Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — JP Morgan Investor Day 2019
32 slides from Carnarvon Energy's conference presentation, Feb 6, 2019
Slide 1: Presentation to JP Morgan Investor Day
For personal use only PRESENTATION TO JP MORGAN INVESTOR DAY 6 FEBRUARY 2019
Slide 2: For personal use only
The resource estimates outlined in this report have been prepared by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 25 years’ For personal use only experience in petroleum exploration and engineering. Mr Huizenga holds a Ba
Slide 3: Investment summary
Investment summary OIL & GAS DISCOVERED Over 10OOmmboe discovered net to CVN' & PREMIER PARTNER Australia’s2nd largestO&G company Santos is 80% partner on Dorado A PRIME LOCATION Ideal for developmentin shallow water West Australia ag TP INVESTOR INTEREST Increasing institutional investorinterest in
Slide 4: Capital overview
Capital overview CARNARVON & 52 week share price Ordinary shares on issue m 1,191 Share price as at 30 Jan 2019 A$/sh 0.38 Market capitalisation AS’m 452 Debt (as at 31 Dec 2018) A$'m - Cash (as at 31 Dec 2018) A$'m 48 Enterprise value AS’m 404 0.50 0.20 Wiubhii 7 Feb18 Mal"18—Apr'18—May"18—jun"18—j
Slide 5: Core business streams
Core business streams DORADO Exciting appraisal well program and field development planning scheduled for 2019. Program to build on the existing value in the light oil & gas discovery. Final Investment Decision in 2020 for field development BUFFALO Drill first well in late 2019 / early 2020 after ke
Slide 6: For personal use only
7 6 4 2 1 3 5 For personal use only 7 6 4 5 2 1 3 6
Slide 7: 2019 Investment Activities
2019 Investment CARNARVON Activities DEVELOPMENT GROWTH FOCUS FOCUS — — DORADO-2 APPRAISAL WELL Y DORADO DEVELOPMENT PREPARATION DORADO-3 APPRAISAL WELL Y © ROC SOUTH-1 EXPLORATION WELL BUFFALO WELL © ©
Slide 8: Investment opportunity
Investment opportunity ©) UNIQUE Exposure to Australia’s most exciting exploration province sf RISK PROFILE Attractive given the quality of the resources, jurisdiction and partner ~ VALUE Proposition enhancedwith more than 100 mmboe in discovered resources! FUNDING Range of funding options todrive g
Slide 9: Corporate information
For personal use only CORPORATE INFORMATION 9
Slide 10: Our strategic framework
Our strategic framework 9 8 oe DISCOVER Unlock the oil and gas assets strategically located within close-proximity to existing infrastructure and in the shallow water of Timor and the renowned North West Shelf of Western Australia: Dorado; Buffalo; Phoenix; Roc: Labyrinth; Condor & Eagle; Outtrim; a
Slide 11: Business activities over next 12-18 months
Business activities CARNARVON over next 12-18 months Dorado-2 appraisal well Dorado-3 appraisal well Dorado oil field development Roc South-1 exploration well Buffalo well This 2019 well is seeking to confirm the extent of the oil in the Caley sand (down dip well location) Penetrating the Baxter and
Slide 12: Dorado & Roc South wells rig contracted
Dorado & Roc South wells rig contracted NOBLE TOM PROSSER JACK UP DRILLING RIG UNDER CONTRACT FOR DORADO APPRAISAL WELLS COMMENCING APRIL 2019 CARNARVON PETROLEUM LTD 12
Slide 13: Board of Directors
Board of Directors INDEPENDENT CHAIRMAN PETER LEONHARDT INDEPENDENT NED WILLIAM (BILL) FOSTER v MANAGING DIRECTOR ADRIAN COOK < INDEPENDENT NED DR PETER MOORE CARNARVON PETROLEUM LTD INDEPENDENT NED GAVIN RYAN 13
Slide 14: For personal use only
For personal use only ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 14
Slide 15: Dorado & Roc information
For personal use only DORADO & ROC INFORMATION 15
Slide 16: Largest offshore discoveries between 2015 and Q3 2018
For personal use only Million barrels of oil equivalent (mmboe) 500 1500 2000 2500 3000 3500 4000 1000 0 Zohr (Egypt) Oil Discoveries Yakaar (Senegal) Tortue (Mauritania) Liza (Guyana) Gas Discoveries Teranga (Senegal) Ballymore (USA) Payara (Guyana) Zama (Mexico) Whale (USA) Zalophus (Angola) Hamme
Slide 17: Near Dorado Roc discovered & appraised
Near Dorado CARNARVON Roc discovered & appraised
Slide 18: For personal use only
For personal use only 700 600 500 400 300 200 100 - 18 1.
