Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2006)
23 slides from Carnarvon Energy's shareholder meeting presentation, Nov 30, 2006
Slide 1: ASX cover letter: Annual General Meeting
CARNARVON PETROLEUM LimiTeéeob ABN 60 002 688 851 30 November 2006 Company Announcements Office Australian Stock Exchange Limited Via ASX Online Dear Sirs ANNUAL GENERAL MEETING Attached is the Chairman’s address and the presentation to shareholders at today’s Annual General Meeting of Carnarvon Pet
Slide 2: Chairman's Address: A year of significant achievements
ANNUAL GENERAL MEETING 30 NOVEMBER 2006 CHAIRMAN’S ADDRESS CARNARVON “A year of significant achievements for Carnarvon Petroleum” PETROLEUM LIMITED ABN 60 002 688 851 At our annual meeting last year I expressed confidence that, with a new team and relocation to Perth, Carnarvon Petroleum was well po
Slide 3: AGM 30 November 2006: A Good Year for Carnarvon
Slide 4: Overview of Carnarvon
OVERVIEW OF CARNARVON THAILAND » Wichian Buri oil field in Thailand (40% CVN): » 14.2 MMBO gross recoverable oil - Carnarvon net 5.68 MMBO » Current gross production of ~ 250 BOPD — 13 wells producing including phase 1 testing « Likely reserve increase following successful phase 1 drilling & testing
Slide 5: Structure and Personnel
STRUCTURE AND PERSONNEL Capital Structure: Shares on issue (ASX CVN) : AS? millon Options on issue @ & 10c) . 22 million Market Cap: at Bc / share | $38 6 million Cash on hand: 380 Sepleniver 2006 - $3.2 million Shareholders: Direciors & Management 10% dop 20 holding . 28 Chairman: Peter Leonhardt «
Slide 6: Share Price Performance
SHARE PRICE PERFORMANCE CVN Share Price from 1 Jan 2005 $0.12 35,000,000 $0.10 4 F 30,000,000 share pice “me 25,000,000 $0.08 © 2 20,000,000 e Ps $0.06 2 § oe : 15,000,000 5 ” $0.04 <S . - ee of: 1. ot wo 10,000,000 $0.02 Vr 5,000,000 3/09/2605 = =—3/0f/2006 /3/05/2006 Mi Yolume — Sh#re plica Linear
Slide 7: 2006 - A Good and Busy Year
2006 - AGOOD AND BUSY YEAR THAILAND CORPORATE = Seismic reprocessing completed * Carnarvon Board Changes « 245 sq km 3D seismic survey completed * Move from Melbourne to Perth «Phase 1 drilling of 8 wells almost completed « New office set up in West Perth « Production testing of first zone only in e
Slide 8: Thailand Permits
THAILAND PERMITS Carnarvon owns a large 40% interest in two large exploration licences in central Thailand Sinkit is largest onshore OH Fleld in Thailand 133/43 Sirikit Z : " Fiel Carnarvon 40% ield THAILAND New area ia Needs ‘a well [| | Wichian Buri olf fleld represents only 14.5 sq krn of the. to
Slide 9: Oil Reserves
OIL RESERVES GROSS OIL RESERVES WICHIAN BURI OIL FIELD 31 December 2005 Gaffney Cline & Associates Does not include new discovered reserves from Phase 1 drilling New reserve estimate likely 2°46. Qtr 2007 Total Proved 0.6 mmbbis Total Proved + Probable Total Proved + Probable + 6&8 mmbbis Possible (
Slide 10: 2006-2007 Drilling Programme
2006-2007 DRILLING PROGRAMME PHASE 1 DRILLING ~ 2006 * Re establish Wichian Buri oll production * § new development wells on WB — 4 drilled & 1 suspended drilling * Drilling success to date - 4 of of 4 wells where drilling completed * 3 currently on initial production testing * Expand oil reserves *
Slide 11: Phase 1 Drill Targets
PHASE 1 DRILL TARGETS 133/43 Wichian Buri oil field Phase 1 Drilling » § DEVELOPMENT WELLS *® POE 1-3, POE-5 & POE-8 Bo Rang = 3 EXPLORATION WELLS Gas discovery = POE-G, POE-7 & POE-9 Na Sanun oil Proven Reserves discovery Probable Reserves pee Possible Reserves Si Thep oil field Gas Discovery Prosp
Slide 12: Phase 1 Drill Results
PHASE 1 DRILL RESULTS POE-2 Production testing commenced : : Stabilised flow.~ 40 bopd from G sands Net ofl pay ~11.4.m 5.8m oF sand - 5.6m G sand — testing oil POE-1 : F.sands.similar te POE-2 Drill sting stuck Requires further drilling operations POE-8 : _ Net oil pay. 9m 20 F. sand 3m G sand 4m .
