Carnarvon Energy Limited · ASX:CVN

Carnarvon Energy — Carnarvon Petroleum — Shareholder Meeting (November 2012)

27 slides from Carnarvon Energy's shareholder meeting presentation, Nov 16, 2012

  1. Slide 1: Annual General Meeting

    For personal use only Annual General Meeting 16 November 2012 1

  2. Slide 2: Chief Executive Officer address

    For personal use only Chief Executive Officer address 16 November 2012 2

  3. Slide 3: Strategy

    Strategy For personal use only  Build sustainable production  From conventional sandstone reservoirs  From new approach to igneous (ie volcanic) reservoirs  Maximise free cash flows and earnings  From Thailand production  Invest in significant growth potential assets  Thailand oil field devel

  4. Slide 4: Regional assets

    Regional assets Thailand Western Australia For personal use only L44/43 & L33/43  Established oil province  Established gas province L20/50  12 mmbbls(1) net CVN on 2P  Phoenix-1 discovery basis  Two large prospects to drill L52/50 &  Undrilled prospects L53/50  Farmed out to Apache & JX  50

  5. Slide 5: Production driving the share price

    Production driving the share price For personal use only bopd WBEXT Volcanic wells $ shut in (Jan 11) & reintroduced (Mar 11) New volcanic wells 7,000 unable to increase 0.6 production in 2011 & 2012 based on 6,000 previous approach Pan Orient 0.5 commenced sale process late 2011 5,000 ALRO wells sh

  6. Slide 6: What will drive production

    What will drive production Activities targeting 3,000 bopd by 31 December 2012 For personal use only 1. Return ALRO shut-in wells to production 2. Systematic development of WBEXT 1B fault block sandstone wells 3. Pressure support for sandstone with water injection Activities aimed at stabilising & b

  7. Slide 7: Carnarvon Board and Management Team

    Carnarvon Board and Management Team For personal use only Non-Executive Directors Management Peter Leonhardt Adrian Cook Chairman CEO & Managing Director Accounting & Finance & commercial finance background background Philip Huizenga Bill Foster COO Non Executive Director Reservoir engineering Engin

  8. Slide 8: Investment proposition

    Investment proposition 1,000 For personal use only 900 800 700 600 Key growth $’m opportunities 500 400 300 200 Towngas implied value for 40% 100 of L44 & L33 CVN Enterprise - Value Proved Probable Possible Prospective NWS NWS leads reserves reserves reserves resources prospects Volumes (net mmboe)

  9. Slide 9: Thailand L44/43 and L33/43 (40% CVN)

    For personal use only Thailand L44/43 and L33/43 (40% CVN) 9

  10. Slide 10: New operator - Towngas

    New operator - Towngas Hong Kong and China Gas Limited (“Towngas”): For personal use only  Towngas is a energy utilities and infrastructure group with an increasing number of upstream energy businesses in Asia.  Listed on the Hong Kong stock exchange - market capitalisation ~US$20bn  Interests in

  11. Slide 11: Short term work program

    Short term work program  Sandstone development program covering 1B fault block, commenced end July 2012 For personal use only  Infill fractured igneous wells  Exploration wells  Workover initiatives in 100+ shut-in wells … and anticipated production growth … Area of production Gross anticipated

  12. Slide 12: Reintroducing ALRO production

    Reintroducing ALRO production ALRO subsurface area dominated by Bo For personal use only Rang dome – connection to aquifer by edge drive results in no early water ingress  Agricultural Land Reform Office (“ALRO”) authorised exploration wells but was unclear on “development”  Working to reintroduce

  13. Slide 13: WBEXT sandstone - 2012

    WBEXT sandstone - 2012 L33/43 Concession Wichian Buri Extension (“WBEXT”) Field For personal use only 1F fault block: 2013 1E fault block: development 2013 development 1B 1B fault block: 2012 development The 1B fault block is part of the WBEXT field and is the focus of the 2012 development program.

  14. Slide 14: WBEXT 1B fault block

    WBEXT 1B fault block For personal use only WBEXT-1B fault block expected to flow WBEXT-1B fault block 800 bopd by end December 2012 from: • 7-8 wells producing 50-150 bopd each • 3-4 wells injecting To mid November: • 9 wells drilled (6 testing various zones – 3 yet to test) • 1 well about to spud •

  15. Slide 15: Thailand L52/50 and L53/50 (50% CVN)

    For personal use only Thailand L52/50 and L53/50 (50% CVN) 15

  16. Slide 16: L52/50 & L53/50

    L52/50 & L53/50 Northern Chumphon Basin Schematic For personal use only Nang Nuan B-01 B B’ B B’ “Buried Hill” Permian Limestone Play 1 25km (Nang Nuan Oil Field) (Adapted From Thai Shell, 1994) A A’ Interpreted line through Khian Sa Basin “Buried Hill” Permian 1 25km Limestone Play 1 20km Interpret

  17. Slide 17: Thailand activity

    Thailand activity For personal use only Forward work program  Develop WBEXT Sandstone commencing with 1B fault block  Acquire additional 3D Seismic in L33/43  Longer term, pursue stable 4,000 to 5,000 bopd from each of L33/43 & L44/43 Key Activities Dec Qtr 2012 Mar Qtr 2013 Jun Qtr 2013 Sept Qtr

  18. Slide 18: North West Shelf

    For personal use only North West Shelf WA-435-P & WA-437-P = 20% CVN (1) WA-436-P & WA-438-P = 50% CVN WA-443-P = 100% CVN (1) blocks recently farmed out 18

  19. Slide 19: Opportunity to enter region now limited

    Opportunity to enter region now limited • Woodside For personal use only • Shell • Repsol • Apache & JX Nippon Near top gas (241T) depth surface Oil and gas majors committed to • Carnarvon from the Phoenix 3D seismic survey acquire ~20,000 km2 of new 3D - First mover - Discovered gas seismic and dri

  20. Slide 20: Recent farmout

    Recent farmout  Apache acquired 40% interest and will Operated by international oil & gas major For personal use only operate the WA-435-P and WA-437-P permits, including drilling of the wells  JX Nippon acquiring 20% interest Support from experienced NWS player  Carnarvon and Finder retain 20% i

  21. Slide 21: Significant volumes in drill prospects

    Significant volumes in drill prospects Mudlog gas wetness ( C2+ / total gas stream )  Proven Triassic gas resource with Gas Initially In For personal use only -20%- Place (“GIIP”) estimate of 870 BCF (highside) at Condensate-gas ratio (bbls/mcf) Phoenix-1.  Prospect highside GIIP estimates for Pho

  22. Slide 22: The bigger potential

    The bigger potential  Potential new oil and gas fairway between the For personal use only Carnarvon and Browse Basins on the North West Shelf covering 28,000km2 of CVN interests.  Oil and gas discovered in the area with gas in Carnarvon’s WA-435-P permit and oil in the adjoining permit (namely in

  23. Slide 23: North West Shelf activity

    North West Shelf activity For personal use only Forward work program  Completed farmout of Phoenix South & Roc prospects (in WA-435-P & WA-437-P)  Licence additional 3D seismic data to commence next round of farmouts  Drill Phoenix South and Roc prospects  Pursue oil play across the blocks Key A

  24. Slide 24: Recap 2012 + Highlights

    Recap 2012 + Highlights For personal use only 24

  25. Slide 25: 2013 Goals

    For personal use only 2013 Goals 25

  26. Slide 26: Disclaimer

    Disclaimer The information in this document, that relates to oil exploration results and reserves, is based on information compiled by the Company’s Chief For personal use only Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga consents to the inclusion of

  27. Slide 27: 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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