Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Carnarvon Petroleum — Investor Presentation (February 2012)
29 slides from Carnarvon Energy's investor presentation, Feb 22, 2012
Slide 1: Investor Presentation
Investor Presentation 22 February 2012 For personal use only ASX ANNOUNCEMENT Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide shareholders with the attached Presentation given by Mr Adrian Cook, Carnarvon Managing Director, at the Hartleys Office, Level 6 No.141 St Georges
Slide 2: Investor Presentation February 2012
For personal use only Investor Presentation February 2012
Slide 3: Business overview
Business overview Strategic focus For personal use only Material equity interests Onshore & shallow offshore S.E Asia & Australia Conventional oil & gas Production, appraisal & exploration Key assets Oil production & exploration in Thailand Gas exploration / appraisal offshore WA 2
Slide 4: Corporate overview
Corporate overview For personal use only As at 17 February 2012 Shareholder base Shares on issue 693.3 million Foreign Held by directors & staff 69.0 million institutions Domestic 6% Market capitalisation (A$0.11 / share) A$76 million institutions 9% Directors Liquidity (% of stock traded pe
Slide 5: Production Thailand
Production Thailand CVN has a base of oil production in Thailand For personal use only primarily from fractured volcanic reservoirs Sandstone reservoir drilling program scheduled for Q1, 2012 Active drill program also covers exploration and appraisal of volcanic reservoirs supported by new t
Slide 6: Exploration / appraisal Australia
Exploration / appraisal Australia WA-435-P & WA-437-P For personal use only Proven petroleum systems in mid Triassic Gas discovery in WA-435-P in 1980 Phoenix 1 well Gas charged in all sands below 4,113 mRT (>767 m) Gas appraisal and exploration targets with possible oil Proven Triassic
Slide 7: Exploration Australia (WA-436-P, WA-438-P & WA-443-P)
Exploration Australia (WA-436-P, WA-438-P & WA-443-P) Fugro acquiring substantial new 3D seismic data (~4,289 km2) For personal use only New 3D seismic area covers the Bandy, Manilya and Salamander leads Maturing of these permits naturally follows the Phoenix farm-out Salamander Structure Acqu
Slide 8: Exploration Thailand (L20/50)
Exploration Thailand (L20/50) Post well technical work For personal use only complete Significant number of leads identified with good reservoir-seal pairs Leads support material Migration from depocentre volumes Concession is in working petroleum system Plans to acquire 3D seismic late 20
Slide 9: Exploration Thailand (L52/50 & L53/50)
Exploration Thailand (L52/50 & L53/50) For personal use only Close proximity to prolific offshore basins in the Gulf of Thailand New 2D seismic data acquired and processed Pre-seismic interpretation supports material structures in carbonate plays akin to offshore basins Potential for materia
Slide 10: 2012 priorities
2012 priorities Production – Thailand – base production + options to increase For personal use only Volcanic reservoir Continue drilling high flow appraisal & development targets Technologies Trial technologies to mitigate water incursion & stabilise flow rates Sandstone reservoir Drilling to
Slide 11: Annexure: Thailand Production
For personal use only Annexure 1 Thailand Production L44/43 & L33/43 Concessions in Thailand 10
Slide 12: Production – positives onshore Thailand
Production – positives onshore Thailand For personal use only Hydrocarbons present Low operating costs Low cost drilling Easily scalable operations World class operating environment Stable fiscal terms High margin operations (500 bopd well pays back in ~ one month) 11
Slide 13: Production – nature of volcanic reservoirs
Production – nature of volcanic reservoirs Multi field production has an underlying base For personal use only New wells required to maintain higher flow rates Due to nature of well flow rate declines & water incursion 2011 drilling in the WBEXT area didn’t mitigate declines Focus on recov
Slide 14: Production – technologies
Production – technologies The JV is exploring whether For personal use only modern technologies can help Objectives: Better identify oil bearing volcanic fractures Maximise oil flow and long term recovery Minimise the effect of water incursion Currently trialing inflow control devices IC
Slide 15: Production – sandstone reservoirs
Production – sandstone reservoirs Oil has been produced from Wichian Buri (“WB”) field since 1995 For personal use only New sandstone reservoir (“SST”) discovered in late 2010 in the WB extension area (“WB EXT”) WB EXT SST now appraised and modelled for development Currently awaiting environ
Slide 16: Production - 2012 L44/33 Planned Drilling Program
Production - 2012 L44/33 Planned Drilling Program For personal use only * * * * * Waiting on environmental approvals for development 15
Slide 17: Production - WBEXT E Sand Development
Production - WBEXT E Sand Development 4 producers, 40-500 bopd per well For personal use only in fault compartments I & II 8 initial development locations in compartments I & II 1 gas discovery (WBEXT-1F) with down dip oil most likely in compartment IV Prospect Low Mid High name MMbbls MMbbls
Slide 18: Annexure: Exploration / Appraisal Australia
For personal use only Annexure 2 Exploration / Appraisal Australia WA-435-P & WA-437-P Permits in Western Australia 17
Slide 19: Phoenix asset – Western Australia
Phoenix asset – Western Australia Material Interests + Large Acreage + Discovered Gas For personal use only Prospects of ~5.5 Tcf original gas in place The “Phoenix” asset refers to Carnarvon’s Water depths of ~140m 50% interest in the WA-435-P, WA-436-P, WA-437-P and WA-438-P Permits and its
Slide 20: Phoenix asset – 3D seismic showing key structures
Phoenix asset – Western Australia 3D seismic clearly showing key structures For personal use only 19
Slide 21: Phoenix asset – Routes to Realise Value
Phoenix asset – Western Australia For personal use only Routes to Realise Value Explore and Other Develop Options Asset Domestic Liquids LNG Feed Domestic Asset LNG Project realisation Gas Stripping Supply Gas Swaps Swaps (all or part) Significant volume potential • Strong interest in farmout incl
Slide 22: Phoenix asset – Western Australia
Phoenix asset – Western Australia For personal use only The “Phoenix” asset refers to Carnarvon’s 50% interest in the WA-435-P, WA-436-P, WA-437-P and WA-438-P Permits and its 100% interest in the WA-443-P Permit The time line above is indicative only 21
Slide 23: Annexure: L20/50 Permits in Thailand
For personal use only Annexure 3 L20/50 Permits in Thailand 22
Slide 24: Basin Modelling
Basin Modelling Thermal history calibrated with temperature data from 5 wells For personal use only Conceptual basin model calibrated with seismic and regional geology Generation scenarios calibrated with geochemistry from 3 wells Kitchen defined in deepest and thickest part of basin Charg
Slide 25: Mapped Horizons
Mapped Horizons For personal use only Reservoir sequences mapped after 2011 drilling 24
Slide 26: Prospective Areas
Prospective Areas This fault dependent closures For personal use only exists at all levels. Two faults are needed to seal greater compartment, while smaller closure depends on sealing on only one fault. Clear migration through to fault compartments. These fault dependent closures exist at Levels TK2
Slide 27: Lead Summary
Lead Summary ~40 Structural features have been identified from post-drill For personal use only interpretation of all of the available seismic data Sizes of individual leads range up to estimated >70MMBBL OOIP Some closures exist through more than one mapped horizon, creating the potential for
Slide 28: Example lead
Example lead KT3-15 For personal use only TK2-5 Requires 3D seismic to unravel structural complexity 27
Slide 29: For personal use only
For personal use only Ground Floor 1322 Hay Street West Perth WA 6005 Telephone: +61 (8) 9321 2665 Fax: +61 (8) 9321 8867 www.carnarvon.com.au
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