Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — 17th Asia Oil Week Conference 2012
32 slides from Carnarvon Energy's conference presentation, Jun 27, 2012
Slide 1: Corporate Presentation
Corporate Presentation 27 June 2012 For personal use only ASX ANNOUNCEMENT Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide shareholders with the attached Corporate Presentation given by Mr Adrian Cook, Carnarvon’s Managing Director, at the 17th Asia Oil Week Conference in S
Slide 2: Welcome
For personal use only Good morning everyone and welcome. Key Message 1
Slide 3: Disclaimer
For personal use only Before presenting the Carnarvon story I need to acknowledge our disclaimer slide that covers all our presentations. I would also point out that the slides and notes for this presentation are available on Carnarvon’s website. Key Message 2
Slide 4: Core area of focus
For personal use only To set the scene for this presentation I’d like to touch on Carnarvon’s core area of focus. That is, in South East Asia and Australia, where assets are onshore or in shallow water offshore and where we believe we have a good understanding of the asset and region. Asia and Austr
Slide 5: Asset holdings in Australia and Thailand
For personal use only Our asset holdings were recently consolidated to Australia and Thailand to enable us to better concentrate on these regions with the team that we currently have. We now hold interests in 6 exploration permits in the Northwest of Australia. Our WA-399-P permit is near Exmouth an
Slide 6: 2012 goals
For personal use only Our goals for 2012 comprise three key elements covering the farmout of two high impact Phoenix prospects in Western Australia, activities to get value from Thailand and progressing to drilling in our portfolio in Australia and Thailand. Key Message 5
Slide 7: 2012 goals: farmout, Thailand drilling, seismic
For personal use only In relation to the farmout of an interest in our WA-435-P and WA-437-P permits in Western Australia we have indicated that we’re working toward concluding a transaction in the third quarter of 2012. The farmout is intended to fund the initial costs of drilling the Phoenix South
Slide 8: Corporate structure
For personal use only In relation to our corporate structure, Carnarvon has 693 million shares on issue, of which three quarters are held by retail shareholders. The Board and staff hold 10% and institutional shareholders hold the remaining 15%. The company is capitalised at around $80 million and i
Slide 9: Australian assets
For personal use only I will now briefly talk about each of the assets in the business, starting with Carnarvon’s Australian assets. Key Message 8
Slide 10: Bedout sub-basin permits
For personal use only In the Bedout sub basin off Western Australia we have interests in 5 exploration permits. One of the permits, WA-435-P, contains two wells drilled by BP in the early 1980’s called Phoenix-1 and 2. Both wells intersected gas sands over about a 700 meters. The first of our farmou
Slide 11: Bedout sub-basin context and infrastructure
For personal use only To put that lead in into further context, the Bedout sub-basin is located between the Carnarvon and Browse basins in reasonably shallow water depths of around 140 metres. The Phoenix wells are also around 150 kilometres from Port Hedland which has access to Western Australia’s
Slide 12: New 3D seismic and prospects
For personal use only In late 2010 and early 2011 we acquired 1,100 km2 of new 3D and around 400 km of new regional 2D seismic that also covered the Phoenix-1 and 2 wells. The intention was to obtain better data over the petroleum system and nearby wells and particularly focus on two large structure
Slide 13: Phoenix-1, Phoenix-2 and Keraudren-1 wells
For personal use only There are three particularly relevant wells in the area worth noting. The Phoenix-1 gas discovery in 1980 found all sands between around 4,100 and 4,800 meters to be gas bearing with 110 meters of net gas bearing pay according to BP well reports. The Phoenix-2 well had gas show
Slide 14: Phoenix South and Roc prospect volumes
For personal use only As I discussed earlier we have 2 prospects that are the focus of our farm out process, namely the Phoenix South and Roc prospects. These are robust, technically supported prospects that have independently assessed volumes of significance. That is, 1 to 2 Tcf mean recoverable vo
Slide 15: Factors supporting commercialisation of Phoenix
For personal use only There are a number of factors that support any commercialisation of Phoenix. These include the potential for significant volumes of hydrocarbons, proximity to a number of relevant projects and supporting infrastructure and potential resources in shallow water depths. At this st
