Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2010)
21 slides from Carnarvon Energy's shareholder meeting presentation, Nov 17, 2010
Slide 1: AGM Presentation 2010
For personal use only AGM Presentation 2010 Ted Jacobson CEO sa-wat dee www.cvn.com.au
Slide 2: Capital Structure
Capital Structure Institutional shareholders hold ~25% For personal use only Issued shares (no options) 687m (no substantial shareholders) Share price (as at 8 Nov 2010) $0.50 Directors & staff hold ~9.0% Market capitalisation $344m (strong alignment with shareholders) Share Price Mid-cap exploratio
Slide 3: Peer Comparison
Peer Comparison For personal use only CVN is in Carnarvon Petroleum ASX 200 From Resource Invest As at 31 Oct 2010 CVN is a substantial mid cap oil & gas company 5
Slide 4: Reserves (net to CVN)
Reserves (net to CVN) For personal use only 30 25 20 15 10 5 0 Reserve Production 2P Reserve Production 2P Reserve Production 2P Reserve Production 2P Increase Reserve Increase Reserve Increase Reserve Increase Reserve CY 2006 CY 2007 CY 2008 CY 2009 Strong potential reserve growth with 57mmbbls in
Slide 5: Key Metrics
Key Metrics For personal use only Production annual 1 - 1.5 mmbbls net Cash (as at 30 September 2010) A$22mm 2P reserves (net 31 Dec 09) 24.5 mmbbls recov. 3P reserves (net 31 Dec 09) 57.0 mmbbls recov. 2C resource (net Oct 2010) 10.3 mmbbls recov (within production licence applications) Reserve lif
Slide 6: Projects - International
PROJECTS - International For personal use only Thailand L20/50 50% L33/43 & L44/43 40% New Zealand Tuatara 10% L52/50 & L53/50 50% Indonesia Rangkas 25% CVN’s exploration focus is SE Asia & Australasia 6
Slide 7: Projects - Australia
PROJECTS - Australia For personal use only Carnarvon Basin WA-399-P Phoenix Gas WA-443-P Permits 13% 50% 100% Bedout Sub Basin Karatha hub Port Hedland 7 CVN is building our presence in Australia 7
Slide 8: L44/43 Overview
THAILAND - L44/43 Overview For personal use only • Oil Production • Onshore close to quality infrastructure • Opex & trucking ~US$10.80/bbl • Depr. / amort. ~US$7.20/bbl (*) (*) Based on current accounting policy & estimates Carnarvon 40% POE Operator High margin long life field 8
Slide 9: L33/43 & L44/43 Oil Fields
THAILAND - L33/43 & L44/43 Oil Fields For personal use only L33-1 • Six production licences L33-2 • 20 year period L44-W • optional 10 year extension period WBEXT-1 Bo Rang B • 2 production licence applications Wichian Buri Bo Rang A • New discoveries in L44/43 at WBEXT NSE North • New discoveries i
Slide 10: L33/43 & L44/43 Production Licences
THAILAND - L33/43 & L44/43 Prodn. Licences For personal use only Concession L33/43 Application Application L33-1&2 PL • L33-1 & 2 Application for Production WBEXT PL L33/43 Licence Concession Concession L44/43 SW1A Concession • Na Sanun East Production Licence BRN PL • Bo Rang North Production Licen
Slide 11: Recent Drilling Results
THAILAND - Recent Drilling Results For personal use only L33/43 • L33-1 exploration well flow tested at 1,100 bopd gross • L33-2 appraisal well flow tested at 2,370 bopd gross • Application for Production Licence submitted with production now expected to commence ~ December 2010 • Further infield ap
Slide 12: Fractured Reservoirs
THAILAND - Fractured Reservoirs For personal use only • L33, L44 & SW1A contain multi layered oil filled fractured reservoirs • Massive lost circulation – no returns over reservoirs Fractures in outcrop • Heterogeneous nature of fracturing means individual well DEPTHS performance varies: Bo Rang ~ 2
Slide 13: Average Well Performance
THAILAND – Average Well Performance For personal use only Flush • All wells perform differently production • Typically initial flush production • Decline after oil extracted from major fractures • Plateau production at lower level • Plots as TYPE 1 or TYPE 2 Plateau production fractured reservoir (a
Slide 14: Bo Rang Structure
THAILAND - Bo Rang Structure For personal use only • Volcanic intrusions at multiple levels - eg. production from Bo Rang A & Bo Rang B • Extent of volcanics mapped on seismic • But difficult to predict fracture distribution • Evaluating methods to improve successful intersections Volcanics at multi
Slide 15: L20/50
THAILAND - L20/50 For personal use only • Three drillable prospects identified • Official Environmental Impact Assessment (“EIA”) approval received Phitsanulok • Local permitting work is complete Basin Outline • Waiting on weather Sirikit • Drilling 1 firm and 2 contingent wells in Fields Q1 2011 L2
Slide 16: Australia - Phoenix Gas Permits
AUSTRALIA - Phoenix Gas Permits For personal use only • Large 28,300 km2 area Phoenix-1 Phoenix-2 11.5% porosity 10% porosity • Shallow water ~ 100 metres • Close (~150kms) to shore, pipelines & infrastructure Keraudren-1 • Phoenix-1 gas discovered 20% porosity in 1988 • Low porosity mid-Triassic re
Slide 17: Australia - Phoenix Gas Discovery
AUSTRALIA - Phoenix Gas Discovery Total Net Pay Gas For personal use only (Gas) Depth Structure Map of Near Mid Triassic Gas Sand Level Phoenix-1 Log Data Upside Phoenix-2 678 m ~1Tcf OGIP gross gas column Phoenix-1 767 m gross gas 110 m net Phoenix South Prospect ~3.5 Tcf OGIP Roc Prospect 10 km Nu
Slide 18: Indonesia - Rangkas PSC
INDONESIA - Rankas PSC • Large permit located onshore For personal use only Indonesia West Java, close to Jakarta Jakarta • Previous wells (last in 1991) targeted shallow Neogene carbonates; deeper Numerous Oil Rangkas Paleogene clastic play is untested 25% CVN Shows and Seeps in • Direct evidence o
Slide 19: Community Projects
Community Projects For personal use only Thailand • 60% Royalty goes to local districts Wat Ban Tay Nam • Hire local labour & services School support • Support School Schemes (eg. Grow your own lunch) Flood relief in Northern Thailand Indonesia Food • Children’s health packages provided Australia fo
Slide 20: Forward Programme next months
Forward Programme next 6 months For personal use only THAILAND • L44/43 Up to 12 appraisal / development wells 1.0 to 1.5 mmbbls p.a. production (WBEXT, Bo Rang A & B, NSE-F1,Si Thep) 2P reserves of 24 mmbbls • L33/43 Further appraisal wells (L33-1 & L33-2) 2C resources over 10 mmbbls (within produc
Slide 21: AGM Shareholders Meeting 2010
For personal use only AGM Shareholders Meeting 2010 Ted Jacobson You are now invited to now join the directors and staff from Carnarvon Petroleum for refreshments and a chat Thank you Key Points 21
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