Carnarvon Energy Limited · ASX:CVN

Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (July 2019)

38 slides from Carnarvon Energy's investor presentation, Jul 24, 2019

1. Slide 1: Company update and equity raising

   Company update CARNARVON and equity raising PETROLEUM LTD Investor presentation July 2019 Not for release to US wire services or release in the United States ea 8 a ar a

2. Slide 2: Disclaimer

   Disclaimer CARNARVON PETROLEUM LTD This presentation (Presentation) has been prepared by Carnarvon Petroleum Limited ABN 60 002 688 851 (Carnarvon or the Company) and is dated 24 July 2019. Summary information This Presentation contains summary information about the Company's activities current as a

3. Slide 3: Disclaimer

   Disclaimer CARNARVON PETROLEUM LTD Past performance Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Future performance This Presentation contains certain “forward lookin

4. Slide 4: Disclaimer

   Disclaimer CARNARVON PETROLEUM LTD Information in this Presentation, including any forecast financial information, does not constitute investment, legal, tax or other advice, or a recommendation to investors or potential investors in relation to holding, purchasing or selling new shares in the Compa

5. Slide 5: Agenda

   Agenda CARNARVON PETROLEUM LTD Equity raising overview Company update Details of equity raising Annexure information Key risks Foreign selling restrictions

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13. Slide 13: Use of proceeds

    Use of proceeds CARNARVON PETROLEUM LTD — Cash as at 30 June 2019 74 Ongoing appraisal of the Dorado discovery 55 Institutional Placement Proceeds! 79 Dorado FEED and early development costs 70 General corporate purposes and contingencies 28 Total sources 153, Total uses 153, Proceeds from the Offer

14. Slide 14: Equity raising timetable

    Equity raising Timetable Event CARNARVON PETROLEUM LTD Date (2019)! Record date for SPP 7:00pm Sydney time, Tuesday, 23 July Trading halt and announcement of the Institutional Placement Wednesday, 24 July Institutional Placement executed Wednesday, 24 July Announcement of the outcome of the Institut

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18. Slide 18: Gross Unrisked Contingent Resources

    Gross Unrisked Contingent Resources 1C 2C 3C Oil and condensate (“liquids”) 86 162 285 (million barrels) For personal use only Free and associated gas (“gas”) 367 748 1,358 (billion standard cubic feet) Liquids and gas combined 176 344 614 (million barrels of oil equivalent) Refer to ASX announcemen

19. Slide 19: Portfolio: North West Shelf focus

    Portfolio North West Shelf focus Carnarvon has a North West Shelf focused strategy that leverages its substantial database and highly experienced technical team. This strategy has resulted in a maturing horizon of staged growth projects. Carnarvon also continues to advance a number of other prospect

20. Slide 20: 3D seismic line Dorado to Roc to Phoenix South

    3D seismic line CARNARVON Dorado to Roc to Phoenix South Dorado-1 2018 oil and gas Roc-2 Roc-1 Phoenix South 1,2,3 discovery 2016 gas discoveries 2014, 2016, 2018 oil + gas discoveries 80-90m water 100m water 135m water Roc-2 flow test — 7 - T G S } 3D seismic data inversion predicting the presence

21. Slide 21: For personal use only

    For personal use only WA-435-P WA-436-P Ara Ara, Bandy, Wallace, Bandy Grommit & Wallace East Indus & Lupi Lupi Indus Permian 2 Wallace East Permian 1 Grommit Mensa Cluster Wallace Mensa (ex P-1), Bottler, Peng & Bewdy Lund Bottler Tucana Mensa (ex P-1) Roc NE Bewdy Roc East Peng ROC Banks Pavo, Roc

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23. Slide 23: Gross and Net Resources

    For personal use only Gross Resources (100% basis) Oil & Condensate Natural Gas Barrels of Oil Equivalent MMbbl BCF MMboe 1C 2C 3C 1C 2C 3C 1C 2C 3C Dorado1 86 162 285 367 748 1,358 176 344 614 Roc2 12 20 35 205 332 580 48 78 137 Phoenix Project Sub-Total 98 182 320 572 1,080 1,938 224 422 751 Buffa

24. Slide 24: Prospective resources

    For personal use only Gross Resources (100% basis)1 Light Oil Natural Gas Barrels of Oil Equivalent Pg MMbbl BCF MMboe % P90 P50 Mean P10 P90 P50 Mean P10 P90 P50 Mean P10 Pavo 11 63 82 179 3 31 108 249 11 68 101 223 34% Apus Caley2 12 91 125 279 3 44 163 373 12 98 154 344 21% Apus Baxter2 6 52 105

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26. Slide 26: Key risks

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35. Slide 35: Foreign selling restrictions

    For personal use only This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country ou

36. Slide 36: Foreign selling restrictions

    Foreign selling CARNARVON restrictions Singapore United Arab Emirates PETROLEUM LTD This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document

37. Slide 37: Foreign selling restrictions

    Foreign selling CARNARVON restrictions United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets

38. Slide 38: Contact

    CONTACT HEAD OFFICE G Level 2,76 Kings Park Road West Perth WA 6005 +61 8 93212665 admin@cvn.com.au CARNARVON PETROLEUM LTD FOr Person

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