Slide 19: Dorado & Roc with Roc South to be drilled in 2019
Dorado & Roc CARNARVON with Roc South to be drilled in 2019 Dorado-1 ase = Roc-1 Roc-2 discovery = discovery appraisal ROC SOUTH IS SITUATED BETWEEN THE DORADO & ROC DISCOVERIES AND IS STRUCTURALLY SIMILAR TO DORADO 19
Slide 20: 3D & 2D seismic data at Top Caley interval
For personal use only 1 Peng 5 2 6 3 1 2 4 3 5 4 6 3D & 2D seismic data at Top Caley interval 20
Slide 21: Dorado & Roc confirm new hydrocarbon basin
Dorado & Roc CARNARVON confirm new hydrocarbon basin Four exploration permits cover the basin [BASETRIASSIC / TOP PERMIANTIME STRUCTURE MAP (MILLISECONDS TWO WAY TIME) Carnarvon interests in each permit: ae * WA-435-P 20% x + WA436-P 30% L + WA437-P 20% Pn, Scaill ma * WA-439-P 30% smond vacates e \
Slide 22: For personal use only
For personal use only 22 1. Refer resources information contained in slides 30 & 31
Slide 23: Buffalo information
For personal use only BUFFALO INFORMATION 23
Slide 24: Buffalo oil field highlights
Buffalo oil field CARNARVON highlights For personal use only Proven oil field Low risk Field re-development Low cost Forward plan 50,000 barrels of oil per day (bopd) flowed from the first two wells in 1999 (BHP operator) 20 million barrels were produced from four wells between 1999 and 2004 4,000 b
Slide 25: Metre water depth
For personal use only 25 METRE WATER DEPTH 25
Slide 26: Buffalo oil field images from BHP's operations
Buffalo oil field CARNARVON images from BHP’s operations WELL HEAD PLATFORM FLOATING PRODUCTION STORAGE & OFFLOADING VESSEL (FPSO) 26
Slide 27: Labyrinth project information
For personal use only LABYRINTH PROJECT INFORMATION 27
Slide 28: Labyrinth project farm out process underway
Labyrinth project CARNARVON farm out process underway m (TVD) Ivory/ Ivory Deep ~~] Middle Jurassic to Cretaceous seals eo Middle Jurassic reservoir Project secured low oil price environment for very minimal work commitments Technical work drew on proprietary knowledge from Roc & Dorado wells Late T
Slide 29: Resource information
For personal use only RESOURCE INFORMATION 29
Slide 30: Gross and net contingent resources
For personal use only Gross Resources (100% basis) Light Oil Natural Gas Condensate Barrels of Oil Equivalent MMbbl BCF MMbbl MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 82 171 320 229 552 1,197 6 16 36 128 283 566 Roc - - - 205 332 580 12 20 35 48 78 137 Phoenix South 7 17 30 - - - - - - 7 17
Slide 31: Gross and net 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 Roc South 9 45 56 118 15 76 100 217 12 59 74 156 63% Pavo 11 63 82 179 3 31 108 249 11 68 101 223 34% Apus Caleyi 12 91 125 279 3
Slide 32: Contact
CONTACT —) HEADOFFICE Level 2, 76 Kings Park Road West Perth WA6005 +61 8 93212665 admin@cvn.com.au CARNARVON PETROLEUM LTD ersonal For