Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Macquarie Bank Small & Mid Cap Oil & Gas Day (October 2020)
18 slides from Carnarvon Energy's conference presentation, Oct 12, 2020
Slide 1: Corporate Presentation
Corporate Presentation 12 October 2020 For personal use only Carnarvon Petroleum Limited’s (“Carnarvon”) (ASX:CVN) Managing Director and CEO will present the attached corporate update to the Macquarie Bank Small & Mid Cap Oil & Gas Day.” Approved by: Adrian Cook Investor inquiries: Media inquiries:
Slide 2: Corporate Presentation, 12 October 2020
For personal use only CORPORATE PRESENTATION 12 OCTOBER 2020
Slide 3: Disclaimer
DISCLAIMER The resource estimates outlined in this Presentation are based on and fairly represent information and supporting documentation prepared by the Company’s Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the For personal use only Company. Mr Huizenga has over 25
Slide 4: Presentation Content
PRESENTATION CONTENT For personal use only 1 2 3 4 DORADO BEDOUT EXPLORATION FINANCIAL DEVELOPMENT EXPLORATION PORTFOLIO OVERVIEW One of the largest oil discoveries New underexplored sub-basin on Attractive targets maturing Over $110m in cash, no debt on the North West Shelf in the the North West Sh
Slide 5: Background
11 DORADO DEVELOPMENT For personal use only BACKGROUND Dorado discovered in 2018 Appraised in 2019 (2 wells) Development assessed 2020 Large NWS oil find 162mmbbls of oil & condensate Roc field (2016) (2C, Gross, CVN 20%)1 Dorado field (2018) Location strengths In Australia 110km~ to shore 90m~ wate
Slide 6: Subsurface
11 DORADO DEVELOPMENT For personal use only SUBSURFACE Four reservoirs All good to high quality High deliverability Caley test flowed 11,000 bopd (maximum with equipment) Circulate gas by reinjection to support oil flow rate and total oil recovery
Slide 7: Standard Industry Concept: Proposed Dorado Development
11 DORADO DEVELOPMENT For personal use only STANDARD INDUSTRY CONCEPT Floating Production Storage & Offtake vessel (“FPSO”) 100,000~ bopd capacity 900,000~ barrel storage FPSO Gas compression equipment WHP Subsea infrastructure Well Head Platform (“WHP“) 16 slot capacity Wells Hosting 8-10 wells ini
Slide 8: 2020 Accomplishments
1 DORADO DEVELOPMENT For personal use only 2020 ACCOMPLISHMENTS Development Theme Selected CONVENTIONAL Oil produced via WHP and FPSO with gas injection Conventional industry development Stage 1 - oil Location & condensate Declaration Accepted Future stageto2Production Precursor – gas & LPG’s Licens
Slide 9: Current Position
11 DORADO DEVELOPMENT For personal use only CURRENT POSITION FPSO engineering & design Three parties in bid process WHP engineering & design FPSO Three parties in bid process WHP Subsea infrastructure Subsea infrastructure In engineering phase Wells Field optimization planning Well count and positio
Slide 10: Moving to FEED Phase Shortly
11 DORADO DEVELOPMENT personalPhaseuse only MOVING TO FEED PHASE SHORTLY Concept Define Evaluate Execute Produce Select (FEED) Assess the value of Generate concept Refine selected Execute the project Start-up and the opportunity alternatives, select concept, complete to achieve a fully operate the a
Slide 11: Strong Project Fundamentals
11 DORADO DEVELOPMENT For personal use only STRONG PROJECT FUNDAMENTALS Australian based asset Large resource Quality reservoir High initial flow rates Attractive Standard industry development Attractive investment Shallow water depth risk proposition Experienced operator proposition Low production
Slide 12: Under Investment an Upside Risk for Oil Prices
11 DORADO DEVELOPMENT For personal use only UNDER INVESTMENT AN UPSIDE RISK FOR OIL PRICES Short term oil price outlook improving slowly Demand recovering slowly from COVID-19 shock Large inventory stockpiles present Additional supply capacity exists Medium / long term oil price outlook is strong Oi
Slide 13: Bedout Exploration: Exciting New Sub-Basin
2 BEDOUT EXPLORATION For personal use only EXCITING NEW SUB-BASIN Extensive suite of opportunities Liquids rich petroleum system Multiple play types exist Lightly explored region High drilling success in current JV Carnarvon well positioned CVN an originator in unlocking sub-basin CVN holds 20%-30%
Slide 14: Bedout Exploration: New Seismic Opening Near Field Opportunities
2 BEDOUT EXPLORATION For personal use only NEW SEISMIC OPENING NEAR FIELD OPPORTUNIES Keraudren 3D acquired in 2019 New acquisition technique used Resulted in improved quality data Supporting better prospect imaging Key prospects near Dorado Attractive targets being matured Tie back & stand alone po
Slide 15: Exploration Portfolio: North West Shelf Focus
3 EXPLORATION PORTFOLIO For personal use only NORTH WEST SHELF FOCUS Broad exploration portfolio With a suite of different play types Low commitment holdings Acquired in low oil price cycles Valuable resource potential In shallow water & liquids focused High equity levels to farm down Enables approp
Slide 16: Diverse Portfolio: Buffalo Oil Field Opportunity
3 DIVERSE PORTFOLIO For personal use only BUFFALO OIL FIELD OPPORTUNITY Former oil field Produced 20 mmbbls Redevelopment Test unproduced attic Proposed Buffalo East-1 Robust economics Low cost development
Slide 17: Financial Overview: Strong Balance Sheet & Funding Options
4 FINANCIAL OVERVIEW For personal use only STRONG BALANCE SHEET & FUNDING OPTIONS Balance sheet remains strong Dorado oil & gas field Cash in excess of $110 million Very large resource No debt In Australia No material near term commitments Near field upside CVN holds 20% Capital management and matur
Slide 18: Questions
QUESTIONS For personal use only 1 2 3 4 DORADO BEDOUT EXPLORATION FINANCIAL DEVELOPMENT EXPLORATION PORTFOLIO OVERVIEW One of the largest oil discoveries New underexplored sub-basin on Attractive targets maturing Over $110m in cash, no debt on the North West Shelf in the the North West Shelf with mu
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