Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (November 2025)
30 slides from Carnarvon Energy's shareholder meeting presentation, Nov 7, 2025
Slide 1: 2025 Annual General Meeting addresses and presentation
A SX A NNOUN CE MENT 2025 Annual General Meeting addresses and presentation 7 November 2025 In accordance with Listing Rule 3.13.3, Carnarvon Energy Limited (Company) is please to provide the Chair and the CEO’s address and presentation, to be given at the Company’s Annual General Meeting Today. For
Slide 2: Investment in a long-term energy solution
For personal use only Investment in a long-term energy solution ASX:CVN 2025 AGM Presentation ASX:CVN | CORPORATE PRESENTATION 1
Slide 3: Disclaimer
Disclaimer Contingent and prospective resources Forwarding looking statements The resource estimates outlined in this presentation are based on and fairly represent information and This presentation contains certain “forward looking statements” which involve subjective judgment and For personal use
Slide 4: Snapshot of Carnarvon Energy
Snapshot of Carnarvon Energy We are an Australian energy company exploring and developing the resource-rich For personal use only Bedout Sub-basin, offshore Western Australia We are actively exploring one of Australia’s most prospective oil and gas basins with the next well expected in mid-2026 ASX:
Slide 5: Long-Term Asian Demand for Light Sweet Crude
Long-Term Asian Demand for Light Sweet Crude Robust demand-side profile for Australian light sweet crudes such as Dorado and Pavo For personal use only Market Scale & Growth: Asia-Pacific currently consumes 27-28 million bpd, ~25% of global As China scales up electric mobility, India, Southeast Asia
Slide 6: Western Australia's looming energy shortfall
Western Australia’s looming energy shortfall “ Western Australia faces ‘growing shortfall’ of increasingly expensive gas: EnergyQuest For personal use only Growing Demand Australia’s most gas-dependent state has flipped from promising cheap abundance to facing expensive Industrial growth and populat
Slide 7: Our Strategic Focus
Our Strategic Focus Maximise value from the Company’s asset base For personal use only Continue to investigate options to accelerate Dorado and/or Pavo through to development CVN Bedout Permits Deliver Bedout exploration drilling with one well planned for 1H-2027 with further drilling expected in AS
Slide 8: The Bedout Sub-Basin's Immense Potential Remains Untapped
The Bedout Sub-Basin’s Immense Potential Remains Untapped Significant prospectivity and running room with over 130 identified prospects and leads across multiple structural play types Significant prospectivity and running room with over 130 identified For personal use only prospects Proven oil and l
Slide 9: Bedout Exploration Definition Progressing
Bedout Exploration Definition Progressing New seismic data sets further derisking the Bedout sub-basin Bedout Seismic Mega Merge Project completed earlier this year For personal use only Seamless high-resolution Seismic and advanced QI dataset of ~15,700km² incorporates 10 high-quality 3Ds (in
Slide 10: 2027 Drilling targeting Northern Play Fairway
2027 Drilling targeting Northern Play Fairway For personal use only Northern play fairway hosts the largest identified prospects within the basin The 2027 drill campaign will test the same play system as Dorado et al and potentially new play types ASX:CVN | CORPORATE PRESENTATION Finalisation of 202
Slide 11: Australia's Largest Undeveloped Offshore Oil Resource
Australia’s Largest Undeveloped Offshore Oil Resource ~200 million barrels gross 2C between For personal use only the Dorado and Pavo discoveries Dorado Development ASX:CVN | CORPORATE PRESENTATION Two phases: Phase 1: Liquids production, phase 2: gas export Completed pre-FEED in 2024 with the optim
Slide 12: Strike Energy Strategic Investment
Strike Energy Strategic Investment The strategic review evaluated a wide range of strategic options to realise value for Carnarvon shareholders, For personal use only culminating in a strategic investment into Strike Energy Ltd Transaction Details ASX:CVN | CORPORATE PRESENTATION Invest $86 million
Slide 13: Strike Energy Investment: Strategic Rationale
Strike Energy Investment: Strategic Rationale Why Carnarvon’s Investment in Strike Energy was considered the best strategic option For personal use only Strategic Positioning into a Tightening Energy Market ASX:CVN | CORPORATE PRESENTATION Exposure to Western Australia’s looming energy supply shortf
Slide 14: Carnarvon is well positioned for future growth
Carnarvon is well positioned for future growth 6 Nov 2025 10cps World-class asset portfolio with significant upside For personal use only Exploration & Strike Upside Dorado, Pavo, CPC Carry, Compelling project economics for the Dorado and Pavo discovered resources High-impact Bedout exploration dril
Slide 15: Why the future looks bright for Carnarvon
Why the future looks bright for Carnarvon… For personal use only Right assets for energy security Compelling valuation Natural resources are Dorado, Pavo and the Bedout for Carnarvon market capitalisation is massively under-owned ASX:CVN | CORPORATE PRESENTATION Australia’s long term energy security
Slide 16: Philip Huizenga, Chief Executive Officer
For personal use only Philip Huizenga Chief Executive Officer E: investor.relations@cvn.com.au T: +61 8 9321 2655 A: Level 2, 76 Kings Park Road, West Perth, WA, 6005 ASX:CVN www.carnarvon.com.au
Slide 17: Appendix
For personal use only Appendix
Slide 18: Bedout Basin Contingent Resources
For personal use only Bedout Basin Contingent Resources ASX:CVN | CORPORATE PRESENTATION 17
Slide 19: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 18
Slide 20: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 19
Slide 21: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 20
Slide 22: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 21
Slide 23: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 * Refer to cautionary statement on slide 7 22
Slide 24: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 * Refer to cautionary statement on slide 7 23
Slide 25: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* For personal use only ASX:CVN | CORPORATE PRESENTATION * Refer to cautionary statement on slide 7 24
Slide 26: Chair's Address
Chair’s Address Mr Robert Black We were very disappointed with the delay to the development of Dorado announced earlier in the year. Dorado is a fantastic project, which was significantly enhanced following the completion of optimisation work. This optimisation work was initiated by Carnarvon and ha
Slide 27: For personal use only
This investment gives Carnarvon exposure to Strike’s extensive and high-quality gas portfolio and provides Strike with the required capital to drive growth in their portfolio. The energy market in Western Australia is at a pivotal juncture at a time where gas and energy demand is increasing, whilst
Slide 28: CEO's Address
CEO’s Address Mr Philip Huizenga Carnarvon is an ASX-listed energy explorer and developer, with core assets in the Bedout Sub basin in the North West Shelf of Western Australia, about 150km north of Port Hedland, containing the undeveloped oil resources in Dorado and Pavo. To complement our outstand
Slide 29: For personal use only
For the Exmouth Sub-basin, a very prolific basin that had several very high-quality discoveries through the 90s and early 2000s that were subsequently developed, it took about 25 to 30 exploration wells to reach a combined discovered resource base of around 400 million boe. In the Bedout we have fou
Slide 30: For personal use only
Our entry price allows exposure to material upside when Strike delivers on their key projects, without reducing our ability to fund our own organic growth and retaining our exposure to our core Bedout assets. Carnarvon’s portfolio is future proof as energy demands continue to increase both across As
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