Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (May 2008)
24 slides from Carnarvon Energy's investor presentation, May 2008
Slide 1: Investor Presentation May 2008
Investor Presentation May 2008
Slide 2: Disclaimer
Disclaimer This presentation contains forward looking statements which involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the oil and gas industry, many of which are outside the control of and m
Slide 3: Investment Highlights
Investment Highlights Rapidly growing Thailand oil production Currently 3,000 bopd net sales, an increase of 1,000% over last 12 months Targeting 6,000 bopd net sales by end 2008 Rapidly growing Thailand oil reserves 11.4mmbo 2P net reserves - increase of over 300% over the last 12 months
Slide 4: Corporate Snapshot
Corporate Snapshot Capital Structure Directors and Management Non Executive Chairman: Peter Leonhardt (FCA) Ordinary Shares 672 million Chartered Accountant (previous Managing Partner of Coopers and Options (ex @ 10c) 11 million Lybrand, Perth) Fully Diluted Market Cap @ 60c $403 million Managing
Slide 5: Project Areas
Project Areas Focus on Thailand production, development and appraisal with Thailand - Oil production, appraisal and exploration significant exploration upside Recent awards and applications for Indonesia – Study group new permits in Thailand provide additional exploration upside Exploration op
Slide 6: Thailand
Thailand T owe i 1OPECHINA we VIETNAM MYANMAR * yee, | N “ars — é Laos x % | x / 4 > aang 16S—| yl € 5 j Se ts ci CAMBODIA 1284 VIETNAM é 3 « e's contracts i /ppiications = THAILAND | INDONESIA MALAYSIA LOCATION MAP ! a ! ! 1 ! LEGEND [E) Operator [J Non Operator @ OilField @ Gas Field —— Oil Pipeli
Slide 7: Thailand Oil Industry
Thailand Oil Industry Net importer of ~600,000 bopd New Thai Government goal to substantially increase oil production from 200,000 to 250,000 bopd by 2011 Five oil refineries with a combined capacity of ~700,000 bopd. Carnarvon is fast becoming a significant Thai oil producer and is building
Slide 8: L33/43 & L44/43 - Overview
L33/43 & L44/43 - Overview Carnarvon 40% - Pan Orient (TSX) 60% and L33 prospects operator Wichian Buri Oil Field 6 mmbbls 2 rigs contracted and operating L33/43 Bo Rang prospect Significant production and growing rapidly L44/43 L44-F Significant reserves and growing rapidly prospect Bo Rang
Slide 9: L33/43 & L44/43 - Production
L33/43 & L44/43 - Production L44G-D1 Na Sanun East comprises of three separate 35 bopd compartments upthrown on east of bounding fault, each with proven production – total 16.5km2 L44H-D1 4,000 bopd Na Sanun comprises a single fault compartment L44H-D2 downthrown to west of bounding fault with p
Slide 10: L33/43 & L44/43 - Production
L33/43 & L44/43 - Production Quarterly Production BOPD (Net) 5000 4500 4000 3500 Net Oil Rate (BOPD) 3000 2500 2000 1500 1000 500 0 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Quarter SW1 L43 Forecast Well deliverability of ~4,000 bopd net Carnarvon and growing Current production
Slide 11: L33/43 & L44/43 - Production
L33/43 & L44/43 - Production Discovery well POE-9 gives longest production history – 15 months Some early decline as oil produced from fractures Longer term lower decline indicates production from matrix Minimal overall production decline (~12% p.a.) suggests possible long field life Produ
Slide 12: L33/43 & L44/43 - Cashflow
L33/43 & L44/43 - Cashflow Operating Cashflow Crude sale price ~85% of WTI Operating costs ~US$5 per barrel plus US$ 2.70 trucking costs Capital Very good infrastructure in place with a multi lane highway running through permits Infrastructure capital required to increase sales to 8,000 bopd
