Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Excellence in Oil & Gas Conference 2009
28 slides from Carnarvon Energy's conference presentation, Apr 7, 2009
Slide 1: Excellence in Oil & Gas Conference
For personal use only Excellence in Oil & Gas Conference Ted Jacobson CEO April 2009
Slide 2: Disclaimer
Disclaimer For personal use only The information is this document, that relates to oil exploration results and reserves, is based on information compiled by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the C Company. M Huizenga Mr H i consents t to t the
Slide 3: Corporate Snapshot
Corporate Snapshot For personal use only Capital Structure Directors & Management Ordinary Shares 683 million Chairman: Peter Leonhardt Market Capitalisation: $260 million Managing Director: Ted Jacobson (fully diluted @ 35 cents) Non Exec Directors: Neil Fearis & Ken Judge Cash on hand $70 million
Slide 4: Market Position
Market Position For personal use only One of the premier oil & gas producers listed on the ASX C Carnarvon expects ffurther h growth h over the coming year with significant exploration and appraisal upside to be assessed UPDATE: Carnarvon is now 8th largest Australian listed oil/gas company 4
Slide 5: Investment Highlights
Investment Highlights For personal use only Strong balance sheet Approx A$70 million cash1, no debt , no hedge 1 Cash at 1st March 2009; Tax provision ~$41mm payable May 2009 Strong reserve position: - Oil reserves - 16.6 mmbbls 2P 37 mmbbls 3P - 2P reserves - up 46% over 2008 g - Significant
Slide 6: Project Areas
Project Areas For personal use only THAILAND : Focus areas Thailand Th il d - Oil production, d ti appraisal and exploration 4 Oil producing assets 40% 5 Exploration concessions 40% - 50% Indonesia – Study group Seeking further opportunities – tax advantage in Thailand Australia - Explorat
Slide 7: Asset Portfolio
Asset Portfolio For personal use only Thailand - Oil production, 7
Slide 8: Thailand Reserves/Resources
Thailand Reserves/Resources For personal use only Rapidly Growing Thailand Oil Reserves Audited as at 31 December 2008 by independent consulting firm Gaffney Cline & Associates 16.6 mmbo 2P net reserves – Increase of 46% over the previous 12 months and almost 500% over previous 24 months – Appro
Slide 9: Thailand Production
Thailand Production For personal use only 4Q 2008 average production of ~4,650 bopd equated to revenue of ~A$29 million for the quarter with average WTI of US$58/bbl Quarterly Production BOPD (Net) 5000 Full field development Na Sanun East 4500 4000 Na Sanun East discovered Fractured volcanic rese
Slide 10: Rapid Growth of Carnarvon
Rapid Growth of Carnarvon For personal use only •Carnarvon C grown ffrom $10mm $10 tto $260 $260mm iin 3 years •Traditional play – low productivity sandstone reservoirs – Wichian Buri Field •Oil discovered in fractured volcanics in Jan 2007 – new reservoir type •Highly fractured reservoirs •Start up
Slide 11: Thailand Activity 2009
Thailand Activity 2009 For personal use only L33/43 (CVN 40%) Exploration drilling 1-2 wells 2009 L44/43 & SW-1A (CVN 40%) 4 fields producing Development/appraisal & exploration drilling – up to 25 wells L20/50 (CVN 50% - Operator) O ) 500 km 2D Seismic 2009 Exploration Drilling 1-4 wells
Slide 12: Na Sanun East - Appraisal Upside
Na Sanun East - Appraisal Upside For personal use only Na Sanun East Other Reservoirs Contingent resource requires Current Na Sanun East production is primarily from further drilling only o y2oof 5 po potential e a volcanic o ca c reservoirs ese o s – ssignificant g ca evaluation reserve and produ
Slide 13: High Margin, Low Cost Operations
High Margin, Low Cost Operations For personal use only High Margins PTT (Thai National Oil Co.) sales contract based on Singapore HSFO crude price (trades at discount to West Texas Crude) Operating costs Less than US$5 barrel, barrel including trucking and transport Excellent Infrastructure Ve
Slide 14: L44 Overview
L44 Overview For personal use only Four producing oil fields L33/43 Na Sanun East L44/43 Wichian Buri Bo Rang Gas Wichian Buri Na Sanun N S Na Sanun E East Si Thep New Discovery Area NW-SE Correlation Producing Field Gas Discovery Two oil and g gas discoveries Prospects Bo Rang Gas Na
