Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Good Oil Conference 2009
25 slides from Carnarvon Energy's conference presentation, Sep 3, 2009
Slide 1: ASX cover letter: Good Oil 2009 Presentation
3rd September 2009 Company Announcements Office ASX Limited For personal use only Via ASX Online Dear Sirs, Good Oil 2009 Presentation Please find attached Carnarvon’s 2009 Good Oil presentation as presented at the Good Oil Conference. Yours faithfully Carnarvon Petroleum Limited Ted Jacobson Chief
Slide 2: Good Oil Conference
For personal use only Good Oil Conference Ted Jacobson CEO August 2009
Slide 3: Disclaimer
Disclaimer For personal use only 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
Slide 4: Corporate Snapshot
Corporate Snapshot Capital Structure Directors & Management For personal use only Ordinary Shares 683 million Chairman: Peter Leonhardt Market Capitalisation: $409 million Managing Director: Ted Jacobson (fully diluted @ 60 cents) Non Exec Directors: Neil Fearis & Ken Judge Cash on hand $31.1 millio
Slide 5: Investment Highlights
Investment Highlights Strong balance sheet For personal use only - Approx A$31.1 million cash (at 30 June 2009, includes tax provision) - no debt Strong reserve position Thailand (at 31 Dec 2008): - Oil Reserves - 16.6 mmbbls 2P and 37 mmbbls 3P - Contingent Resource - ~ 35 mmbbls 2C Strong pr
Slide 6: 2008/2009 FY Achievements
2008/2009 FY Achievements Found more oil in L44/43 Thailand For personal use only 16.6mmbbls net 2P recoverable reserves Drilled 25 wells 17 wells successful - commercial production / testing Net Oil production averaged 3,708 bopd (2008/2009) Possible oil in L33/43 licence Thailand New
Slide 7: 2008/2009 Performance Indicators
2008/2009 Performance Indicators WELLS DRILLED ANNUAL NET PRODUCTION For personal use only Net Oil Production ('000 bbls) 30 1600 25 1400 1200 20 1000 Wells 15 800 10 600 400 5 200 0 0 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2004- 2005- 2006- 2007- 2008- Financial Year 2005 2006 2007 2008
Slide 8: 2008/2009 Performance Indicators
2008/2009 Performance Indicators For personal use only SHARE PRICE MARKET CAPITALISATION 0.9 600 0.8 Market Cap (A$ million) 500 Price (A$ / share) 0.7 0.6 400 0.5 300 0.4 0.3 200 0.2 100 0.1 0 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Date Date CONSOLIDATED PROFIT 40 35 Consolidated Profi
Slide 9: Project Areas
Project Areas PRODUCTION EXPLORATION For personal use only THAILAND THAILAND Production from onshore Thailand L44/43 Three onshore Thailand licences Two onshore Thailand applications Thailand - Oil production, AUSTRALIA appraisal and exploration Three offshore Carnarvon Basin licences Four
Slide 10: Asset Portfolio - Thailand
Asset Portfolio - Thailand Licences For personal use only L44/43 - 40% Production & Exploration L33/43 - 40% Exploration Sirikit Oil Field L20/50 - 50% Exploration Applications L52/50 - 50% Exploration L53/50 - 50% Exploration CVN Oil Fields Excellent Infrastructure Well cost US$1-2mm US$2.50 trucki
Slide 11: Asset Portfolio - Australia
Asset Portfolio - Australia BEDOUT For personal use only CARNARVON BASIN SUB_BASIN Licences Bedout Sub-Basin 50% WA-435-P, WA-436-P, WA-437-P, WA-438-P PERTH BASIN Carnarvon Basin 35% EP 110 35% EP 424 50% WA -399-P Perth Basin : Royalty interest Warro Gas Field 10
Slide 12: L44/43 Overview Thailand
L44/43 Overview Thailand For personal use only Focus on fractured volcanic reservoirs L44-W Discovery Four producing oil fields Na Sanun East - volcanic Bo Rang oil/gas discovery Wichian Buri - Sandstone Na Sanun - Volcanic Si Thep - Sandstone 3 oil and gas discoveries L44-W - volcan
Slide 13: Recent Drilling
