Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Ord Minnett Emerging Energy Day 2023
23 slides from Carnarvon Energy's conference presentation, Dec 6, 2023
Slide 1: Corporate presentation – Ord Minnett
ASX AN NOUN CE MEN T Corporate presentation – Ord Minnett 6 December 2023 Carnarvon Energy Limited (Carnarvon) is pleased to provide the attached presentation to be given by Carnarvon’s Managing Director and CEO, Mr Adrian Cook, today at the Ord Minnett Emerging Energy Day. Investors Media Alex Doer
Slide 2: Progressing from Explorer to Producer
P ROGRESSI NG FRO M ORD MINNETT E X PLORER TO PRO D U C ER E M E R G I N G E N E R G Y DAY ASX:CVN 6 D E C E M B E R 2023
Slide 3: Introduction: Carnarvon founding partner in the Bedout Basin
INTRODUCTION CARNARVON HAS BEEN A FOUNDING PARTNER IN THE BEDOUT BASIN, AND INSTRUMENTAL IN UNLOCKING ITS POTENTIAL • Six target prospects drilled CARNARVON ENERGY • 67% exploration drilling success rate BEDOUT • Three successful appraisal wells drilled BASIN • Finding cost of only US$1.00/boe 2
Slide 4: Carnarvon Energy Snapshot
SNAP SHOT COMPELLING EXTENSIVE GROWTH POSITIONED TO DEVELOPMENTS IN PROSPECTS IN FUND DORADO DORADO & PAVO THE BEDOUT DEVELOPMENT • 200 mmbbls (gross, 2C) • 9 Tcf in gas prospects • A$183m in cash (no debt) (gross, Pmean, unrisked)* • Target <US$5/bbl in • A$138m in CPC carry initial operating costs
Slide 5: Value Realisation Strategy
VALUE REALISATION STRATEGY EXPLORER TO PRODUCER IN THE BEDOUT BASIN STAGED REALISATION OF VALUE & DEVELOPMENT COST FUNDING DORADO FIELD PAVO FIELD EXPLORATION DORADO FIELD PHASE 1 LIQUIDS LIQUIDS & APPRAISAL PHASE 2 GAS DEVELOPMENT DEVELOPMENT • CVN 10%-20% DEVELOPMENT • CVN 10% • CVN 20% • 9 Tcf (g
Slide 6: Dorado Phase 1 Liquids Development
DORADO DORADO FACILITY DESIGN & COST PHASE 1 LIQUIDS • Base case 100,000 bopd DEVELOPMENT • Optimisation and reducing overall cost under review ENVIRONMENT PLANS – INDUSTRY & PROJECT • Industry working through approval processes • Dorado EP approval process has commenced CARNARVON ENERGY CVN FUNDING
Slide 7: Pavo through Dorado Facilities
PAVO THROUGH DORADO FACILITIES PAVO-1 (NORTH) PAVO-2 (SOUTH) PAVO CLUSTER • 43 mmbbls (gross, 2C) • 66mmbbls (gross, Pmean)* • 243mmbbls excluding Pavo (gross, Pmean)* • Compelling value proposition • Drilling southern prospect in consideration • Value proposition is enhanced via facility utilisatio
Slide 8: Significant Exploration Upside
WALLACE ARA WENDOLENE STARBUCK PAVO SOUTH * EXPLORATION UPSIDE • 238 BSCF gas • 549 BSCF gas • 507 BSCF gas • 101 MMBBLS • 66 MMBBLS and 11 MMBBLS and 91 MMBBLS and 83 MMBBLS liquids and liquids and liquids liquids liquids 215 BSCF gas 10 BSCF gas • Potential to • Potential to • Potential to • Poten
Slide 9: Phase 2 Gas Development
PHASE 2 GAS DEVELOPMENT SIGNIFICANT VALUE MULTIPLE PATHS IN THE GAS TO COMMERCIALITY • Gas discovered in • Domestic gas potential via Dorado and Roc fields existing infrastructure or new gas processing plant onshore • Exploration to be pursued to enhance economics • Phase 1 liquids development for d
Slide 10: Upcoming Catalysts
UPCOMING CATALYSTS EXPLORATION DRILLING DORADO FINAL Focused on DORADO CAPEX & FID maturing a DEBT selection of DORADO FINANCE Targeting final key prospects PROGRESS capex and FID ASSET TOWARD FID Process expected ready in 2024 DIVESTMENT to recommence CARNARVON ENERGY Milestone updates in early 202
