Carnarvon Energy Limited · ASX:CVN

Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (November 2008)

23 slides from Carnarvon Energy's investor presentation, November 2008

  1. Slide 1: Investor Update November 2008

    Investor Update November 2008 Ted Jacobson CEO

  2. Slide 2: Investment Highlights

    Investment Highlights ƒ Rapidly growing low cost Thailand oil production ƒ Currently ~ 5,000 bopd net sales ƒ On track for 6,000 bopd net sales before end 2008 as promised ƒ Rapidly growing Thailand oil reserves ƒ 11.4mmbo 2P net reserves ƒ 45.7mmbo 3P net reserves ƒ 2 rigs under long term contract

  3. Slide 3: Corporate Snapshot

    Corporate Snapshot Capital Structure Directors & Management Ordinary Shares 673 million Chairman: Peter Leonhardt Options (ex @ 10c) 10 million Managing Director: Ted Jacobson Market Capitalisation: $198 million Non Exec Directors: Neil Fearis & Ken Judge (fully diluted @ 29 cents) Company Sec & CFO

  4. Slide 4: Thailand Permits and Infrastructure

    Thailand Permits and Infrastructure CVN 50% CVN 40% 4

  5. Slide 5: L33/43 & L44/43 - Overview

    L33/43 & L44/43 - Overview ƒ Carnarvon 40% L33 prospects Wichian Buri ƒ 2 rigs operating under long term contact Oil Field 6 mmbbls L33/43 ƒ On track for 6,000 bopd net sales before end Bo Rang prospect 2008 as promised, currently ~5,000 net L44/43 L44-F ƒ Targeting 6 wells for remainder 2008 (inclu

  6. Slide 6: Na Sanun East Field

    Na Sanun East Field ƒ 2P reserves of ~21 million barrels (gross) North NSE ƒ 3 separate fault compartments over 16.5km2, each with production in fractured volcanic reservoir ƒ Full field development underway ƒ Production testing of wells has given flow rates between 150 and 4,000 bopd per well Centr

  7. Slide 7: 2008 Progress

    2008 Progress ƒ 15 wells drilled, completed & successfully tested for 2008 to date ƒ Development wells 100% success ƒ Appraisal wells Wichian Buri 67% success Oil Field L33/43 ƒ Exploration wells L44/43 33% success L44-CST1 Bo Rang Gas Field ƒ Development drilling of NSE underway L44-V & W Na Sanun

  8. Slide 8: Strong Reserve Position

    Strong Reserve Position Rapidly growing Thailand oil reserves ƒ 11.4mmbbls 2P net recoverable reserves under development ƒ Around 1 mm bbls anticipated to be produced and sold in 2008 ƒ 45.7mmbbls 3P net recoverable reserves - large upside ƒ Doesn’t include recent new shallow oil discovery at Na San

  9. Slide 9: Strong Production

    Strong Production Rapidly growing oil production ƒ Well placed to achieve year end targeted production of 6,000 bopd net sales before year end with significant growth pipeline

  10. Slide 10: Strong Production

    Strong Production One of the best oil producers on the ASX with growing production profile 10

  11. Slide 11: High Margin, Low Cost Operations

    High Margin, Low Cost Operations Operating Cashflow ƒ PTT (Thai National Oil Co.) sales contract price ~85% of WTI ƒ Operating + trucking costs ~US$5 per barrel for Q3 2008 Capital ƒ Very good infrastructure in place with a multi lane highway running through permits - 3 hours to Bangkok ƒ Current op

  12. Slide 12: Na Sanun East - Appraisal Upside

    Na Sanun East - Appraisal Upside Na Sanun East Other Reservoirs Seeking to Contingent ƒ Current Na Sanun East production is primarily from only 2 of 5 delineate new resource requires potential volcanic reservoirs – significant reserve and production productive oil zones further drilling evaluation u

  13. Slide 13: L33/43 & L44/43 - Appraisal Upside

    L33/43 & L44/43 - Appraisal Upside Bo Rang – Targeting drilling early 2009 ƒ Bo Rang-1 intersected 6 fractured volcanic zones – only upper zone tested ƒ Flowed gas @ 5.6 mmcf/d from upper volcanic interval Wichian Buri Oil Field ƒ Potential oil resource from only one deeper volcanic reservoir L33/43

