Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Investor Presentation (March 2023)
19 slides from Carnarvon Energy's investor presentation, Mar 24, 2023
Slide 1: ASX Announcement: Corporate presentation
ASX AN NOUN CE MEN T Corporate presentation For personal use only 24 March 2023 Carnarvon Energy Limited (Carnarvon) is pleased to provide the attached corporate presentation to be provided to institutional investors today by Carnarvon’s Managing Director and CEO, Adrian Cook, and COO, Philip Huizen
Slide 2: Corporate Presentation March 2023
For personal use only MARCH 2023 CORPORATE PRESENTATION carnarvon.com.au
Slide 3: Disclaimer
DISCLAIMER For personal use only The resource estimates outlined in this presentation are based on and fairly represent information and supporting documentation prepared by Carnarvon’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the company. Mr Huizenga has over 25 ye
Slide 4: Introduction
INTRODUCTION For personal use only 1 Carnarvon Energy represents a unique opportunity in the oil Roc field and gas sector, with its focus Pavo on several new oil and gas field fields for development off the coast of Western Australia. Dorado field 3
Slide 5: Impressive Production Capacity
IMPRESSIVE PRODUCTION CAPACITY For personal use only 2 The first developments are expected to produce between 75,000 and 100,000 barrels of light sweet crude per day, significantly contributing to Asia’s growing energy and petrochemical needs. 4
Slide 6: Low Production Costs
LOW PRODUCTION COSTS For personal use only 3 Based on engineering work on the Dorado field completed to date, the all in cost to produce is targeted at less than US$25 per barrel, with around four cargos per month expected to be sold into Asian markets. 5
Slide 7: Potential Future Developments
POTENTIAL FUTURE DEVELOPMENTS For personal use only 4 Dorado Dorado Pavo North WHP FPSO field The Dorado development is expected to pave the way for integrating further liquids (from the Pavo field) and integrating already discovered Pavo gas and LPG resources within South the Dorado field. undrille
Slide 8: Significant Exploration Potential
SIGNIFICANT EXPLORATION POTENTIAL For personal use only 5 Following the maturing of joint venture technical work on exploration opportunities within the Bedout sub-basin, Carnarvon Energy announced that the top 20 prospects had the potential to contain 1.5 billion boe (Pmean gross). Prospective Reso
Slide 9: Leading Prospects Being Matured
LEADING PROSPECTS BEING MATURED For personal use only Ara: McKean: ~600 BSCF gas and 100 MMBBLS ~100 MMBBLS oil and 165 BSCF gas condensate Yuma: Starbuck: ~425 BSCF gas and 70 MMBBLS ~60 MMBBLS oil and condensate 10 BSCF gas Pavo Wallace: Pavo South: ~200 BSCF gas and 10 MMBBLS ~66 MMBBLS oil and c
Slide 10: Development Funding
DEVELOPMENT FUNDING For personal use only 6 Carnarvon Energy plans to fund its share of the first development at Dorado using a A$130 million development cost funding facility from its divestment to CPC, planned debt finance and cash post divestment completion of A$178 million. * Post completion of
Slide 11: Impact of the CPC Transaction
IMPACT OF THE CPC TRANSACTION For personal use only 700 EXPLORATION 6 UPSIDE 600 ADDITIONAL 5 10% IN PAVO ETC 500 4 COMPLETION PAYMENT & $Am 400 CARRY LOOK- THROUGH Liquidity after transaction completion 300 3 CARRY BENEFIT Current market capitalisation 200 TO CVN Notes: 1. Cash $97.9m as at 31 Dece
Slide 12: Investment Perspective
INVESTMENT PERSPECTIVE For personal use only 7 Carnarvon Energy is an ideal Market value at 13 cents per share1 A$234m avenue for investors to gain Cash following divestment completion2 A$178m exposure to these world class Cash does not include CPC provided A$129m cost carry 3 energy assets at a hig
Slide 13: Conclusion
CONCLUSION For personal use only 8 1 Quality Australian development assets Offshore Western Australia’s new oil and gas fields hold 2 Impressive production capacity promising potential for 3 Low targeted production costs significant energy and petrochemical contributions 4 Potential for future devel
Slide 14: Contingent & Prospective Resource Estimates Appendix
For personal use only CONTINGENT & PROSPECTIVE RESOURCE ESTIMATES Appendix 1 13
Slide 15: Bedout Basin Assets & Equity Interests
BEDOUT BASIN ASSETS & EQUITY INTERESTS For personal use only SALE ASSETS Carnarvon’s Bedout assets consist of the WA-64-L Production Licence (containing the Dorado field), and the WA-435-P, WA-436-P, WA-437-P and WA-438-P Exploration Permits. Carnarvon’s equity in the Bedout permits at the current t
Slide 16: Bedout Basin Contingent Resources
BEDOUT BASIN CONTINGENT RESPOURCES For personal use only Gross basis Oil and Condensate Natural Gas Barrels of Oil Equivalent MMbbl BCF MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado 86 162 285 367 748 1358 176 344 614 Pavo North 26 43 62 6 11 17 27 45 65 Roc 12 20 35 205 332 580 48 78 137 Bedout Project S
Slide 17: Bedout Basin Prospective Resources
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only PROSPECTIVE RESOURCES GROSS FIELD BASIS Liquids Natural Gas Barrels of Oil Equivalent Probability of Risked Carnarvon (Oil and Condensate; MMBBL) (BSCF) (BOE) Geological Mean Energy Success (Pg) (MMBOE) Equity pre Permit divestment Prospect P9
Slide 18: Bedout Basin Prospective Resources (Net CVN Basis)
BEDOUT BASIN PROSPECTIVE RESOURCES For personal use only PROSPECTIVE RESOURCES NET CVN BASIS Liquids Liquids Liquids Probability of Risked Carnarvon (Oil and Condensate; MMBBL) (Oil and Condensate; MMBBL) (Oil and Condensate; MMBBL) Geological Mean Energy Success (Pg) (MMBOE) Equity pre Permit dives
Slide 19: For personal use only
<< CARNARVON ENERGY LTD For personal use @ Level 2 76 Kings Park Road admin@cvn.com.au West Perth WA 6005 R. +618 9321 2665 @® wwwecarnarvon.com.au
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