Carnarvon Energy Limited · ASX:CVN

Carnarvon Energy — Shareholder Meeting (November 2024)

31 slides from Carnarvon Energy's shareholder meeting presentation, Nov 18, 2024

  1. Slide 1: 2024 AGM addresses and presentation (re-release)

    A S X ANN O UNC EMEN T 2024 Annual General Meeting addresses and presentation (re-release) 18 November 2024 Carnarvon Energy Limited (C Company) refers to its ASX announcement on 15 November 2024 titled ‘2024 Annual General Meeting addresses and presentation’. The announcement has been re-released t

  2. Slide 2: 2024 AGM addresses and presentation

    ASX AN NOUN CE MEN T 2024 Annual General Meeting addresses and presentation 15 November 2024 In accordance with Listing Rule 3.13.3, Carnarvon Energy Limited (C 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

  3. Slide 3: 2024 Annual General Meeting Business Update

    For personal use only 2024 Annua al Generall Meeting Business Update 15 5 Novemberr 2024 ASX:: CVN

  4. Slide 4: Disclaimer

    Disclaimer ŽŶƚŝŶŐĞŶƚ ĂŶĚ ƉƌŽƐƉĞĐƚŝǀĞ ƌĞƐŽƵƌĐĞƐ For personal use only dŚĞ ƌĞƐŽƵƌĐĞ ĞƐƚŝŵĂƚĞƐ ŽƵƚůŝŶĞĚ ŝŶƚŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶĂƌĞ ďĂƐĞĚ ŽŶ ĂŶĚ ĨĂŝƌůLJ ƌĞƉƌĞƐĞŶƚ ŝŶĨŽƌŵĂƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚŝŶŐ ĚŽĐƵŵĞŶƚĂƚŝŽŶ No representation, warranty or assurance, express or implied, is given or made in relation to any forward

  5. Slide 5: Carnarvon Energy Snapshot

    Australia’s Premier Liquids Rich, Low CO2 Portfolio North-Western Australia Carnarvon Energy is an energy explorer and developer with For personal use only assets centred in the highly prospective Bedout sub-basin CARNARVON ENERGY 2024 AGM Carnarvon Energy (ASX: CVN) Snapshot ƒ The Company’s core as

  6. Slide 6: Changes since the 2023 AGM

    Changes since the 2023 AGM Refreshed Board and strategic objectives j For personal use only CARNARVON ENERGY 2024 AGM Rob b Black Susan S usan JJones ones Russelll Delroy Willl Barker Philip p Huizenga Alex x Doering Chair Non-Executive No Non -Executive Director Non-Executive Director Non-Executive

  7. Slide 7: Preserving existing balance sheet strength

    Preserving existing balance sheet strength For personal use only 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 ‡ M

  8. Slide 8: Significant reduction to corporate & admin cost base

    Significant reduction to corporate & admin cost base For personal use only CARNARVON ENERGY 2024 AGM Measures Introduced ƒ CEO and COO positions merged including reduction in CEO salary ƒ Reduction in Board base remuneration ƒ Reduction in head-count ƒ Ongoing corporate and administrative costs redu

  9. Slide 9: Maximising value from the core asset base

    Maximising value from the core asset base For personal use only Dorado Integrated Energy Development Project CARNARVON ENERGY 2024 AGM ƒ Phase 1 - Liquids project optimised with the economics enhanced ƒ Finalising development optimisation studies to maximise capital efficiency and project value ƒ Hi

  10. Slide 10: Dorado – Phase 1 Liquids Development

    Dorado – Phase 1 Liquids Development Building energy security for Australasia For personal use only CARNARVON ENERGY 2024 AGM Project Highlights ƒ One of Australia’s largest undeveloped conventional energy resource projects ƒ Shallow-water development (~100m water depth) ƒ Phase 1, light-sweet crude

  11. Slide 11: Dorado optimisation

    Dorado optimisation 2024 Dorado optimisation involves lower upfront capex and higher capital efficiency For personal use only CARNARVON ENERGY 2024 AGM Key Development Concept Updates ƒ Optimised throughput to maximise capital efficiency and project value ƒ Phasing of development wells ƒ Progressing

  12. Slide 12: Dorado Project Progress

    Dorado Project Progress Joint venture aligned with targeting FID in 2025 For personal use only CARNARVON ENERGY 2024 AGM ϮϬϮϰ,ĂůĨͲLJĞĂƌƌĞƐƵůƚƐ ƒ KĨĨƐŚŽƌĞWƌŽũĞĐƚWƌŽƉŽƐĂů ĂƉƉƌŽǀĞĚŝŶϮϬϮϯ ƒ WŚĂƐĞͲϭůŝƋƵŝĚƐĚĞǀĞůŽƉŵĞŶƚ ƉƌŽŐƌĞƐƐŝŶŐ ƒ ƐƐĞƐƐŵĞŶƚŽĨ&W^KŽƉƚŝŽŶƐ ŽŶŐŽŝŶŐ͕ƚĞĐŚŶŝĐĂůƐƚƵĚŝĞƐŽŶŐŽŝŶŐ ƒ dĂƌŐĞƚŝŶŐ&/ŝŶϮϬϮϱ

  13. Slide 13: 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 For personal use only 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

  14. Slide 14: 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 For personal use only 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 L

  15. Slide 15: Extensive portfolio of liquids rich, low CO2 opportunities (gas)

    Extensive portfolio of liquids rich, low CO2 opportunities* Gas exploration and development opportunities (mmboe) For personal use only CARNARVON ENERGY 2024 AGM Ara Remainder N Ara Remainder Wendolene Yuma 862 Bandy Z Revelstoke >h^dZ Yuma tEK>E 580 Murray Triel >h^dZ Bandy Revelstoke Wendolene Mur

  16. Slide 16: Carnarvon Energy Investment Summary

    Carnarvon Energy Investment Summary Expected to be fully funded1 for the world-class Dorado development and poised to realise For personal use only immense value upside through Pavo tie-back and future gas-focussed exploration CARNARVON ENERGY 2024 AGM World-class asset portfolio with Exploration (i

  17. Slide 17: Philip Huizenga, Chief Executive Officer

    For personal use only Philip Huizenga Chief Executive Officer Investor.relations@cvn.com.au www.carnarvon.com.au 15

  18. Slide 18: Appendices

    For personal use only Appendices 16

  19. Slide 19: Bedout Basin Contingent Resources

    For personal use only 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

  20. Slide 20: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  21. Slide 21: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  22. Slide 22: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  23. Slide 23: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  24. Slide 24: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  25. Slide 25: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  26. Slide 26: Bedout Basin Prospective Resources

    Bedout Basin Prospective Resources* For personal use only 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

  27. Slide 27: Chair’s Address

    Chair’s Address Mr Robert 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 refre

  28. Slide 28: 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

  29. Slide 29: 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

  30. Slide 30: CEO’s Address

    CEO’s Address Mr Philip Huizenga 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 Carnarvon

  31. Slide 31: 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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