Slide 11: Underlying Portfolio Value
UNDERLYING PORTFOLIO VALUE ATTRACTIVE LOOK-THROUGH COMPONENTS ACROSS THE PORTFOLIO BEDOUT 700 05 EXPLORATION ADDITIONAL 600 04 10% HELD BY CVN IN CPC PAYMENT 500 03 & CARRY PAVO ETC LOOK-THROUGH $A MILLION 400 ON RETAINED CPC CARRY ASSETS 02 BENEFIT 300 OF A$138M 200 CASH OF 01 A$183M 100 10 0
Slide 12: Wrap Up: From Explorer to Producer
FROM EXPLORER TO PRODUCER CARNARVON’S FOCUS ON FINANCIAL VALUE GENERATION STRENGTH EXPLORATION GROWTH PAVO DEVELOPMENT CARNARVON ENERGY DORADO Wrap Up. DEVELOPMENT 11
Slide 13: Appendix 1: Contingent & Prospective Resource Estimates
CONTINGENT & PROSPECTIVE RESOURCE ESTIMATES CARNARVON ENERGY — APPENDIX 1 — 12
Slide 14: Bedout Basin Contingent Resources
BEDOUT BASIN CONTINGENT RESOURCES GROSS BASI S LIGHT OIL & CONDENSATE FREE & ASSOCIATED GAS BARRELS OF OIL EQUIVALENT MMSTB MMSTB MMSTB BSCF BSCF BSCF MMBOE MMBOE MMBOE Resource Permit 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado WA-437-P 86 162 285 367 748 1,358 176 344 614 Pavo WA-438-P 26 43 62 6 11 17 27 4
Slide 15: Bedout Basin Prospective Resources: Ara Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* ARA CLUSTER GR OS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Bandy WA-435-P 10% 31% 45 286 399 911 6 41 66 160 15 96 137 316 42
Slide 16: Bedout Basin Prospective Resources: Wallace Cluster Gross
BEDOUT BASIN PROSPECTIVE RESOURCES* WALL ACE CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 3 123 205 524 0 5 10 26 1 28 46 118 7
Slide 17: Bedout Basin Prospective Resources: Wallace Cluster Net
BEDOUT BASIN PROSPECTIVE RESOURCES* WALL ACE CLUSTER NE T VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 0 12 21 52 0 1 1 3 0 3 5 12 1 Wallace Ea
Slide 18: Bedout Basin Prospective Resources: Wendolene Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* WEND OLEN E CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Mensa B WA-435-P 10% 58% 3 21 44 105 2 12 25 55 3 16 30 73
Slide 19: Bedout Basin Prospective Resources: Starbuck Cluster Gross
BEDOUT BASIN PROSPECTIVE RESOURCES* STARBUCK CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 7 55 136 363 4 33 80 214 6 44 104
Slide 20: Bedout Basin Prospective Resources: Starbuck Cluster Net
BEDOUT BASIN PROSPECTIVE RESOURCES* STARBUCK CLUSTER NE T VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 1 11 27 73 1 7 16 43 1 9 21 56 10 Coh
Slide 21: Bedout Basin Prospective Resources: Pavo South Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* PAVO SOUTH CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Taurus WA-437-P 10% 38% 15 84 102 215 1 4 5 11 3 19 23 49 9
Slide 22: Disclaimer
DISCLAIMER CONTINGENT AND PROSPECTIVE RESOURCES very optimistic estimate, due to the portfolio effects of control of, change without notice, and may be unknown to Carnarvon and its related bodies corporate and their The resource estimates outlined in this presentation are arithmetic summation. Prosp
Slide 23: Carnarvon Energy contact details
CARNARVON ENERGY L EVE L 2 76 KINGS PA RK ROAD AD M I N@CVN .COM . AU WEST PE RTH WA 6005 + 6 1 8 932 1 2665 WWW.CARNAR VON.COM . AU 22
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