Slide 13: L33/43 & L44/43 - Reserves
L33/43 & L44/43 - Reserves Reviewed as at 31 December 2007 by independent consulting firm Gaffney Cline & Associates Ltd Over 300% increase in 2P reserves over 2007 Drilling programme of up to 16 development, appraisal and exploration wells likely to add further significant reserve increase in
Slide 14: L33/43 & L44/43 - Appraisal Upside
L33/43 & L44/43 - Appraisal Upside Na Sanun East Development Contingent resource requires Development Licence granted further drilling evaluation Environmental approvals granted Development drilling to commence shortly Na Sanun East Deeper Reservoirs North Compartment Currently producing fro
Slide 15: L33/43 & L44/43 - Appraisal Upside
L33/43 & L44/43 - Appraisal Upside Bo Rang Bo Rang-1 intersected 6 fractured volcanic zones – only upper zone tested Flowed gas @ 5.6 mmcf/d from upper volcanic interval Wichian Buri Oil Field Potential oil resource from only one deeper volcanic reservoir L33/43 Bo Rang not previously tested o
Slide 16: L33/43 & L44/43 - Exploration Upside
L33/43 & L44/43 - Exploration Upside Wichian Buri Deep L33 prospects WB Deep-1 targeted volcanics beneath Wichian Buri Oil Field WB Deep-1 flowed water at ~ 750 bwpd Wichian Buri Oil Field Indicates good fractured volcanic reservoir L33/43 Bo Rang Well planned updip to look for oil in 2008/2
Slide 17: L33/43 Possible Reserves Growth
L33/43 Possible Reserves Growth Development Exploration Appraisal Appraisal Production Appraisal Appraisal 16
Slide 18: L33/43 & L44/43 - Operator
L33/43 & L44/43 - Operator Pan Orient (JV operator) has established a strong technical and operational team in Thailand with qualified expatriate staff managing a team of over 100 employees. This will underpin further growth in production and drilling activity over the coming year. 17
Slide 19: New Permit L20/50
New Permit L20/50 Carnarvon 50% interest and operator 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 to be reprocessed Nong Bua-1 drilled by Shell with excellent oil shows & pot
Slide 20: L52 & L53 Applications
L52 & L53 Applications Carnarvon 50% - Pearl Oil operator Carnarvon/Pearl Joint Venture only bidder 2 large onshore permits – 6,950 sq kms Onshore extension of offshore Gulf of Thailand 6 wells drilled (4 shallow for CBM and 1 deep) Oil shows in Khian Sa-1 Nang Nuan Small gas discovery
Slide 21: Australia
Australia WA-399-P Offshore Carnarvon Basin Carnarvon 50% and operator Seismic reprocessing just completed with 1 well to be drilled within next 12 months EP110 & EP 424 Offshore Carnarvon Basin Carnarvon 35% Finalising seismic reprocessing EP 321, EP 407 Perth Basin ORRI 2.5% net we
Slide 22: Project Pipeline
Project Pipeline Development Exploration Production & Appraisal L33 & L43 Na Sanun East Na Sanun East L20 / 50 Bo Rang Wichian Buri L52 & L53 Si Thep Na Sanun Australia L44-R Si Thep Indonesia Wichian Buri Deep New Ventures 15
Slide 23: A busy year ahead
A busy year ahead 2 rigs operating, 16 wells planned for remainder 2008, targeting further significant reserve and production growth Mix of development, appraisal and exploration wells across a portfolio of projects $23 million net cash and significant, growing cashflow ensure Carnarvon’s curr
Slide 24: Contact
Contact Ted Jacobson Managing Director Carnarvon Petroleum Limited www.carnarvonpetroleum.com T +61 8 9321 2665 F +61 8 9321 8867 Ground Floor, Suite 3, 16 Ord St West Perth WA 6005 tjacobson@cvn.com.au Carrick Ryan Dale Bryan Institutional Adviser Senior Manager - Corporate Finance Hartleys Limited
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