Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (November 2024)
21 slides from Carnarvon Energy's shareholder meeting presentation, Nov 15, 2024
Slide 1: 2024 Annual General Meeting 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 (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 General
Slide 2: 2024 Annual General Meeting Business Update
For personal use only 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: Australia's Premier Liquids Rich, Low CO2 Portfolio
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 For personal use only Carnarvon Energy (ASX: CVN) Snapshot ▪ The Company’s core as
Slide 5: Changes since the 2023 AGM
Changes since the 2023 AGM Refreshed Board and strategic objectives CARNARVON ENERGY 2024 AGM For personal use only 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 F
Slide 6: Preserving existing balance sheet strength
Preserving existing balance sheet strength CARNARVON ENERGY 2024 AGM For personal use only 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
Slide 7: Significant reduction to corporate & admin cost base
Significant reduction to corporate & admin cost base CARNARVON ENERGY 2024 AGM Measures Introduced For personal use only ▪ CEO and COO positions merged including reduction in CEO salary ▪ Reduction in Board base remuneration ▪ Reduction in head-count ▪ Ongoing corporate and administrative costs redu
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 For personal use only ▪ Phase 1 - Liquids project optimised with the economics enhanced ▪ Finalising development optimisation studies to maximise capital efficiency and project value ▪ Hi
Slide 9: Dorado – Phase 1 Liquids Development
Dorado – Phase 1 Liquids Development Building energy security for Australasia CARNARVON ENERGY 2024 AGM For personal use only Project Highlights ▪ One of Australia’s largest undeveloped conventional energy resource projects ▪ Shallow-water development (~100m water depth) ▪ Phase 1, light-sweet crude
Slide 10: Dorado optimisation
Dorado optimisation 2024 Dorado optimisation involves lower upfront capex and higher capital efficiency CARNARVON ENERGY 2024 AGM For personal use only Key Development Concept Updates ▪ Optimised throughput to maximise capital efficiency and project value ▪ Phasing of development wells ▪ Progressing
Slide 11: Dorado Project Progress
Dorado Project Progress Joint venture aligned with targeting FID in 2025 CARNARVON ENERGY 2024 AGM For personal use only 2024 Half-year results ▪ Offshore Project Proposal approved in 2023 ▪ Phase-1 liquids development progressing ▪ Assessment of FPSO options ongoing, technical studies ongoing ▪ Tar
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 For personal use only Indicative development phasing Indonesia 1 2 3 4 Volume Potential Bedout gas and Darwin liquids export options Time Dorado Phase 1 Pavo North
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) For personal use only Pavo Dorado, 162 205 (North), WA-435-P (10%) Roc Declaration of WA-436-P (20%) 43 L
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 For personal use only Ara Remainder N Ara Remainder Wendolene Yuma 862 Bandy ARA Revelstoke CLUSTER Yuma WENDOLENE 580 Murray Triel CLUSTER Bandy Revelstoke Wen
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 For personal use only World-class asset portfolio with Exploration (i
Slide 16: Philip Huizenga, Chief Executive Officer
For personal use only Philip Huizenga Chief Executive Officer Investor.relations@cvn.com.au www.carnarvon.com.au 15
Slide 17: 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
Slide 18: 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 19: Chair's Address (conclusion)
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 20: 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
Slide 21: 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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