Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Good Oil Conference 2006
27 slides from Carnarvon Energy's conference presentation, Sep 6, 2006
Slide 1: Good Oil Conference - Carnarvon Petroleum Limited
Slide 2: Overview of Carnarvon
OVERVIEW OF CARNARVON THAILAND s Wichian Buri oil field in Thailand (40% CVN): 14.2 MMBO gross recoverable oll ~ Carnarvon net 5.66 MMBO, Current gross production of 75 BOPD ~ 9 wells producing a Phase 1 drilling underway ~ 7 wells — 2 drilled ready for testing a Phase 2 drilling in planning — up to
Slide 3: Structure and Personnel
STRUCTURE AND PERSONNEL Capital Structure: Shares on iscus (ASX CVN 462 milion Options on ssc (7 & (Uc) 22 million Market Cap: al 8 bc] share | $96 5 millon Cash on hand: 30 August 2006 - $4.2 millon” Shareholders: Directors & Management O% Top 20 holding - a2, * Includes recent capital raise and SP
Slide 4: Share Price Performance
SHARE PRICE PERFORMANCE CVN Share Price and Volume $0.07 50,000,000 + 45,000,000 $0.06 1 | 40,000,000 $0.05 ate | 35,000,000 8 + 30,000,000 F $0.04 | | 25,000,000 2 # ves 20,000,000 3 B $008 orn 15,000,000 $0.02 4 10,000,000 5,000,000 $0.01 1/07/04 1/10/06 07/06 /06 mead ound — Fhare price Placement
Slide 5: Primary focus: Thailand
Primary focus: Thailand Supportive Thailand Government. Good deal flow. Favourable fiscal regirne Thailand needs oil discoveries. Secondary focus: Australia Stable Government. Good fiscal regirne. Looking for appropriate new ventures Won't overlook opportunities outside stated focus. Industry contac
Slide 6: Thailand Permits
THAILAND PERMITS Wichian Buri, Thailand = 144/43 40% "133/43 40% Sirkit is largest Ol Field in Thailand L33/A3 Carnarvon 40% New arez Needs a well L4d/43 Carnarvon 40% Contains Wichian Bur Ojl trucked to Bangkok refinery 3 hr drive along 6 lane highway Prov&prob 14.2 million barrels oil recoverable
Slide 7: Wichian Buri Oil Field
WICHIAN BURI OIL FIELD GROSS OIL RESERVES 31 December 2005 Gaffney Cline & Associates L33/43 Wichian Buri Ol Field L44/43 Bo Rang Gas Total Proved 0.635 Haui Phai- ; Prospect a Total Proved + Probable 14.208 yy, Proven Reserve: Probable Reserves Possible Reserves Total Proved + Probable + 68.758 BBB
Slide 8: 2006 Operations Update
2006 OPERATIONS UPDATE Seismic Reprocessing Complete Seisrnic Acquisition Complete 3 June Current Tew \ x 2006 Phase 1 Drilling tet je Be a ET Nev [bec }| Commenced 11 July ag \\ 2D and 3D Seismic Reprocessing AY 3D Seismic Acquisition Phase + Drilling = al POE-2 POE4 POES POE-5 POE-3 POES oh’ Wells
Slide 9: 2006 Operations Drilling Rigs currently operating
2006 OPERATIONS 2 Drilling Rigs currently operating A third rig being contracted AZTEC RIG #7 DRILLING LOCATION POE-2
Slide 10: Thailand Regional
THAILAND REGIONAL oe . reCHINA: * eae MIBT NAN AANA L33/43 & L44/43 Permits Carnarvon 40% ered Sirikit Field = 550 mmbobls oil Wichian Buri Oil Field Carnarvon 40% CAMROTIA, ee Gulf of Thailand 13 Tcf gas 500 mmbbis oil MALAYSIA.