Slide 16: Greater Phoenix blocks
For personal use only As I indicated earlier we have an interest in 5 contiguous exploration permits in the Bedout sub-basin. I have just talked about two of the five permits that we refer to as the Phoenix blocks. We have also commenced work on 2 of the other 3 blocks that we refer to as the Greate
Slide 17: Zeester 3D seismic acquisition
For personal use only In this slide you can see the Phoenix wells and and the 2011 Phoenix 3D seismic program that covered 1,100km2. Fugro Multi-client services acquired the Phoenix 3D and are now in the field acquiring a new and more substantial 3D program called “Zeester”. The data is expected to
Slide 18: WA-399-P, Carnarvon basin
For personal use only Moving now down the Western Australia coast from the Phoenix blocks to the Carnarvon basin where we have a 13% interest in the WA-399-P permit with Apache as operator Key Message 17
Slide 19: WA-399-P and Macedon field
For personal use only Apache farmed into this permit by acquiring 3D seismic data over the block. It is a relatively small block but is located in a very active region around the Macedon field. Key Message 18
Slide 20: Macedon play fairway
For personal use only Exploration success in this region has resulted in several material oil and gas fields being developed. High quality 3D seismic has been acquired to define structural and stratigraphic traps in the Macedon unit, effective in nearby fields. The Macedon play fairway is well estab
Slide 21: Thailand assets: Phetchabun basin
For personal use only I’ll now talk briefly about Carnarvon’s Thailand assets starting with its oil fields in the Phetchabun basin onshore Thailand. Carnarvon has a 40% interest in these oil fields. Key Message 20
Slide 22: L20/50 concession
For personal use only To the west of our oil field we hold a 55% interest in the L20/50 concession. Key Message 21
Slide 23: Exploration and development history since 2005
For personal use only Carnarvon has been actively exploring, appraising and developing the oil fields in this area since 2005. Its worth noting that in this time we have acquired nearly 600 km2 of 3D seismic data and drilled 175 wells. As a result we have discovered 9 new oil fields since 2007 and h
Slide 24: Oil fields and reserves
For personal use only The oil resource in these concessions is found in two separate reservoir types, being conventional sandstone and an unconventional volcanic reservoirs. And further to this the resource is found in multiple fields. There are currently 13 fields operating across three concessions
Slide 25: L20/50 concession
For personal use only To the west of our oil field we hold a 55% interest in the L20/50 concession. Key Message 24
Slide 26: L20/50 wells Krai Thong and Tapao Kaew
For personal use only The concession is south of the 200 mmbbl Sirikit Oil Field, which has produced over 150 mmbbls and is still producing around 25,000bopd. In 1982 Shell drilled the Nong Bua-1 well as it sought to expand on the Sirikit field that it owned at the time. The well identified several
Slide 27: L20/50 leads and next steps
For personal use only Post well technical work has now been completed with matured leads supporting material volumes of oil and stacked reservoir potential. Carnarvon has matured a number leads for drilling and is evaluating whether to do this before or after acquiring 3D seismic data on the block.
Slide 28: Khian Sa basin
For personal use only The Khian Sa basin is an onshore basin in the south of Thailand in which Carnarvon has a 50% interest in two concessions. The joint venture recently acquired 315 km of new 2D seismic data over a series of leads where we are seeking to find play types similar to those found dire
Slide 29: Permian limestone targets
For personal use only We have now identified three new Permian limestone structural targets of significance. These large structures have been interpreted in the new 2D seismic data and are Carbonate plays akin to offshore Chumphon basin that contains the Nang Nuan oil field. The joint venture has a
Slide 30: For personal use only
For personal use only Key Message 29
Slide 31: Recap
For personal use only To recap, Carnarvon’s focus is on South East Asia and Australia in assets that are onshore or in shallow offshore waters. We have recently consolidated the portfolio to enable us to focus on a number of key assets including the potentially substantial Phoenix assets in Western
Slide 32: For personal use only
For personal use only Key Message 31
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