Recent Drilling L44-W to Bo Rang Trend For personal use only Bo Rang-1 flowed gas 5.6 mmcfgd Bo Rang-1RD - Significant free oil (34API) observed at surface but didn't flow on test Bo Rang-2: Initially tested up to 1,200 bopd over short period before well was required to be sidetracked due to o
Slide 14: Recent Drilling
Recent Drilling Na Sanun East Field For personal use only Drilling has been focused on appraising L44-W and Bo Rang at expense of development wells NSE-J1: Fractured volcanic below field OWC – subsequent testing of an upper sandstone reservoir resulted in initial test rates of up to 200 bopd N
Slide 15: Production
Production For personal use only Quarterly Production BOPD (Net) Flush 5000 Initial Production Development 4500 Wells 4000 3500 Net Oil Rate (BOPD) 3000 2500 2000 1500 3Q and 4Q 2009 Production Guidance 1000 500 3Q up to 2500bopd 4Q up to 4,000bopd 0 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q
Slide 16: L20/50 Thailand
L20/50 Thailand For personal use only Carnarvon 50% interest and operator, Sun Resources (ASX:SUR) 50% Southeast and on trend of large, 200 million barrel Sirikit Oil Field (produced over 150 mmbbls and still producing ~20,000bopd) ~1,000km 80’s vintage 2D seismic interpreted Sirikit Nong Bua-
Slide 17: Prospects - L20/50 Thailand
Prospects - L20/50 Thailand C A B For personal use only Interpretation of previous seismic Significant structuring 3 previous wells drilled Nong Bua -1 in small closure – oil shows NONG BUA-1 Other 2 wells outside closure SP: 2100.0 2200.0 0.000 0.000 05 0.500 0.500 Lead F2 20 1.000 Lead F3
Slide 18: Seismic Survey - L20/50 Thailand
Seismic Survey - L20/50 Thailand For personal use only Drilling shot holes Phitsanulok Basin SEISMIC SURVEY 550 kms 2D acquired L20/50 Seismic quality excellent Oil Field Gas Field Identified new sub-basin in Oil&Gas Field south of permit Survey cvn09
Slide 19: Prelim Seismic Data - L20/50 Thailand
Prelim Seismic Data - L20/50 Thailand For personal use only CVN 0910 Brute Stack Line CVN 09-10 Good quality Confirms interpretation
Slide 20: L52/50 & L53/50 Applications Thailand
L52/50 & L53/50 Applications Thailand For personal use only Carnarvon 50%, Pearl Oil 50% and operator L33 & L44 2 large onshore permits – 6,950 sq kms Licences Onshore extension of offshore Gulf of Thailand 6 wells drilled (4 shallow for CBM and 2 deep for oil) New applications Oil seeps s
Slide 21: Phoenix licenses - Australia
Phoenix licenses - Australia For personal use only Phoenix gas discovery Carnarvon is acquiring 50% of 4 large permits WA- 435,436,437,438-P Covers 21,000 sq kms Bedout Sub Basin – offshore WA Water depth 35m to 265m Contains Phoenix gas discovery Phoenix-1: approx 110 metres net gas beari
Slide 22: Phoenix licenses - Australia
Phoenix licenses - Australia For personal use only WA-435-P Phoenix Area Closures Full Closure Phoenix-1 + South Combined Individual Phoenix and P. South Phoenix-2 678 m Phoenix-1 gross gas 767 m gross gas 110 m net Phoenix South WA-435-P Total closure WA-437-P 120 sq kms Prospect A WA-437-P Closure
Slide 23: Phoenix licenses - Australia
Phoenix licenses - Australia For personal use only Phoenix South Prospect Phoenix-1 Phoenix-2 Phoenix-2 Phoenix-1 P. South Cossigny Horizon Arbitrary Line Bends Seismic Section through Phoenix Structure
Slide 24: Summary – In Planning
Summary – In Planning Thailand For personal use only L44/43: Continue appraisal drilling Bo Rang & W discoveries Obtain production licences for W and Bo Rang discoveries Drill Si Thep volcanic and sandstone Drill Na Sanun West volcanic Drill Wichian Buri Deep volcanic Appraisal drilling of NSE conti
Slide 25: Conclusion
Conclusion For personal use only Growing cash - some spending on exploration Growing reserves and production Continuous drilling programme New Ventures being added 24