Slide 15: NW – SE Cross Section
NW – SE Cross Section For personal use only Wichian Buri Oil Field NSE Upper Volcanic Sandstone (NSE-A1) (Development) NW SE Na Sanun Oil Field Na Sanun East Field Further Volcanic Potential (Exploration) Wichian Buri Deep Na Sanun Lower NSE L Lower V Volcanics l i Volcanics (Appraisal) Volcanic (Ap
Slide 16: Near term drilling
Near term drilling For personal use only Wichian Buri Volcanics L33/43 L44-W Wichian Buri (WB PL1), L44/43 (Bo Rang Nth) Na Sanun (NS PL) and Wichian Buri Si Thep (ST PL) Production Sandstone Licenses all within SW1A Bo Rang Gas Disc. Na Sanun East (NSE PL) NSE Production License within North L4
Slide 17: Near term drilling
Near term drilling For personal use only Well Well Type Potential NSE C Central t l DFEVELOPMENT D l Development t 2P R Reserves NSE-F1 Contingent Resource area APPRAISAL New Oil discovery NSE-N1 APPRAISAL Appraise pp 3P Reserves NSE-L1 APPRAISAL Appraise 3P Reserves NSE South DEVELOPMENT Developmen
Slide 18: Si Thep Structure
Si Thep Structure Many other structures to drill For personal use only Volcanic target potential 7 mmbbls net to Carnarvon recoverable contingent resource 18
Slide 19: Other Activity L20/50 Thailand
Other Activity L20/50 Thailand For personal use only Carnarvon 50% interest and operator, Sun Resources ((ASX:SUR)) 50% Southeast and on trend of large, 200 million barrel Sirikit Oil Field (produced over 150 mmbbls and still producing ~20,000bopd) ~1,000km 80’s vintage 2D seismic interpreted
Slide 20: L20/50 Thailand
L20/50 Thailand For personal use only C A B - 82-S1-04-369 - 1500.0 1600.0 1700.0 1800.0 1900.0 2000.0 0.000 01 01 05 10 05 0.500 10 40 1.000 Lead C 1.500 Lead B Sirikit style structures Lead A Many structures mapped – require more seismic for definition New seismic survey to be acquired this ye
Slide 21: L52 & L53 Applications Thailand
L52 & L53 Applications Thailand For personal use only Carnarvon 50%, Pearl Oil 50% and operator L33 & L44 2 large onshore permits – 6,950 sq kms Licences Onshore extension of offshore Gulf of Thailand 6 wells drilled (4 shallow for CBM and 2 deep for oil) New applications Oil seeps surroun
Slide 22: Project Pipeline
Project Pipeline For personal use only Development Exploration Production & Appraisal L33 & L44 Na Sanun East Na Sanun East L20 / 50 Bo Rang Wichian Buri L52 & L53 Si Thep Na Sanun New Ventures – Thailand L44-R Si Thep New Ventures – SE Asia Wichian Buri Deep A t li Australia 22
Slide 23: Industry (Peers) Paradigm Shift
Industry (Peers) Paradigm Shift For personal use only Peers focus on balance sheet and survival, not growth Exploration – a liability not an asset Bank loans – onerous conditions Raising equity – difficult, dilutive and at significant discounts Farm-outs – no promotes being paid for anything
Slide 24: Carnarvon Positioning
Carnarvon Positioning For personal use only CVN focus on growth!!! Increasing reserves D Increasing production D Increasing cash D No debt D Strong cashflow D Self funded programme D Strong technical ability D Strong access to dealflow D CVN BUSINESS MODEL REMAINS STRONG 24
Slide 25: Carnarvon Assessment
Carnarvon Assessment For personal use only Consolidate Current Position √ Strong balance sheet with cash $70 million and no debt √ Self funded exploration and appraisal programme with excess cashflow for growth Capitalise on Opportunities √ Market conditions are presenting a number of asset acqu
Slide 26: Conclusion
Conclusion For personal use only Growing cash Growing reserves and production Carnarvon actively looking for projects th t fit defined that d fi d investment criteria Carnarvon well poised for significant growth 26
Slide 27: Industry Award
Industry Award For personal use only Carnarvon was awarded the 2008 Explorer of the Year at Good Oil Conference in Perth Immagine the exploration award I could win if I knew about geophysical 27
Slide 28: Contact
Contact For personal use only Philip Huizenga Ted Jacobson Chief Operating Officer Managing Director Carnarvon Petroleum Limited Carnarvon Petroleum Limited www.carnarvonpetroleum.com T +61 8 9321 2665 www.carnarvonpetroleum.com T +61 8 9321 2665 Member of the ASX F +61 8 9321 8867 Member of the ASX
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