Carnarvon Energy Limited · ASX:CVN
Carnarvon Energy — Shareholder Meeting (November 2023)
24 slides from Carnarvon Energy's shareholder meeting presentation, Nov 17, 2023
Slide 1: CEO presentation – 2023 Annual General Meeting
ASX AN NOUN CE MEN T CEO presentation – 2023 Annual General Meeting 17 November 2023 In accordance with Listing Rule 3.13.3, Carnarvon Energy Limited (Company) is pleased to provide the attached presentation to be given by the Managing Director and CEO, Mr Adrian Cook, at the Company’s Annual Genera
Slide 2: For personal use only
Through organic growth, Carnarvon Energy Limited (Carnarvon) holds multiple compelling development projects in Western Australia. Projects that investors typically gain exposure to through investments in large oil and gas companies. Where an investment in Carnarvon differs from an equivalent in a la
Slide 3: For personal use only
The key to the outperforming value for these resources is in their optionality to utilise the planned Dorado production facilities. This ensures the facility’s usage continues at optimal capacity for a number of years, with relatively minimal additional associated costs. Beyond the Pavo region, four
Slide 4: From Explorer to Producer: Business Update
For personal use only P ROGRESSI NG FRO M A N N UA L G E N E R A L M E E T I N G E X PLORER TO PRO D U C ER B U S I N E S S U P DAT E ASX:CVN 1 7 N OV E M B E R 2 0 23
Slide 5: Carnarvon Energy Introduction
INTRODUCTION COMPELLING EXTENSIVE GROWTH POSITIONED TO For personal use only DEVELOPMENTS IN PROSPECTS IN FUND DORADO DORADO & PAVO THE BEDOUT DEVELOPMENT • 200 mmbbls (gross, 2C) • 9 Tcf in gas prospects • A$183m in cash (no debt) (gross, Pmean, unrisked)* • Target <US$5/bbl in • A$138m in CPC carr
Slide 6: Underlying Portfolio Value
UNDERLYING PORTFOLIO VALUE ATTRACTIVE LOOK-THROUGH COMPONENTS ACROSS THE PORTFOLIO BEDOUT 700 05 EXPLORATION For personal use only ADDITIONAL 600 04 10% HELD BY CVN IN CPC PAYMENT 500 03 & CARRY PAVO ETC LOOK-THROUGH $A MILLION 400 ON RETAINED CPC CARRY ASSETS 02 BENEFIT 300 OF A$138M 200 CASH OF 01
Slide 7: Dorado Phase 1 Liquids Development
DORADO DORADO FACILITY DESIGN & COST PHASE 1 LIQUIDS • Base case 100,000 bopd DEVELOPMENT • Optimisation and reducing overall cost under review For personal use only ENVIRONMENT PLANS – INDUSTRY & PROJECT • Industry working through approval processes • Dorado EP approval process has commenced CARNAR
Slide 8: Pavo Through Dorado Facilities
PAVO THROUGH DORADO FACILITIES PAVO-1 (NORTH) PAVO-2 (SOUTH) PAVO CLUSTER For personal use only • 43 mmbbls (gross, 2C) • 66mmbbls (gross, Pmean)* • 243mmbbls excluding Pavo (gross, Pmean)* • Compelling value proposition • Drilling southern prospect in consideration • Value proposition is enhanced v
Slide 9: Significant Exploration Upside
WALLACE ARA WENDOLENE STARBUCK PAVO SOUTH * EXPLORATION UPSIDE • 238 BSCF gas • 549 BSCF gas • 507 BSCF gas • 101 MMBBLS • 66 MMBBLS and 11 MMBBLS and 91 MMBBLS and 83 MMBBLS liquids and liquids and liquids liquids liquids 215 BSCF gas 10 BSCF gas • Potential to • Potential to • Potential to • Poten
Slide 10: Phase 2 Gas Development
PHASE 2 GAS DEVELOPMENT SIGNIFICANT VALUE MULTIPLE PATHS For personal use only IN THE GAS TO COMMERCIALITY • Gas discovered in • Domestic gas potential via Dorado and Roc fields existing infrastructure or new gas processing plant onshore • Exploration to be pursued to enhance development • Phase 1 l
Slide 11: Additional Value Opportunities
ADDITIONAL VALUE OPPORTUNITIES CARBON ACCU’S RENEWABLE PRODUCTION For personal use only OFFSETS & CARBON FUELS ASSETS PROJECTS • Safeguard Mechanism • 20,000 acquired • Strong customer • Screening opportunities (financial assets) interest • Acquire or develop • Requires compelling CARNARVON ENERGY •
