Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (March 2007)
19 slides from Carnarvon Energy's investor presentation, March 2007
Slide 1: Investor Update
Investor Update MARCH 2007 LEVERAGING OFF PHASE 1 SUCCESS Carnarvon Petroleum Limited
Slide 2: Key Assets
KEY ASSETS THAILAND Thailand permits Carnarvon 40% Net 40% interest in Phetchabun Basin 3 Producing Oil Fields Wichian Buri Si Thep Na Sanun East (POE-9 - new field discovery) 2 Large Onshore Exploration Permits EP 110 & EP 424 Carnarvon 35% 8,000 square kilometres Significant Oil Re
Slide 3: Structure and Personnel
STRUCTURE AND PERSONNEL Capital Structure Shareholders Shares on issue (ASX : CVN) 482 million Directors & Management 10% Options on issue (7 & 10c) 22 million Top 20 holding 28% Market Capitalisation: $42.3m (fully diluted) Cash on hand $1.7m (31 December 2006) Chairman: Peter Leonhardt Chartered
Slide 4: Share Price Performance
SHARE PRICE PERFORMANCE CVN Share Price from 1 Oct 2006 $0.12 35,000,000 Phase 2 programme Success at POE-6 expanded $0.10 Completion of 3D seismic exploration well 30,000,000 At Wichian Buri Phase 1 development drilling 25,000,000 $0.08 commences at Wichian Buri Share Price Volume 20,000,000 $0.06
Slide 5: Thailand Permits
THAILAND PERMITS SIRIKIT OIL FIELD Wichian Buri L33/43 Oil Field GAS PIPELINE RAILWAY HIGHWAY COASTLINE L44/43 L33/43 BANGKOK Oil trucked to Bangkok refinery 3 hr drive along multi lane highway CVN owns a large 40% interest in two large exploration licences in central Thailand Supportive Government
Slide 6: Oil Reserves
OIL RESERVES Oil Reserves as of 31 December 2005 Oil Reserves Gross Oil Reserves Net (mmbo) Carnarvon (mmbo) Proved 0.64 0.26 Probable 13.57 5.42 Total Proved + Probable 14.21 5.68 Possible (1) 54.55 21.82 Total Proved + Probable + Possible 68.76 27.50 Source : Gaffney Cline and Associates Reserve R
Slide 7: Success in Phetchabun Basin
SUCCESS IN PHETCHABUN BASIN Wichian Buri Wichian Buri Oil Field 6 wells successful 7 wells completed late 2006 5.68mmbo 2P 6 successful – 86% success rate POE-6 extension to Wichian Buri L33/43 Additional oil reserves identified, with production from virgin “G” and L44/43 “H” sands POE-6 P
Slide 8: Success in Phetchabun Basin
SUCCESS IN PHETCHABUN BASIN Phase 1 Drilling Programme – Summary of Results to date Max Production Rates from Well Phase 1 Testing (bopd) POE-2 37 Testing programme is still underway POE-1 31 POE-8 about to be opened POE-8 To Be Perforated Infrastructure modifications still being POE-6 34 made –
Slide 9: Phase 2 Programme Up to 37 Wells
PHASE 2 PROGRAMME UP TO 37 WELLS One wildcat well 2007 L33/43 exploration Intensive Drilling New 3D Seismic wells approx outline Programme Planned L33/43 Up to 37 wells planned in 7 Wichian Buri main areas L44/43 Oil Field Bo Rang Bo Rang Mix of development, appraisal Gas Field exploration and e
Slide 10: New Oil Field Discovery
NEW OIL FIELD DISCOVERY Na-Sanun East L44-G POE-9 well was the final well drilled as part of the Phase 1 programme An updip appraisal of the Na-Sanun-1 discovery in 1991 – flowed at rates of 1,400 bopd Drilling intersected 4 potential zones of volcanic or fractured reservoir at depths of: - 79
Slide 11: POE-9 Well Results
POE-9 WELL RESULTS 4 zones of intense fracturing in volcanic layers ZONE 1 Only one zone (#2) tested 17 metres of perforations in upper part of zone #2 tested Possible additional pay zone at ZONE 2 base of zone #2 not yet tested Interval tested 560 bopd restricted maximum production on tes
Slide 12: Na Sanun Appraisal Programme
NA SANUN APPRAISAL PROGRAMME Na Sanun-1 planned re-drill Na Sanun-1 drilled in 1994 Æ total depth of 1,550m Tested at maximum flow rate of 1,400 bopd from fractured volcanics at 950-975 metres Initially produced 100% oil Na Sanun-1 After 1.5 days flowed 100% water 3 Follow up What went wrong
Slide 13: Regional Exploration
REGIONAL EXPLORATION L44/43 Other Exploration Programme These are large permits 3 wells to be drilled in region of POE-9 discovery Northern - L44-W well targeting the13km2 Bo Rang structural closure part not - L44-R and L44-V to target separate nearby structural closures of 4km2 and yet 6.5km2 exp
Slide 14: Phase 2 Programme - Up to 37 Wells
PHASE 2 PROGRAMME - UP TO 37 WELLS Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Fe Early Monsoon Peak Monsoon Drilling (Aztec Rig #7) NS-3 NS-4 ST-2 L33-D L44-H L44-V L44-W L44-C L44-E L33-1 L33-2 ST-3 Na Sanun East Development Drilling (Aztec Rig #14) L44-G NS-D2 NS-D3 NS-D4 NS-D5 ST-4D ST-5D L33-3
Slide 15: Likely Project Economics
LIKELY PROJECT ECONOMICS Phetchabum Basin Oilfields - CVN Cashflow Analysis $40,000,000 $35,000,000 $30,000,000 Annual Net Cashflow CVN $25,000,000 2,590 BOPD funds 4 $20,000,000 wells / month $15,000,000 $10,000,000 $5,000,000 $0 800 1,500 2,590 3,000 5,000 -$5,000,000 -$10,000,000 -$15,000,000 BOP
Slide 16: Exploration Potential
EXPLORATION POTENTIAL CVN is significantly undervalued based on reserves and exploration potential 37 well programme planned for 2007 – Phase 2 Phase 2 exploration unrisked potential net CVN (P50) 64 mmbbls Phase 2 exploration potential (net CVN) risked conservatively at 25% 16 mmbbls Value of explo
Slide 17: 2007 – More to Come
2007 – MORE TO COME 2007 - planned drilling of up to 37 wells (Phase 2) More 2 drilling rigs & 1 workover rig contracted – drilling to commence this month Drilling Plan up to 4 wells per month Continuous drilling remainder 2007 More Another 3D seismic survey being planned for June/July 200
Slide 18: Contacts
CONTACTS Ted Jacobson Peter Leonhardt Managing Director Chairman Phone (08) 9321 2665 Phone (08) 9321 2665 Fax (08) 9321 8867 Fax (08) 9321 8867 Email tjacobson@carnarvonpetroleum.com Email pleonhardt@carnarvonpetroleum.com Carrick Ryan Dale Bryan Institutional Adviser Corporate Finance Manager Phon
Slide 19: Important Notice
IMPORTANT NOTICE This presentation has been prepared by Carnarvon Petroleum Limited. This presentation contains forecasts and forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are r
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