Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2007)
21 slides from Carnarvon Energy's shareholder meeting presentation, Nov 29, 2007
Slide 1: Annual General Meeting 29 November 2007 cover letter
For personal use only 29 November 2007 Company Announcements Office Australian Stock Exchange Limited Via ASX Online Dear Sirs ANNUAL GENERAL MEETING 29 NOVEMBER 2007 Please find attached the Chairman’s address and CEO presentation at today’s Annual General Meeting. Yours faithfully Carnarvon Petrol
Slide 2: Chairman's Address
ANNUAL GENERAL MEETING 29 NOVEMBER 2007 CHAIRMAN’S ADDRESS “Carnarvon Petroleum achieves significant producer status” The two years since I first addressed shareholders at an AGM and Ted Jacobson was appointed to lead the Company has been a period of exciting transformation and significant achieveme
Slide 3: Chairman's Address (conclusion)
I am sure you will also join with me in acknowledging the outstanding leadership role played by Ted Jacobson in leading the development of the Company to its current strong position during the action-packed two years since his appointment. In conclusion I and my fellow directors look forward to anot
Slide 4: AGM November 2007 - A New Production Story
For personal use only ` AGM - November 2007 A New Production Story Phetchabun Basin Thailand
Slide 5: Key Investment Highlights
Key Investment Highlights For personal use only • Current well deliverability of ~6,000 bopd and growing rapidly. • Field infrastructure being improved rapidly to expand production capacity from current level of ~4,500 bopd – expect 5,000 bopd December; 6,000 bopd January. • 2 rigs operating continu
Slide 6: Corporate Overview
Corporate Overview For personal use only Capital Structure Directors and Management Shares on issue 662.5 million Chairman/Non Exec Dir: Peter Leonhardt • Chartered Accountant (previous Managing Partner of Coopers and Options on issue (7 & 10c) 20 million Lybrand, Perth) Market Cap @ 50c $341 millio
Slide 7: Thailand Permits
Thailand Permits For personal use only SIRIKIT OIL FIELD L33/43 Application GAS PIPELINE L20/50 RAILWAY HIGHWAY COASTLINE L44/43 L33/43 L20/50 4 producing oil fields Oil trucked to BANGKOK Bangkok refinery 3 hr drive • Thailand is a net importer of ~600,000 bopd oil • Thailand has a supportive Gover
Slide 8: Reserves
Reserves For personal use only • An annual independent reserve certificate is required for Thai Govt regulations and POE TSX requirements. • A 31 December 2006 assessment of reserves for the L33/43 and L44/43 permits was prepared for the Joint Venture by Gaffney, Cline and Associates, an independent
Slide 9: Reserves
Reserves For personal use only • Carnarvon adopts the SPE/WPC/AAPG/SPEE Petroleum Resource Management System • The SPE-PRMS uses the SPE/WPC reserves categorisation systems that have been developed over many years • The system categorises reserves according to the reserves commerciality (or maturity
Slide 10: Na Sanun Oil Fields
Na Sanun Oil Fields For personal use only L44-G Current well productivity of ~5,850 bopd from Unsuccessful fractured volcanic reservoir: Na Sanun East L44G-D1 35 bopd • Main higher structural compartment • Contingent Resources (gross recoverable): L44H-D1 – 20.3MM bbls (1C) Testing – 29.2MM bbls (2C
Slide 11: Na Sanun Oil Fields
Na Sanun Oil Fields For personal use only • POE-9 gives long production history • Some early decline as fractures are accessed • Longer term stable production as matrix recharges the fractures • Saw tooth shape due to wax build up and subsequent cleaning (hot oil flushing) Accessing fracture porosit
Slide 12: Wichian Buri Oil Field
Wichian Buri Oil Field For personal use only Current well productivity of ~350 bopd from sandstone reservoir: • Producing field since 1995 • Quality 3D seismic coverage • 7 wells drilled during 2006 - 6 wells flowed oil, with 5 current production wells • New production and reserves established in PO
Slide 13: Exploration Upside – Bo Rang
Exploration Upside – Bo Rang For personal use only Bo Rang-1 New 3D Drilled 1998 • Bo Rang-1 flowed gas @ 5.6 mmcf/d from an upper volcanic zone • 6 volcanic zones with good reservoir indications in all • Deeper zones may be oil bearing – oil shows were reported in Bo Rang-1 [and very Bo Rang simila
Slide 14: Key Exploration Targets
Key Exploration Targets For personal use only Wichian Buri Deep Bo Rang •Fractured Volcanic reservoir •Fractured Volcanic reservoir •WB-1 encountered massive lost •Bo Rang-1 encountered massive lost circulation & oil shows at TD. circulation & oil shows at 4 levels •Adjacent to WB production facilit
Slide 15: New Permit Upside
New Permit Upside For personal use only • CVN and Sun Resources NL (ASX:SUN) sole bidding group. • CVN Operator (50%). • Southeast and on trend of large, 200 million barrel Sirikit Oil Field. • Sirikit has produced over 150 million barrels oil and Sirikit Nong Bua-1 Oil Field is currently producing
Slide 16: Field Operations
Field Operations For personal use only • Pan Orient (JV operator) has established a strong technical and operational team in Thailand with qualified expatriate staff managing a team of over 100 employees. This will underpin further growth in production and drilling activity over the coming year. Ext
Slide 17: Increasing Oil Production
Increasing Oil Production For personal use only GrossCarnarvon JV Production Thai Production Rate NS2-D1 5,000 IP: 1,900 bopd 4,500 NS8-D1 IP: 1,500 bopd 4,000 SELF FUNDING 3,500 INTENSIVE DRILL L44-H IP: 1,200 bopd Fractured volcanic reservoir Gross Oil Rate (bopd) 3,000 PROGRAMME Na Sanun oil fiel
Slide 18: Production Fundamentals
Production Fundamentals For personal use only • Carnarvon’s Thailand Joint Venture is currently trucking 4,500 bopd. • The average well produces at 800 bopd on test. • OPEX estimated at around US$6 / bbl. • Drilling fully funded from cash flow. • Well Cost A$1.0mm – 2 month payback. • Some tax losse
Slide 19: Community Involvement
Community Involvement For personal use only • Carnarvon’s Thailand Joint Venture is an active member of the local Wichian Buri community and a significant local employer, with nearly 100 local employees and a significant purchaser of local goods and services • Financial contribution for the current
Slide 20: Outlook - Programme
Outlook - Programme For personal use only Quarter 4, 2007 remaining Quarter 1, 2008 Facilities expansion to 5,000 bopd 2 Rigs contracted 2 rigs contracted Facilities expansion to 6,000 bopd 2 wells to be drilled Production licence expected •WB-1(Deep) & NS-1D1 Rigs to be serviced 2 current wells to
Slide 21: Outlook - Summary
Outlook - Summary For personal use only • Significant and growing production • 2 rigs operating through 2007 and 2008, with 20 - 30 wells to be drilled over coming 12 months • 2P and 3P reserves of 2.83 mmbo and 30.4mmbo respectively with significant 2P reserve upgrade expected • Strong, proven and
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