Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (March 2002)
18 slides from Carnarvon Energy's investor presentation, March 2002
Slide 1: New Funding Arranged for Thai Oil Field Phase 2 Development
Carnarvon Petroleum New Funding Arranged for Thai Oil Field Phase 2 Development Investor Presentation March 2002
Slide 2: Executive Personnel
Executive Personnel Dr Ken Tregonning (BSc(Hons), PhD) –Managing Director • Two decades international oil and gas experience in S.E.Asia, Australasia, UK, Europe, USA etc. • Petroleum and reservoir engineering, economics and management • Former Executive Director of Australasian oil exploration comp
Slide 3: Corporate Vision
Corporate Vision • Carnarvon has undergone a paradigm shift from being an explorer to being a producer • Our goal is to identify, evaluate and acquire undervalued assets – Acquire producing properties with upside potential – Concentrate on the Asian/Australasian initially – Expand into the worldwide
Slide 4: Carnarvon Recent History
Carnarvon Recent History • Sold Perth Basin permits to AusAm Resources in 2000 • Acquired Block SW1A in Thailand • Applied for Blocks L44/43 & PL2 in Thailand • Sold majority of Carnarvon Basin permits to Apache Energy in 2001 • Currently marketing PNG permits for sale 4
Slide 5: Carnarvon SW1A History
Carnarvon SW1A History • Acquired 40% interest in SW1A concession in late 2000 for US$1.6M including 80% of the cost of drilling two new wells (WB-N1, WB-N2) • Since spent a further US$0.25M in drilling WB-N3 • All three new wells discovered oil in F Sandstone formation with additional hydrocarbons
Slide 6: SW1A Concession: Background Information on SW1A
SW1A Concession Background Information on SW1A (Carnarvon 40% Interest)
Slide 7: SW1A Location Map
SW1A Location Map • Block SW1A lies in central Thailand some 250 kms north of Bangkok • Travel is by road over sealed highway • Travel time is approximately 3 hours 7
Slide 8: SW1A Production Licences
GREATER WICHIAN BURI BO RANG GAS FIELD CARNARVON PETROLEUM NLL. ABN 60 002 688 851
Slide 9: Depositional Model
Depositional Model N 3 1 3 4 Increasing reservoir 3 potential N & W WBN1 5 6 WBN2 WBN3 2 4 WBA1 WB1 2 7 9
Slide 10: Current Oil Producing Portfolio
Current Oil Producing Portfolio • Thailand, SW1A: – 30 MMBO remaining recoverable oil reserves (10 MMBO Proved; 56MMBO upside) – WB-N1, WB-N2 & WB-N3 have producible oil – Current production rate under-performing at approximately 200 BOPD from 4 wells (WB-N1 shut-in pending award of PL2) – Current o
Slide 11: SW1A Drilling History
SW1A Drilling History • Since Carnarvon acquired 40% interest in SW1A in December 2000: Well Date Perforation/Oil Zone Interval WB-N1 April 2001 921 – 961m WB-N2 June 2001 928 – 1010m WB-N3 February 2002 966 – 1010m February February (F Sandstone Intersection – Oil 200333 200333 Bearing) 11
Slide 12: Funding: US$2M Funding Arranged for Phase 2 Development
Funding US$2M Funding Arranged for Phase 2 Development of Wichian Buri Oil Field
Slide 13: Broad Terms of Funding
Broad Terms of Funding • Funding provided by Gemini Oil & Gas Limited, an oil and gas financing specialist • US$2M available to drill up to 4 new wells within PL1 and, when awarded, PL2 • Drilling to commence once approved Work Program & Budget agreed by JV Partners and long-lead items acquired • Li
Slide 14: Broad Terms of Funding (Cont.)
Broad Terms of Funding (Cont.) • JV Partners to make payments based on a percentage of sales exclusively from the F Sandstone formation within PL1 & PL2 • Production from wider SW1A acreage and other oil-bearing formation is expressly excluded (i.e. unencumbered) • Percentage rate reduces once payme
Slide 15: Broad Terms of Funding (Cont.)
Broad Terms of Funding (Cont.) • Gemini funding is all “at risk” money: No obligation to repay the principal in the (unlikely) event that the development program is a commercial failure • Only encumbrance is on production licences PL1 and PL2 15
Slide 16: What Does it Mean to the SW1A JV?
What Does it Mean to the SW1A JV? • Momentum to the Joint Venture • Cost-effective development program • Production output of 1,000 BOPD targeted • Self-funding of future development programs • Better pricing for oil sales generated by the Joint Venture 16
Slide 17: What Does it Mean to Carnarvon?
What Does it Mean to Carnarvon? • US$ 0.8M (40% of US$2M) of “no-risk” funding of its share of the SW1A JV Phase 2 development • No need to raise capital to fund SW1A development • Focus on production improvement strategies for SW1A • Capacity to actively look for other investment opportunities 17
Slide 18: Contact Details
Contact Details Ken Tregonning Ph 03 9824 2104 David Orth Ph 03 9824 2104 Len Troncone Ph 08 9288 4522 Website : www.carnarvon.com.au 18
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