Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2017)
21 slides from Carnarvon Energy's shareholder meeting presentation, Nov 17, 2017
Slide 1: Annual General Meeting
For personal use only Annual General Meeting 17 November 2017
Slide 2: Disclaimer
Disclaimer 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’ experience in petroleum exploration and engineering. Mr Huizenga
Slide 3: The multiplier effect: Project Snapshot
The multiplier effect For personal use only Project Snapshot Phoenix 2018 drilling for commerciality Buffalo oil field redevelopment Outtrim Belgravia prospect Labyrinth new oil source thematic Condor new oil trap thematic Maracas traditional + new oil plays Cerberus new play concepts ready 3
Slide 4: Oil price
Oil price For personal use only 2016 2017 2018 AGM AGM AGM 1Concepts from McKinsey & Company, Energy Insights 4
Slide 5: Portfolio
Portfolio For personal use only Condor CVN 100% Buffalo CVN 100% Labyrinth CVN 100% Phoenix CVN 20 – 30% Outtrim Maracas CVN 28.5% CVN 100% Cerberus CVN 100% 5
Slide 6: Phoenix: key attractions
Phoenix: key attractions For personal use only Shallow water reduces cost and complexity Untapped potential for multi Tcf’s of gas and significant liquids* Development optionality in standalone domgas or LNG backfill Multiplier effect via exploration once production on stream Roc-2 well tested 53 mm
Slide 7: Phoenix: Phoenix South-3 spuds March 2018
Phoenix: Phoenix South-3 spuds March 2018 For personal use only Phoenix South-3 - 450m from Phoenix South-2 (PS-2); - PS-2 intersected oil and gas in Caley interval; - high confidence well will intersect oil and gas; - objective to evaluate reservoir & volumes. Existence of gas & condensate confirme
Slide 8: Phoenix: Dorado-1 spuds May 2018
Phoenix: Dorado-1 spuds May 2018 For personal use only Dorado-1 - 15km from Roc discoveries, - targeting oil and gas in the Caley interval; - also testing for oil and gas in deeper sands; - Liquids are a key value differentiator Image: yellow sections indicate sand prone intervals and grey sections
Slide 9: Phoenix: multiplier effect
Phoenix: multiplier effect For personal use only Recoverable resources net to CVN within 25 km radius: 19 mmboe* 2C contingent (primarily Roc) 29 mmboe* Phoenix Sth Caley prospective (Pmean) 25 mmboe* Dorado Caley prospective (Pmean) Multiplier – 121 mmobe* net CVN in other prospective resources wit
Slide 10: Buffalo: technology real game changer
Buffalo: technology real game changer For personal use only Previous field produced 20 mmbbls CVN focused on unproduced area Image of the Buffalo oil field at reservoir depth 10
Slide 11: Buffalo: strong economics
Buffalo: strong economics For personal use only 31 million barrels (2C)* US$1.9 billion in revenue at current oil prices Development costs expected to be ~US$5 per barrel Operating costs WIP – most sensitive to FPSO cost CVN owns 100% controlling current work flows * Refer ASX announcements of 28 Au
Slide 12: Buffalo: straightforward field development
Buffalo: straightforward field development For personal use only Images of previous well head platform (LHS) supplying FPSO (RHS) 12
Slide 13: Buffalo: action plan
Buffalo: action plan For personal use only Subsurface stage II mapping & modelling Drilling well plan(s) and drill location(s) Development advance redevelopment plan(s) Multiplier effect Plover AND Triassic exploration potential Partner consider in 2018 13
Slide 14: Outtrim: Belgravia prospect
Outtrim: Belgravia prospect For personal use only s 14
Slide 15: Labyrinth: 1.5 billion barrels recoverable
Labyrinth: 1.5 billion barrels recoverable For personal use only * Refer ASX announcement of 13 June 2017 for comprehensive details of these volume estimates. The volumes shown here are Pmean prospective resources. These resources are calculated using probabilistic methodology 15
Slide 16: Labyrinth: new oil source
Labyrinth: new oil source For personal use only Source typically key risk in new acreage New evidence on regional oil source Action plan farm out (2018) acquire 3D seismic drill strongest prospect 16
Slide 17: Condor: oil and gas rich basin
Condor: oil and gas rich basin For personal use only Acquired November 2017 Targeting oil near existing oil fields Differentiator new 3D seismic Plan farm out in 2018/19 Cygnus 3-D seismic image in the Condor block, demonstrating data clarity not present in vintage seismic data (courtesy of Polarcus
Slide 18: Maracas: stacked pay potential
Maracas: stacked pay potential For personal use only FWI reprocessing aimed at Stag & deeper intervals 18
Slide 19: The multiplier effect in 2018!
The multiplier effect in 2018! For personal use only Project 2018 goals Phoenix Phoenix Sth-3 March 2018 29 mmboe net CVN* Dorado-1 May 2018 25 mmboe net CVN (Caley)* 89 mmboe net CVN (Milne)* Buffalo Progress to drill 31 mmbbls net CVN* Outtrim value Belgravia (Swell-1) Labyrinth Farm out Condor Fa
Slide 20: Questions
For personal use only 20 Questions
Slide 21: Think Different, Act Different
For personal use only Think Different Act Different 21
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