Slide 13: POE-9 Exploration Well
POE-9 EXPLORATION WELL «Medium risk / high reward prospect « POE-9 is 150 metres updip of Na Sanun-1 « Na Sanun-1 flowed 1,375 BOPD from fractured volcanics « This is a new potential reservoir Follow up a > potential A I ”S~«Y Follow up = potential POE-9 Fractured Volcanic reservoir Na Sanun-1 a
Slide 14: Phase 1 - Production Impact
PHASE 1 - PRODUCTION IMPACT v Phase 1 well programme on way to achieving goal Avelage production rate _bopd Anticipated Phase 1 cash flow. to be applied to Phase 2 Commenced drilling testing Phase 1 Commenced . 2006 Phase 1.0 Commenced - AGM drilling Workover ~250 bopd
Slide 15: Phase 1 - Production Impact Scenario Analysis
PHASE 1 - PRODUCTION IMPACT Scenario analysis Low Mid High » Production from Phase 1 (including existing wells *) (bopd) 360 850 1,500 = Net to CVN * (bopd) 144 340 600 = Net cash to CVN /day (@ A$30/bbi *) $4,320 $10,200 $18,000 » Net cash to CVN / year (@ A$30/bbI*) $1.6m $3.7m $6.6m * Production
Slide 16: Phase 2 Programme - Up to 20 Wells
PHASE 2 PROGRAMME — UP TO 20 WELLS a Over 20 prospects being evaluated for drilling Wichian Buri oil field 33/43 > =» Startupin early 2007 L44/43 Yee Bo Rang i \ Gos discovery a Rig contracted ,i » Long lead Iterns ordered = New 3D seismic programme under | Z consideration Limit of existing 3D seism
Slide 17: 2006 Operations Update
2006 OPERATIONS UPDATE Current ITEM, 2006 Jan | Feb | Mar | April[ May | June 2D and 3D Seismic Reprocessin: 3D Seismic Acquisition 3D processing z Phase 1 Drilling POE-Z POE1 POE-S POE-S POE-S POE-S POE-7 POE-S Phase 1 Testing/Production POE-2 POE-S POE-3 POE-S POE-( POE-S POET POE-9 Phase 2 Drilli
Slide 18: Carnarvon Basin - EP 424 Baniyas Prospect
CARNARVON BASIN — EP 424 : Top Birdrong Fm BANIYAS PROSPECT EP 424 Carnarvon 35% « Updip of Saladin Oil Field # Weill located for oil charge » Close to existing infrastructure. EP 424 Camarvon 35%
Slide 19: Carnarvon Basin - EP 424 Baniyas Prospect Seismic
CARNARVON BASIN — EP 424 BANIYAS PROSPECT Large Carnarvon 35% Updip of Saladin Oil Field Seismic Line Bright amplitudes at structural crest within the i! Birdrong Fr Ms Wy Possible Hydrocarbon 4 y CENA indicator? Bright amplitudes (red - green) conform to structural closure = more confidence they ar
Slide 20: Conclusion: 2006 - A Busy Year
CONCLUSION 2006 — A BUSY YEAR Intensive work program Wichian Buri, Thailand Reprocessed seismic Recorded 245 sq kms of 3D seisrnic Completed drilling of 7 wells - One more to drill in Phase 1 Production testing underway Workover of existing wells underway Carnarvon Basin « Reprocessed seismic « Reco
Slide 21: Conclusion: 2007 - More to Come
CONCLUSION 2007 — MORE TO COME More drilling * 2007 - Planned drilling of up to 20 wells - (Phase 2) More seismic * Another 3D seismic survey being considered More production * Phase 1 has commenced providing increased production — more to corne as other zones opened * Workover prograrn of current p
Slide 22: Contacts
CONTACTS Ted Jacobson G3 Peter Leonhardt 3 Managing Director gennanvou Chairman caRRanvon Phone (08) 9321 2665 tieenes Phone (08) 9321 2685 tiatnee Fax (08) 9268 2830 “ Fax (08) 9321 8887 mermnen Email tjacobson@carnarvonpetroleum.com Email pleonhardt@carnarvonpetroleum.com www .carnarvonpetroleum.c
Slide 23: Important Notice
IMPORTANT NOTICE This presentation has been prepared by Carnarvon Petroleum Limited. This presentation contains forecasts and forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are r
Carnarvon Petroleum — Shareholder Meeting (November 2006) on 6ix