Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (November 2024)
30 slides from Carnarvon Energy's shareholder meeting presentation, Nov 15, 2024
Slide 1: 2024 Annual General Meeting addresses and presentation
ASX AN N OU N CEM EN T 2024 Annual General Meeting addresses and presentation 15 November 2024 In accordance with Listing Rule 3.13.3, Carnarvon Energy Limited (Company) is please to provide the Chair and CEO addresses and the CEO’s address and presentation, to be given at the Company’s Annual Gener
Slide 2: 2024 Annual General Meeting Business Update
2024 Annual General Meeting Business Update 15 November 2024 ASX: CVN
Slide 3: Disclaimer
Disclaimer Contingent and prospective resources The resource estimates outlined in this presentation are based on and fairly represent information and supporting documentation No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking CARNARVON
Slide 4: Carnarvon Energy Snapshot
Australia’s Premier Liquids Rich, Low CO2 Portfolio North-Western Australia Carnarvon Energy is an energy explorer and developer with assets centred in the highly prospective Bedout sub-basin CARNARVON ENERGY 2024 AGM Carnarvon Energy (ASX: CVN) Snapshot The Company’s core assets are in the Bedout
Slide 5: Changes since the 2023 AGM
Changes since the 2023 AGM Refreshed Board and strategic objectives CARNARVON ENERGY 2024 AGM Rob Black Susan Jones Russell Delroy Will Barker Philip Huizenga Alex Doering Chair Non-Executive Director Non-Executive Director Non-Executive Director Chief Executive Officer Chief Financial Officer NEW N
Slide 6: Preserving existing balance sheet strength
Preserving existing balance sheet strength CARNARVON ENERGY 2024 AGM Strong Balance Sheet: • A$177 million cash (Sep 24 Qtr) • US$90 million (~A$138m) carry to fund CAPEX including Dorado development • Nil debt Maintaining Strength: • No material acquisitions being targeted • Monetised and exited fr
Slide 7: Significant reduction to corporate & admin cost base
Significant reduction to corporate & admin cost base CARNARVON ENERGY 2024 AGM Measures Introduced CEO and COO positions merged including reduction in CEO salary Reduction in Board base remuneration Reduction in head-count Ongoing corporate and administrative costs reduced by ~40% compared t
Slide 8: Maximising value from the core asset base
Maximising value from the core asset base Dorado Integrated Energy Development Project CARNARVON ENERGY 2024 AGM Phase 1 - Liquids project optimised with the economics enhanced Finalising development optimisation studies to maximise capital efficiency and project value High-margin Pavo tie-bac
Slide 9: Dorado – Phase 1 Liquids Development
Dorado – Phase 1 Liquids Development Building energy security for Australasia CARNARVON ENERGY 2024 AGM Project Highlights One of Australia’s largest undeveloped conventional energy resource projects Shallow-water development (~100m water depth) Phase 1, light-sweet crude and condensate recove
Slide 10: Dorado optimisation
Dorado optimisation 2024 Dorado optimisation involves lower upfront capex and higher capital efficiency CARNARVON ENERGY 2024 AGM Key Development Concept Updates Optimised throughput to maximise capital efficiency and project value Phasing of development wells Progressing the Pavo field develo
Slide 11: Dorado Project Progress
Dorado Project Progress Joint venture aligned with targeting FID in 2025 CARNARVON ENERGY 2024 AGM 2024 Half-year results Offshore Project Proposal approved in 2023 Phase-1 liquids development progressing Assessment of FPSO options ongoing, technical studies ongoing Targeting FID in 2025 10
Slide 12: Dorado is more than a near-term liquids project
Dorado is more than a near-term liquids project Phase 2 gas export is part of an integrated Dorado development CARNARVON ENERGY 2024 AGM Indicative development phasing Indonesia 1 2 3 4 Volume Potential Bedout gas and Darwin liquids export options Time Dorado Phase 1 Pavo North Pavo South Bedout Gas
Slide 13: Extensive portfolio of liquids rich, low CO2 opportunities
Extensive portfolio of liquids rich, low CO2 opportunities* Near-field liquids exploration portfolio and Dorado tie-back opportunities CARNARVON ENERGY 2024 AGM Key Discovered Liquids 2C (mmbbl) Pavo Dorado, 162 205 (North), WA-435-P (10%) Roc Declaration of WA-436-P (20%) 43 Location Dorado / Pavo
Slide 14: Extensive portfolio of liquids rich, low CO2 opportunities (gas)
Extensive portfolio of liquids rich, low CO2 opportunities* Gas exploration and development opportunities (mmboe) CARNARVON ENERGY 2024 AGM Ara Remainder N Ara Remainder Wendolene Yuma Bandy ARA 862 Revelstoke CLUSTER WENDOLENE 580 Murray Yuma Triel CLUSTER Revelstoke Bandy Wendolene Murray Avoca St
Slide 15: Carnarvon Energy Investment Summary
Carnarvon Energy Investment Summary Expected to be fully funded1 for the world-class Dorado development and poised to realise immense value upside through Pavo tie-back and future gas-focussed exploration CARNARVON ENERGY 2024 AGM World-class asset portfolio with Exploration (inc. Pavo South) and si
Slide 16: Philip Huizenga
Philip Huizenga Chief Executive Officer Investor.relations@cvn.com.au www.carnarvon.com.au 15
Slide 17: Appendices
Appendices 16
Slide 18: Bedout Basin Contingent Resources
Bedout Basin Contingent Resources I N V E S T O R P R E S E N T A T I O N 17
Slide 19: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 18
Slide 20: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 19
Slide 21: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 20
Slide 22: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 21
Slide 23: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 22
Slide 24: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 23
Slide 25: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 3 24
Slide 26: Chair's Address
Chair’s Address Mr R o bert Black The Company has been through some substantial changes since the last AGM, which I’d like to highlight. Following last year’s AGM, the Company announced that it was undertaking a Board succession plan. This succession plan has now been completed and I believe the ref
Slide 27: Chair's Address (continued)
However, I know that we need to rebuild shareholders confidence in the project. To begin achieving this, we look forward to reaching some important upcoming milestones, such as entering Front-End Engineering and Design (FEED). Progressing Dorado is the key element towards maximising shareholder valu
Slide 28: Chair's Address (continued)
While progress has been made on the refined strategic objectives, we continue to assess ways to improve the Company’s position and deliver the best value outcome for shareholders. Before we commence the formal meeting, I would like to thank my fellow Board members for their efforts during the year i
Slide 29: CEO's Address
CEO’s Address Mr Phi l i p H ui zenga Carnarvon Energy is an ASX-listed oil and gas exploration and development company with assets in the highly prospective Bedout Sub-basin, located around 150km north of Port Hedland, offshore Western Australia. The enormous size of these tenements, in which Carna
Slide 30: CEO's Address (continued)
situated to ensure that the proposed infrastructure at Dorado can be fully utilised for many years to come. We also have valuable discovered gas resources that will form part of the future Phase 2 gas export. To support additional infrastructure investment to bring this gas to market, the joint vent
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