Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Euroz Securities Institutional Investor Conference 2020
19 slides from Carnarvon Energy's conference presentation, Mar 10, 2020
Slide 1: Investor Presentation 10 March 2020
Investor Presentation 10 March 2020 For personal use only Carnarvon Petroleum Limited (“Carnarvon” or “Company”) (ASX:CVN) advises that its Chief Executive Officer and Managing Director, Adrian Cook and Head of Exploration, Stephen Molyneux will present the attached at the Euroz Securities’ Institut
Slide 2: Dorado development and path to Dorado
We have also been fortunate in discovering resources that have very little impurities and a very low CO2 content. We currently envisage these types of fuel properties becoming particularly important in the future. For personal use only DORADO DEVELOPMENT The preferred development concept for this fi
Slide 3: Catalysts and value
We also have a tremendous opportunity to develop the liquids project initially and time the development of the gas and LPG’s, and any future discoveries, using the operating free cash flows from the liquids production. This is a typical industry path where a resource is fortunate enough to host both
Slide 4: Institutional investor conference presentation March 2020
For personal use only Institutional investor conference presentation 10 March 2020
Slide 5: Disclaimer and resource information
DISCLAIMER AND RESOURCE INFORMATION The resource estimates outlined in this Presentation are based on and fairly represent information and supporting documentation prepared by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over
Slide 6: Contents
CONTENTS For personal use only Dorado-1 well 1. Business snapshot 2. 5. Dorado Catalysts highlights & value 4. Another Dorado 3. Dorado development 3
Slide 7: 1. Business snapshot
1. BUSINESS SNAPSHOT For personal use only Financial Five year share price CAGR of 18% p.a. (to Dec 2019) Cash of $119 million with no debt (at Dec 2019) Market value of $530 million (at Dec 2019) Business Oil and gas exploration and production (via Dorado) Our niche is offshore Western Australia (N
Slide 8: 2. Dorado highlights
2. DORADO HIGHLIGHTS For personal use only Three Large Quality strong flow resource operator tests Attractive Liquids, Standard gas & LPG’s OECD risk development profile Conventional Shallow Valuable reservoir water products 5
Slide 9: 3. Dorado development
3. DORADO DEVELOPMENT For personal use only Over 150 million barrels1 Priority High to first production production rates Liquids project initially High margin Staged project build Low capital cost/bbl 6 1. Refer resource information contained in Annexure slides
Slide 10: 4. The path to Dorado
4. THE PATH TO DORADO Unequivocal success in unlocking a new basin on the North West Shelf For personal use only Dorado-1 Phoenix South-1 Dorado-2+3 Roc-2 Roc-1 Phoenix South-2&3 C B C M Dorado-3 flow test in Caley interval 11,100 bopd and 21 mmscf/d (ASX report on 8 Oct 2019) Dorado-3 flow test in
Slide 11: 4. The path to more Dorado's
4. THE PATH TO MORE DORADO’S Over 100 prospects and leads identified within the four permits shared with Santos For personal use only 100% 30% 20% Keraudren 3D (2021+) Phoenix South 20% Roc Dorado PAVO 30% APUS 8 Indicative future wells
Slide 12: 4. Regional vision around Dorado
4. REGIONAL VISION AROUND DORADO For personal use only Discover new resources Develop Sparsely explored area the gas & LPG’s Liquids rich gas Discovered Multiple play types Appraised Develop the liquids Flow tested Quality asset Quality operator Attractive location 9
Slide 13: 5. Catalysts
5. CATALYSTS For personal use only Dorado FEED Q2,2020 Exploration Dorado drilling exploration early 2021 targets Catalysts Buffalo Dorado dealing mid-FEED progress Dorado rig for exploration 10
Slide 14: 5. Value
5. VALUE For personal use only Dorado liquids development Portfolio Dorado / Roc to deliver gas & LPG’s strong Exploration CAGR near Dorado & beyond Research coverage Buffalo Euroz JP Morgan, oil field Macquarie, development Canaccord, RBC & Hartleys 11
Slide 15: For personal use only
euosied 4618 3212665 — -admin@cvn. com.au sop
Slide 16: Definitions
DEFINITIONS 2C best estimate of a contingent resource For personal use only bbl barrels bopd barrels of oil per day CAGR compound annual growth rate cps cents per share FEED front end engineering design Liquids liquid hydrocarbons, particularly condensate and oil LPG liquified petroleum gas mmbbls m
Slide 17: Oil & gas volume summary – contingent resources
OIL & GAS VOLUME SUMMARY – CONTINGENT RESOURCES For personal use only Gross Resources (100% basis) Oil & Condensate Natural Gas Barrels of Oil Equivalent1 MMbbl BCF MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 86 162 285 367 748 1,358 176 344 614 Roc 12 20 35 205 332 580 48 78 137 Phoenix Project Sub-Tot
Slide 18: Oil & gas volume summary – selected prospective resources
OIL & GAS VOLUME SUMMARY – SELECTED PROSPECTIVE RESOURCES For personal use only Gross Resources (100% basis) Light Oil Natural Gas Barrels of Oil Equivalent Pg MMbbl BCF MMboe % P90 P50 Mean P10 P90 P50 Mean P10 P90 P50 Mean P10 Pavo 11 63 82 179 3 31 108 249 11 68 101 223 34% Apus Caleyi 12 91 125
Slide 19: For personal use only
evel 2, 76 Kings ParkRoad estPerth WA6005.—— 4618 93212665 —
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