Slide 12: Upcoming Catalysts
UPCOMING CATALYSTS EXPLORATION DRILLING DORADO For personal use only FINAL Focused on DORADO CAPEX & FID maturing a DEBT selection of the DORADO FINANCE Targeting final five prospects PROGRESS capex and FID ASSET TOWARD FID Process expected ready in 2024 DIVESTMENT to recommence CARNARVON ENERGY Mil
Slide 13: Wrap Up. From Explorer to Producer
FROM EXPLORER TO PRODUCER CARNARVON’S FOCUS ON FINANCIAL VALUE GENERATION STRENGTH For personal use only EXPLORATION GROWTH PAVO DEVELOPMENT CARNARVON ENERGY DORADO Wrap Up. DEVELOPMENT 10
Slide 14: Contingent & Prospective Resource Estimates – Appendix 1
For personal use only CONTINGENT & PROSPECTIVE RESOURCE ESTIMATES CARNARVON ENERGY — APPENDIX 1 — 11
Slide 15: Bedout Basin Contingent Resources
BEDOUT BASIN CONTINGENT RESOURCES GROSS BASI S LIGHT OIL & CONDENSATE FREE & ASSOCIATED GAS BARRELS OF OIL EQUIVALENT MMSTB MMSTB MMSTB BSCF BSCF BSCF MMBOE MMBOE MMBOE Resource Permit 1C 2C 3C 1C 2C 3C 1C 2C 3C For personal use only Dorado WA-437-P 86 162 285 367 748 1,358 176 344 614 Pavo WA-438-P
Slide 16: Bedout Basin Prospective Resources – Ara Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* ARA CLUSTER GR OS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Bandy WA-435-P 10% 31% 45 286 399 911 6 41 66 160 15 96 137 316 42
Slide 17: Bedout Basin Prospective Resources – Wallace Cluster Gross
BEDOUT BASIN PROSPECTIVE RESOURCES* WALL ACE CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 3 123 205 524 0 5 10 26 1 28 46 118 7
Slide 18: Bedout Basin Prospective Resources – Wallace Cluster Net
BEDOUT BASIN PROSPECTIVE RESOURCES* WALL ACE CLUSTER NE T VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Gromit WA-435-P 10% 15% 0 12 21 52 0 1 1 3 0 3 5 12 1 Wallace Ea
Slide 19: Bedout Basin Prospective Resources – Wendolene Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* WEND OLEN E CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Mensa B WA-435-P 10% 58% 3 21 44 105 2 12 25 55 3 16 30 73
Slide 20: Bedout Basin Prospective Resources – Starbuck Cluster Gross
BEDOUT BASIN PROSPECTIVE RESOURCES* STARBUCK CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean For personal use only P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 7 55 136 363
Slide 21: Bedout Basin Prospective Resources – Starbuck Cluster Net
BEDOUT BASIN PROSPECTIVE RESOURCES* STARBUCK CLUSTER NE T VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean For personal use only P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Fall Line WA-436-P 20% 48% 1 11 27 73 1 7
Slide 22: Bedout Basin Prospective Resources – Pavo South Cluster
BEDOUT BASIN PROSPECTIVE RESOURCES* PAVO SOUTH CLUSTER G ROS S VOLU ME S Gas (Bscf) Liquids (mmbbls) Barrels of Oil Equivalent (mmboe) Risked Prospect Permit CVN Equity Pg (%) Mean P90 P50 Pmean P10 P90 P50 Pmean P10 P90 P50 Pmean P10 mmboe Taurus WA-437-P 10% 38% 15 84 102 215 1 4 5 11 3 19 23 49 9
Slide 23: Disclaimer
DISCLAIMER CONTINGENT AND PROSPECTIVE RESOURCES very optimistic estimate, due to the portfolio effects of control of, change without notice, and may be unknown to Carnarvon and its related bodies corporate and their The resource estimates outlined in this presentation are arithmetic summation. Prosp
Slide 24: Carnarvon Energy contact details
For personal use only CARNARVON ENERGY L EVE L 2 76 KINGS PA RK ROAD AD M I N@CVN .COM . AU WEST PE RTH WA 6005 + 6 1 8 932 1 2665 WWW.CARNAR VON.COM . AU 21
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