Slide 11: Stratigraphy
STRATIGRAPHY PHETCHABUN BASIN STRATIGRAPHY on ; wae ENVIRONMENT } HYDROCARBON AGE / FORMATION 32S LITHOLOGY OF DEPOSITION, INDICATIONS a Claystone, sans tin fe pH. | tem | She'totosene besa’ Fbovial poe gu | ‘CHALIANG ie 2 3 cocttion | Claytne win ra sanstone ti Feoval ° ge 5 MID-MIOCENE UNCONFORWMI
Slide 12: Depositional Model
DEPOSITIONAL MODEL LAKE SITE \ PERCHED BASIN We are looking for these lacustrine fan sand deposits (7 ALLUVIAL FAN A COMPLEX canyons -—“f a PROGRADATIONAL FLUVIAL DELTA FACIES LACUSTRINE DEPOSITS CHANNELS: HALF GRABEN DEPOSITIONAL MODELS
Slide 13: Upside
an UPSIDE LA = Re establish production - Phase 1 Drilling = 5 new development wells — Drilling now = Workover existing 9 producing wells - commenced = Explore extension of Wichian Buri to north into L33/43 exploration permit = Drill other fault blocks = 22 prospects identified - more prospects emerg
Slide 14: Workover Programme
WOKOVER PROGRAMME Wichian Buri 1 Wichian Buri N2 11 Years of production 5 Years of production * Wichian Buri-? (WB-1) has been best performing well. * Wichian Buri-N2 (WB-N2) commenced at 150 bopd rapidly * Production profile looks normal. declined to steady state of 30 bopd with minimal water. =" C
Slide 15: G Sand - Deeper Additional Oil Potential
“G” SAND - DEEPER ADDITIONAL OIL POTENTIAL G Sand has never been put on an All 6 wells of the Phase 1 programme will extended production test. WB-N6 and penetrate the G Sand and will be flow tested If WB-N4 have good log response for oi] — potential moveable oil is indicated on logs. will they flow
Slide 16: Phase 1 Drill Targets
PHASE 1 DRILL TARGETS Phase 1 Drilling = 2 EXPLORATION WELLS *POEG6 & POE? WICHIAN BURI NORTH WICHIAN BURI : : TO BE EVALUATED IN . 5 DEVELOPMENT WELLS NORTH WEST TO : 4 PHASE 2 PROGRAMME RE EVALUATED "POE 1-3, -5 & -8 . BY POES § DEVELOPMENT WELLS BEING DRILLED IN PHASE 1 Objective of Phase 1 * Re-
Slide 17: Phase 2 Programme - New 3D seismic
New 3D seisrnic & reprocessed seismic encouraging Phase 2 drill programme accelerated Startup late in December 2006 A third rig being contracted L44/43 PHASE 2 PROGRAMME - Haui Phai UP TO 20 WELLS 1}% Wichian Buri « New 3D ~- 245 kny Proven Reserve: Probable Reserves Possible Reserv: Gas Discovery P
Slide 18: SP: A2ACEB
SP: A2ACEB 16 Ea £421 €1E2(2224DE2QEB(B ZB BEB EA (4.14.24 €4 £5 (5 2545 ES 6 (626-6 (B87 (7 27 £7 C7 £8 (828 -BEB IB (929-918 101 (14 104 100.0 ladda dled aa dade al laine dled E
Slide 19: Seismic Line Through Wichian Buri
SEISMIC LINE THROUGH WICHIAN W841 WB2 Ww raves wa as, are we DOHPNOD, 196.0971.99-18, 06, 820.2995, 427.84 “evwa.o0.05. Hes, s0.9952.06, evt 8809, 335.48 ogg |) ag Ms 1 ag, 7 te 4 ° os Ve 3260 1260 ‘260 128.8 12h 1265 16.0 126.0 1260 woo | 80 2en.0 4.0 0.2004 o.s004 0.4004 o.004 o.7004 oa0v o.0004 1
Slide 20: Prospect Updip of Haui Phai-1
PROSPECT UPDIP OF HAUI PHAI-1 Proposed - — HP-1 POE-7 High seismic j amplitudes- NE af « 4 Possible gas cap? Oil leg?? Thin oil column in good F sandstone Pe \ Updip HP-1 Good G sandstone | to be evaluated by POE-7 4aia3.
Slide 21: Reprocessing 3D Successful
REPROCESSING 3D SUCCESSFUL NA SANUN-1 UPDIP PROSPECT AN EXCITING PROSPECT UPDIP OF PRODUCED OIL Reprocessed 2D Flat events a seismic Possible hydrocarbons Updip of Na Sanun-1 PROPOSED POE7 26 | wen aapsnc 9.0 20d.0 eB. 666.0 * Na Sanun-1 briefly flowed 1,375 BOPD from fractured volcanics. = Seismic
Slide 22: Baniyas Prospect, Carnarvon Basin
Bright amplitudes- may indicate hydrocarbons CARNARVON BASIN BANIYAS PROSPECT EP 424 BANIYAS PROSPECT Large — Carnarvon 35% Approximately 30% in EP 424 Rest in Chevron Block TL/4 Updip of Saladin Oil Field Skate Oil Field Baniyas Saladin Oil Field | Top Birdrong TWT Map
Slide 23: Delivered on Results
DELIVERED ON RESULTS Delivered on company structure * Brought Carnarvon back to Perth « Reformed Board Delivering on Thailand programme * Reprocessed all 2D and 3D seismic * Recorded new 3D seismic survey * Preliminary interpretation identifies 22 prospects for drilling * Phase 1 drilling of 7 wells
Slide 24: Conclusion - Tiger by the Tail
CONCLUSION — TIGER BY THE TAIL The next 12 months will be a year of consolidation and growth for Carnarvon. Key success drivers will be: Exciting work program Planned drilling of 27 wells (Phase 1 plus Phase 2). 245km? of 3D seismic completed. Preliminary version being interpreted 2 rigs under contr
Slide 25: Carnarvon Undervalued
CARNARVON UNDERVALUED COMPARED TO PAN ORIENT " Pan Orient is listed on TSX-V (POE) with 35.8 million shares on issue ~ Market Cap A$190 million. " Well funded with approximately A$30million cash and zero debt. " Market Cap + Pan Orient Cn$16im = AS190m + Carnarvon AS27m . Value of Wichian Buri + Pan
Slide 26: Contacts
CONTACTS Ted Jacobson &3 Peter Leonhardt Managing Director caneanvou Chairman cARRARVON Phone (08) 9321 2665 eee Phone (08) 9321 2685 eee Fax (08) 9268 2830 Fax (08) 9321 8867 Email tjacobson@carnarvonpetroleum.com Email pleonhardt@cararvonpetroieum.com www .carnarvonpetroleum COM
Slide 27: Important Notice
IMPORTANT NOTICE This presentation has been prepared by Carnarvon Petroleum Limited ‘Carnarvon’ or the “Company’). It should not be considered as an offer of invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those