Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Non-Deal Roadshow (February 2024)
26 slides from Carnarvon Energy's roadshow presentation, Feb 8, 2024
Slide 1: Corporate presentation
ASX AN NOUN CE MEN T Corporate presentation 8 February 2024 Carnarvon Energy Limited (Carnarvon) is pleased to provide the attached presentation to be given to institutional investors by Carnarvon’s new CEO, Mr Philip Huizenga, and CFO, Mr Alex Doering. The presentation is intended as an opportunity
Slide 2: Investor Presentation
Investor Presentation ASX: CVN
Slide 3: Disclaimer
Disclaimer P R E S E N T A T I O N Contingent and prospective resources No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular no representation, warranty or assumption, express or implied, is given in relation to an
Slide 4: Advance Dorado and pursue opportunities to realise value for shareholders
P R E S E N T A T I O N I N V E S T O R Carnarvon’s core business is simple: Advance Dorado and pursue opportunities to realise value for shareholders 3
Slide 5: Key Strategic Elements
P R E S E N T A T I O N Key Strategic Elements I N V E S T O R Strong Reduced Maximise Refreshed World-Class Balance Costs Value Board Asset Sheet 4
Slide 6: Balance sheet strength underwrites valuation
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N Balance sheet strength underwrites valuation I N V E S T O R Cash Debt Capital Free Carry from CPC UNDERPINS A$176m Nil A$138m (US$90m) CURRENT 1 = 9.5¢ per share = 7.7¢ per share SHARE PRICE
Slide 7: Cost reductions already implemented
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N Cost reductions already implemented I N V E S T O R 2023 ~30-40% p.a Balance sheet preserved ACTUAL • Core focus is on realising value of Dorado and Bedout Sub-basin – no new material acquisit
Slide 8: Identify and actively pursue all value realisation opportunities
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N Identify and actively pursue all value realisation opportunities I N V E S T O R Board is focused on Full field development, realising maximum project sale or corporate shareholder value trans
Slide 9: Attractive look-through value
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET Attractive look-through value P R E S E N T A T I O N Exploration upside 600 Additional 10% I N V E S T O R held in Pavo etc 500 CPC payment and carry look-through on retained assets A$ MILLION 400 Current Market Cap
Slide 10: Refreshed Board aligned on strategy
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N I N V E S T O R Bill Foster Gavin Ryan Russell Delroy Will Barker Philip Huizenga Alex Doering Chair Non-Executive Director Non-Executive Director Non-Executive Director Chief Executive Office
Slide 11: Bedout Basin investment case
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N Bedout Basin investment case I N V E S T O R World-Class Experienced Strong Cash Asset Operator Generation Australia’s largest Santos is a highly Phase 1 liquids development undeveloped conven
Slide 12: Asset overview
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET North-Western Australia Asset overview P R E S E N T A T I O N Bedout sub-Basin DORADO (10% WI) ▪ 2C liquids resource estimate of 162 MMbbls (gross) I N V E S T O R Bedout Sub-basin Discovered Assets CVN held permits
Slide 13: Dorado Phase 1 liquids development
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET Dorado Phase 1 liquids development P R E S E N T A T I O N Dorado is a shallow water liquids development with scale and expected low per barrel costs I N V E S T O R 12
Slide 14: Pavo development – next in line
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET Pavo development – next in line P R E S E N T A T I O N D o ra d o W H P D o ra d o F P S O P a v o field I N V E S T O R Pavo discovery Pavo South undrilled prospect Pavo planned to be produced via Dorado infrastruc
Slide 15: Substantial exploration upside
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET Substantial exploration upside* P R E S E N T A T I O N Acreage in Bedout Sub-Basin N Gross Mean Recoverable by Well and Cluster (mmboe) WA-436-P (20%) I N V E S T O R CVN held permits Ara 189 723 WA-435-P (10%) Ara
Slide 16: Why invest
STRONG BALANCE SHEET REDUCED COSTS MAXIMISE VALUE REFRESHED BOARD WORLD-CLASS ASSET P R E S E N T A T I O N Why invest I N V E S T O R World class Strong balance Focus on asset with sheet underpins maximising significant upside value proposition shareholder value Compelling developments in Total liq
Slide 17: Philip Huizenga
Philip Huizenga Chief Executive Officer E: investor.relations@cvn.com.au T: +61 8 9321 2655 Level 2, 76 Kings Park Road, West Perth, WA, 6005 admin@cvn.com.au www.carnarvon.com.au 16
Slide 18: Appendices
Appendices 17
Slide 19: Bedout Basin Contingent Resources
Bedout Basin Contingent Resources I N V E S T O R P R E S E N T A T I O N 18
Slide 20: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 19
Slide 21: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 20
Slide 22: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 21
Slide 23: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 22
Slide 24: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 23
Slide 25: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 24
Slide 26: Bedout Basin Prospective Resources
Bedout Basin Prospective Resources* P R E S E N T A T I O N I N V E S T O R * Refer to cautionary statement on slide 11 25