Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Proactive Investors' CEO Series Presentation (September 2018)
28 slides from Carnarvon Energy's conference presentation, Sep 17, 2018
Slide 1: Proactive Investors' CEO Series Presentation
For personal use only PROACTIVE INVESTORS’ CEO SERIES PRESENTATION 17 & 18 September 2018
Slide 2: Disclaimer & Resource Information
CVN DISCLAIMER & RESOURCE INFORMATION The Resource estimates outlined in this report have been prepared by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full- For personal use only time employee of the Company. Mr Huizenga has over 25 years’ experience in petroleum exploration
Slide 3: Disclaimer & Resource Information (Continued)
CVN DISCLAIMER & RESOURCE INFORMATION (CONTINUED) Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own For personal use only independent enquiries, investigations and advice regarding information contained in th
Slide 4: Focus: Achieving Maximum Value from Production
CVN FOCUS ACHIEVING MAXIMUM VALUE FROM PRODUCTION Carnarvon's share of discovered Contingent Resources 120 Million barrels of oil / oil equivalent on a 2C basis (mmbbl /mmboe) For personal use only 100 39 80 mmboe 60 31 mmbbls 40 20 34 mmbbls 0 Oil Oil Gas & condensate Dorado Buffalo Dorado & Roc WW
Slide 5: Dorado: A Constellation of Stars
CVN DORADO A CONSTELLATION OF STARS For personal use only OIL 3rd largest discovery in the history of the NWS (gross 2C) GAS Plus half a Tcf – exactly what we were looking for PLAY TYPE De-risked with similar prospects nearby LOCATION Ideal for development in shallow water Western Australia PRODUCTI
Slide 6: Portfolio Diversified Across the North West Shelf
CVN PORTFOLIO DIVERSIFIED ACROSS THE NORTH WEST SHELF For personal use only Buffalo Oil WA-523-P 100% Eagle Project AC/P63 100% Condor Project AC/P62 100% Phoenix Project (inc. Dorado Oil & Roc Gas) Labyrinth Project WA-435-P & WA-437-P 20% WA-521-P 100% WA-436-P & WA-438-P 30% Maracas Project WA-52
Slide 7: Phoenix Project Overview
CVN PHOENIX PROJECT OVERVIEW For personal use only 100% drilling success rate to date Large number of follow up targets Clear focus around Dorado area WWW.CARNARVON.COM.AU | PAGE 7
Slide 8: Dorado: Major Discovery Across Stacked Sands
CVN DORADO MAJOR DISCOVERY ACROSS STACKED SANDS 3D seismic at top Caley interval For personal use only Dorado WWW.CARNARVON.COM.AU | PAGE 8
Slide 9: Dorado: Tremendous Oil Numbers Even on 1C Basis
CVN DORADO TREMENDOUS OIL NUMBERS EVEN ON 1C BASIS Gross Contingent Resources (CVN 20%) 1C 2C 3C For personal use only Oil MMbbl 82 171 320 Condensate MMbbl 6 16 36 Gas BCF 229 552 1,197 Total oil equivalent MMboe 128 283 566 Dorado WWW.CARNARVON.COM.AU | PAGE 9
Slide 10: Dorado: 3rd Largest Oil Discovery in NWS History
CVN DORADO 3RD LARGEST OIL DISCOVERY IN NWS HISTORY (2C) For personal use only Dorado WWW.CARNARVON.COM.AU | PAGE 10
Slide 11: Dorado Appraisal Plans in Progress
CVN DORADO APPRAISAL PLANS IN PROGRESS For personal use only 2018 - Santos expect to acquire Quadrant Energy 2019 - Two appraisal wells (refer STO announcement) 2020 - FID targeted (refer STO announcement) Dorado WWW.CARNARVON.COM.AU | PAGE 11
Slide 12: Roc Appraisal Well Confirmed Commercial Flow
CVN ROC APPRAISAL WELL CONFIRMED COMMERCIAL FLOW For personal use only Roc-2 appraisal well flow tested 53 mmscf/d & 3,000 bpd in late 2016 Roc Dorado WWW.CARNARVON.COM.AU | PAGE 12
Slide 13: Dorado & Roc Gas & Condensate Could Stand Alone
CVN DORADO & ROC GAS & CONDENSATE COULD STAND ALONE Gross Contingent Resources (CVN 20%) 1C 2C 3C For personal use only Oil - Dorado MMbbl 82 171 320 Condensate - Dorado + Roc MMbbl 18 36 71 Gas - Dorado + Roc BCF 434 884 1,777 Total oil equivalent MMboe 176 362 702 Roc Dorado WWW.CARNARVON.COM.AU |
Slide 14: Key Prospects Add to Scale of Development
CVN KEY PROSPECTS ADD TO SCALE OF DEVELOPMENT For personal use only Roc Dorado Roc South – stacked pay AND possibly connected to Dorado Pavo – trap style similar to Dorado WWW.CARNARVON.COM.AU | PAGE 14
Slide 15: Apus or A++: Could This Be the Big One?