  14. Slide 14: L33/43 & L44/43 - Exploration Upside

    L33/43 & L44/43 - Exploration Upside Wichian Buri Deep L33 prospects ƒ L44-C sidetrack planned early 2009 Wichian Buri Oil Field L33/43 L44/43 L44-C Updip L44-C sidetrack of Bo Rang Intersected L44-C Gas Field volcanic here L44-F Na Sanun prospect Oil Field 7 km Na Sanun East Oil Field Si Thep L44-F

  15. Slide 15: L20/50

    L20/50 ƒ Carnarvon 50% interest and operator, Sun Resources (ASX: SUR) 50% ƒ Southeast and on trend of large, 200 million barrel Sirikit Oil Field (produced over 150 mmbbls and still producing ~20,000bopd) ƒ ~1,000km 80’s vintage 2D seismic interpreted Sirikit ƒ Nong Bua-1 Nong Bua-1 drilled by Shel

  16. Slide 16: L52 & L53 Applications

    L52 & L53 Applications ƒ Carnarvon 50% - Pearl Oil operator ƒ Carnarvon/Pearl Joint Venture only bidder ƒ 2 large onshore permits – 6,950 sq kms ƒ Onshore extension of offshore Gulf of Thailand ƒ 6 wells drilled (4 shallow for CBM and 2 deep for oil) ƒ Oil shows in Khian Sa-1 Nang Nuan Oil field ƒ S

  17. Slide 17: Australia

    Australia WA-399-P ƒ Offshore Carnarvon Basin ƒ Carnarvon 50% and operator ƒ Seismic reprocessing just completed EP110 & EP 424 ƒ Offshore Carnarvon Basin ƒ Carnarvon 35% ƒ Finalising seismic reprocessing EP 321, EP 407 ƒ Perth Basin ƒ ORRI 2.5% net wellhead value at Warro Gas Field • ~ 7 Tcf in pla

  18. Slide 18: Project Pipeline

    Project Pipeline Development Exploration Production & Appraisal L33 & L43 Na Sanun East Na Sanun East L20 / 50 Bo Rang Wichian Buri L52 & L53 Si Thep Na Sanun New Ventures – Thailand L44-R Si Thep New Ventures – SE Asia Wichian Buri Deep Australia 18

  19. Slide 19: Significant Reserves Upside

    Significant Reserves Upside Over next 12 -24 months Carnarvon is appraising 31 mmbbls 2C net oil resource NET CARNARVON RESOURCES Appraisal 34mmbbls Exploration Appraisal 3mmbbls 2P Appraisal Reserves 7mmbbls 11.4mmbbls Appraisal s 7mmbbls Appraisal 14mmbbl ss 19

  20. Slide 20: Significant Production Upside

    Significant Production Upside Discovery Recoverable Na Sanun East 8.3 n + WB, ST, NS 3.1 Possible o ti re s r a Possible 34.3 p lo entu Ex w V Contingent 14.0 Bo Rang 7.0 Si Thep 7.0 Ne L44-R 3.0 a l Contingent ra is p SW1A Bo Rang L44-R Ap Si Thep Na Sanun East 2 0

  21. Slide 21: Summary

    Summary ƒ Poised to deliver stated year end objective of 15,000 bopd before year end ƒ 2 rigs under long-term contract with 6 wells planned for remainder 2008 with 2 currently drilling ƒ Mix of development, appraisal and exploration wells across a portfolio of projects ƒ Development drilling of NSE

  22. Slide 22: Contact

    Contact Peter Leonhardt Ted Jacobson Chairman Managing Director Carnarvon Petroleum Limited Carnarvon Petroleum Limited www.carnarvonpetroleum.com T +61 8 9321 2665 www.carnarvonpetroleum.com T +61 8 9321 2665 Member of the ASX F +61 8 9321 8867 Member of the ASX F +61 8 9321 8867 Ground Floor, Suit

  23. Slide 23: Disclaimer

    Disclaimer The information is this document, that relates to oil exploration results and reserves, is based on information compiled by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga consents to the inclusion of the reserves and reso

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