGUE Ara cluster totals 2.1 Tcf of gas* – and it's been done before 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 High Bandy 56 mmboe Revelstoke Yuma Ara McKean Archer Wiwaxy https://www.norskpetroleum.n
Slide 8: Phase 1 Liquids Project
PHASE 1 LIQUIDS PROJECT Targeted to be FID ready in 2024 For personal use only Liquids development https://www.santos.com/wp-content/uploads/2023/08/Santos- 2023-Half-Year-Results.pdf 7
Slide 9: Pavo Project Status
PAVO PROJECT STATUS Focus has been on its integration into Dorado facilities 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
Slide 10: Dorado Project FID
DORADO PROJECT FID JV pursuing opportunities to lower development costs For personal use only 1 Field development design Optimise development concept 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 S
Slide 11: Phase 2 Gas Project
PHASE 2 GAS PROJECT Exploration success will underpin next phase of development Illustrative Integrated For personal use only Gas and Liquids Significant value in the gas development GAS PROCESSING • Future exploration success in any of the gas clusters will ensure economic volumes for development A
Slide 12: Dorado Funding Status
DORADO FUNDING STATUS CPC divestment is key to CVN financing Dorado Phase 1 For personal use only HOLDING - A$181 million in cash HOLDING - A$138 million (US$90 million) project funding carry from CPC* TO DELIVER - senior debt for Dorado with strong interest in the 2022 process • The CPC divestment
Slide 13: Value in Delivering Dorado
VALUE IN DELIVERING DORADO Attractive look-through components across the portfolio For personal use only 700 Bedout 5 exploration 600 4 Additional 10% held by CVN in Pavo etc $A 500 million CPC 3 payment & 400 carry look- through on retained assets 300 2 CPC carry benefit of 200 A$138m 1 100 Cash of
Slide 14: Upcoming Catalysts
UPCOMING CATALYSTS Sanctioning Dorado and building scale For personal use only DELIVERED 1 ASSET SALE COMPLETION AUGUST 2023 2 FID ▪ Work has been progressing around integrating the Pavo field into Dorado ▪ Economic conditions increasingly support FEED progression on Dorado that integrates Pavo PROG
Slide 15: Contingent and Prospective Resource Estimates
For personal use only CONTINGENT AND PROSPECTIVE RESOURCE ESTIMATES Appendix 14
Slide 16: Contingent Resources
BEDOUT BASIN CONTINGENT RESOURCES For personal use only Gross basis Oil and Condensate Natural Gas Barrels of Oil Equivalent MMbbl 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 35 205 332 580 48 78 137 Bedout Project Sub Tota
Slide 17: Summary of gross 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 contained wit
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: For personal use only
<< 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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