Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2015)
24 slides from Carnarvon Energy's shareholder meeting presentation, Nov 13, 2015
Slide 1: Annual General Meeting
For personal use only ASX: CVN Annual General Meeting 13 November 2015
Slide 2: Managing Director's presentation
For personal use only Carnarvon Petroleum Managing Director’s presentation 2
Slide 3: Disclaimer
Disclaimer The Resource estimates outlined in this report were reviewed by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 20 years’ experience in petroleum exploration and For personal use only engineering. Mr Huizenga hold
Slide 4: Carnarvon executive team
Carnarvon executive team For personal use only Philip Huizenga – Chief Operating Officer Petroleum Engineer Drilling, logging and production throughout Australia, Asia and the Americas. Dr Stephen Molyneux – Exploration Manager Geologist Seismic interpretation and development geology in North Sea, A
Slide 5: Carnarvon snapshot
Carnarvon snapshot For personal use only A$120m value on ASX A$103m* in cash plus future income stream and debt free Phoenix South-1 oil discovery August 2014 High impact Roc-1 well spud expected November 2015 * As reported in the Company’s September 2015 Quarterly Report 5
Slide 6: Relative performance
Relative performance For personal use only 450% Roc-1 well Phoenix Oil prices Sale of 20% in South-1 oil fall Thailand expected spud discovery ~50% production asset Nov 2015 400% 350% 300% Indexed Performance (%) 250% 200% 150% 100% 50% 0% Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-
Slide 7: Carnarvon's permits in the North West Shelf
Carnarvon’s permits in the North West Shelf For personal use only Cerberus Phoenix project project ~3,500km2 ~22,000km2 CVN: 100% CVN:20-30% Phoenix South-1 oil discovery 7
Slide 8: Oil & Gas sector
For personal use only Oil & Gas sector At a glance 8
Slide 9: Oil sector under pressure
Oil sector under pressure For personal use only 160 140 Brent Crude oil price in US dollars per barrel 120 100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 9
Slide 10: The challenge is to anticipate the value shifts
The challenge is to anticipate the value shifts For personal use only “Skate to where the puck is going, not to where it has been” Wayne Gretzky 10
Slide 11: Phoenix Project
For personal use only Phoenix Project New oil province 11
Slide 12: Phoenix: Phoenix South-1 oil discovery
Phoenix: Phoenix South-1 oil discovery For personal use only Recap • 59 metre net oil pay in 4 intervals • 6 oil samples recovered from 3 zones • 46° to 48° API & 370 to 720 scf/bbl • Extensive rock & log suite acquired Challenges • Reservoir quality 46º • Formation stability API Oil Key work flows
Slide 13: Phoenix: Roc-1 exploration well
Phoenix: Roc-1 exploration well For personal use only Summary • Larger structure than Phoenix South • Shallower water depth than Phoenix South • Shallower reservoir than Phoenix South • Up-dip to Phoenix South structure Key dates* • November 2015 spud • December 2015 / January 2016 TD • Suspend succ
Slide 14: Phoenix: independent resource estimate
Phoenix: independent resource estimate For personal use only By DeGolyer & MacNaughton Resources (mmbbls) Low Best High Phoenix and Phoenix South 13 31 78 Contingent resources Roc, Bewdy, Bottler 35 73 154 Prospective resources Total (arithmetic sum) 48 104 232 (Refer ASX announcement 7 April 2015)
Slide 15: Phoenix area: what's in the rest?
Phoenix area: what’s in the rest? For personal use only Resource estimate of 104 mmbbls* (viz. mid case) is within 5% of acreage held *Refer ASX announcement 7 April 2015 15
Slide 16: Phoenix area: whole basin in CVN acreage
Phoenix area: whole basin in CVN acreage For personal use only 16
Slide 17: Phoenix area: acquired significant new data
Phoenix area: acquired significant new data For personal use only Highlights WA-436-P CVN: 30% WA-435-P • The initial Phoenix MC3D CVN: 20% covered ~5% of acreage holding • At end of CY 2015 the total 3D data set will cover ~45% of CVN’s acreage holding • The new data is intended to assist in identi
Slide 18: Phoenix area: active exploration program underway
Phoenix area: active exploration program underway For personal use only 18
Slide 19: Cerberus Project
For personal use only Cerberus Project New project 19
Slide 20: Cerberus: Early Triassic initial focus
Cerberus: Early Triassic initial focus For personal use only Phoenix (CVN 20-30%) • Early Triassic oil discovery Land Cerberus (CVN 100%) • Similar Early Triassic potential • Acquired in May 2014 before Phoenix South • Significant oil targets Phoenix South discovery Rivers Perth Basin • Early Triass
Slide 21: Cerberus: prolific hydrocarbon region
Cerberus: prolific hydrocarbon region For personal use only Highlights • Proven petroleum system • Multiple play potential • Large volume fields nearby • Shallow water acreage with shallow target prospects • Close to pipeline infrastructure and onshore services • High value success case 21
Slide 22: Conclusion
For personal use only Conclusion NWS exploration specialist 22
Slide 23: Carnarvon investment proposition
Carnarvon investment proposition For personal use only Well funded with cash and liquid assets of ~A$120 million Upcoming high impact Roc-1 well, with cost carry Accomplished Board and in-house technical team Well placed to capitalise on reducing industry costs Capacity to grow the asset portfolio F
Slide 24: Think different, Act different
For personal use only Think different Act different 24
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