CVN APUS or A++ COULD THIS BE THE BIG ONE? For personal use only Roc Dorado Apus lead Very large structure near Dorado WWW.CARNARVON.COM.AU | PAGE 15
Slide 16: "...And the Upside Is Staggering"
CVN “.... AND THE UPSIDE IS STAGGERING” For personal use only Phoenix South Phoenix Peng Bewdy & Bottler Roc Roc satellites Dorado Roc South East WWW.CARNARVON.COM.AU | PAGE 16
Slide 17: Portfolio: Buffalo
CVN PORTFOLIO BUFFALO For personal use only Buffalo Oil WA-523-P 100% Eagle Project AC/P63 100% Condor Project AC/P62 100% Labyrinth Project Phoenix Project WA-521-P 100% (inc. Dorado Oil & Phoenix Gas) WA-435-P 20% WA-436-P 30% WA-437-P 20% WA-438-P 30% Maracas Project WA-524-P 100% Outtrim Project
Slide 18: Buffalo: The Timor-Leste Connection
CVN BUFFALO THE TIMOR-LESTE CONNECTION For personal use only Proven oil province confirmed in multiple fields Clear focus around Buffalo oil field WWW.CARNARVON.COM.AU | PAGE 18
Slide 19: Buffalo: Low Risk Oil Field Redevelopment
CVN BUFFALO LOW RISK OIL FIELD REDEVELOPMENT For personal use only West East CVN’s planned Q3, 2019 well Buffalo-5 production well drilled in 1999 The field produced 20mmbbls from 1999 to 2004 WWW.CARNARVON.COM.AU | PAGE 19
Slide 20: Buffalo: Utilising Modern 3D Seismic Technology
CVN BUFFALO UTILISING MODERN 3D SEISMIC TECHNOLOGY For personal use only West East Oil remaining WWW.CARNARVON.COM.AU | PAGE 20
Slide 21: Buffalo: Advancing on Multiple Fronts
CVN BUFFALO ADVANCING ON MULTIPLE FRONTS For personal use only CONTINGENT RESOURCES (CVN 100%) 1C 2C 3C Oil remaining MMbbl 15 31 48 (reviewed by RISC) PSC Production sharing contract negotiations progressing WELL Planning for Q3, 2019 (will retain for production) DEVELOPMENT Field suits a standard
Slide 22: Oil & Gas Volume Summary (Contingent Resources)
For personal use only OIL & GAS VOLUME SUMMARY (CONTINGENT RESOURCES) CVN Gross Contingent 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
Slide 23: Quality Projects
QUALITY PROJECTS CVN Carnarvon’s portfolio of oil & gas assets include two near-term oil developments. For personal use only DORADO OIL ▪ Potential near-term standalone oil development (20% Carnarvon) ▪ Third largest oil resource ever discovered in the North West Shelf ▪ Appraisal drilling plans in
Slide 24: Other Projects
OTHER PROJECTS CVN CVN utilises its strong inhouse technical capabilities to access high growth opportunities. For personal use only LABYRINTH ▪ Very large oil prospects with the project in the process of being farmed out (100% Carnarvon) ▪ Located in the Rowley Sub-basin in the North West Shelf (WA
Slide 25: Share Price Catalysts
SHARE PRICE CATALYSTS CVN There are a number of upcoming share price catalysts over the next 12-18 months. For personal use only Share Price Performance (6 months) Upcoming Catalysts 0.70 120 Price (A$) Volume (m) 8 Aug 18 Additional 40m of net oil pay 0.60 discovered in the Crespin and Milne member
Slide 26: Corporate Snapshot and Executive Management
CORPORATE SNAPSHOT AND EXECUTIVE MANAGEMENT CVN Carnarvon has a market capitalisation of ~A$380m backed by an experienced management team with For personal use only extensive in-house technical capability, led by Managing Director Adrian Cook. ▪ 25+ years experience in finance, primarily in Ordinary
Slide 27: Wrap Up: Resource Value & Exploration Growth
CVN WRAP UP RESOURCE VALUE & EXPLORATION GROWTH For personal use only UNIQUE Exposure to Australia’s most exciting exploration province INVESTMENT Appeal enhanced with over 100 mmboe in discovered resources FOCUS Developing the resources and commencing production FUNDING Broad range of options to fu
Slide 28: Investor Inquiries
For personal use only INVESTOR INQUIRIES: Thomson Naude Company Secretary Phone: (08) 9321 2665 Email: investor.relations@cvn.com.au MEDIA INQUIRIES: Luke Derbyshire Managing Director, Spoke Corporate Phone: 0413 809 404 THINK DIFFERENT Email: Luke@spokecorporate.com ACT DIFFERENT
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