Disclaimer The Resource estimates outlined in this report have been prepared by the Companys Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the Company. Mr Huizenga has over 25 years experience in petroleum…
Corporate snapshot High alpha leverage to oil sector Specialist explorer with a pipeline of projects Two projects progressing to commercialisation 3 Carnarvons Roc-2 appraisal well testing oil and gas flows in 2016
Corporate 1. ASX ticker CVN Shareholder analysis at 31 Dec 2017 2. Shares on issue 1,028 million 3. Share price (2/3/18) 13.5 cents 4. Market capitalization (2/3/18) 139 million 5. Cash on hand (31/12/17) 49 million 6.…
2018 Focus Phoenix project April Phoenix South-3 well oil & gas appraisal May Dorado-1 well oil & gas exploration Buffalo project Buffalo-10 well planning low risk oil field redevelopment Other projects Farm-out(s)…
Strategy Intense focus on the world renowned North West Shelf Leverage specialist technical staff & a comprehensive data base Target high value projects 6
Extensive project portfolio Project pipeline 9 projects covering 15 permits Pipeline of maturing projects Two projects progressing to commercialisation 7
Phoenix project 8
Project snapshot 4 discoveries Phoenix South Successful flow test Economic resource at Roc Roc Phoenix South & Dorado tie backs Dorado Additional upside close by 9
Phoenix South-3 well Phoenix South-1 well Phoenix South-2 well Phoenix South-3 well High confidence Phoenix Sth-2 (PS-2) intersected oil & gas Phoenix Sth-3 is only 560m from PS-2 Funded With existing cash Near term April…
Dorado-1 well Quality exploration 15 km from Roc / same sands Upside in deeper sands Funded With existing cash Near term May 2018 drilling 12
Oil Export from offshore facility Gas Domestic supply Diesel replacement in mining Port Hedland Export Karratha Iron ore gas plant mining Potential future 13 gas pipelines
Buffalo project 14
New technology better images oil field potential Unproduced areas within the field Previous operations produced 20 mmbbls between 1999 and 2004 15
Oil unproduced in structural attics 16
Structural attics clear on new data 17
Compelling economics Oil volume 31 mmbbls recoverable (RISC audited 2C resource) Development plan low risk in replicating previous facilities Development cost US150m Operating costs US80m to 100m p.a. based on 4 year production…
Buffalo oil field in Timor-Leste Treaty Signed 7 March 2018 Equivalent conditions Australian domestic law Security of title and legal rights Fiscal terms Consequence Require PSC but clear to progress operational and…
Labyrinth project Farm out commenced Feb 2018 20
Outtrim project High graded by Swell-1 result 21
Condor project Farm out commencing mid 2018 22
Wrap up 23
2018 Catalysts Phoenix South-3 well starting April 2018 Dorado-1 well starting May 2018 Buffalo development plans and economic updates throughout 2018 Farm-out one of Labyrinth, Condor, Outtrim 24
Supplemental information
Supplemental information to the presentation Content: 1. Project portfolio summary 2. Oil & gas volume summary 3. Buffalo project 4. Phoenix project 5. Labyrinth project 6. Outtrim project 7. Maracas project 8. Condor & Eagle…
Portfolio permit locations and equities 27
Project portfolio - summary Project Permits Equity holders Status Buffalo WA-523-P CVN 100% Appraisal to oil field redevelopment Phoenix WA-435-P & WA-437-P CVN 20% & Quadrant Appraisal and exploration of discovered oil and Energy…
Oil & gas volume summary (51 million barrels recoverable net 2C) Refer to Carnarvons ASX announcements of 14 November 2016, 28 March 2017 & 28 August 2017 for comprehensive details of 29 these volume estimates. These resources were…
Oil & gas volume summary (2,480 million barrels recoverable net Pmean) Refer to Carnarvons ASX announcements of 14 November 2016, 28 March 2017, 8 May 2017, 13 June 2017 for comprehensive 30 details of these volume estimates. These…
Oil & gas volume SPE definitions Carnarvon calculates reserves and resources according to the SPE/WPC/AAPG/SPEE Petroleum Resource Management System (SPE-PRMS) definition of petroleum resources. This was first published in 1997 by the…
Oil & gas volume - summary Buffalo project Buffalo contingent resources fall within the Development Pending category. Once Carnarvon finalises its redevelopment work the resources can be reclassified as reserves under the category…
Buffalo project - background The Buffalo field was discovered in October 1996, when BHP Petroleum tested the Buffalo-1 well. The well flowed at 12,000 bpd of light 53 API oil. The oil has a particularly low gas oil ratio of 110. The…
Buffalo project technology solution Based on Carnarvons experience trialing the first use of FWI (Full Waveform Inversion) technology in Australia in the Phoenix project, Carnarvon was in a position to immediately foresee the…
Phoenix project - background The Phoenix project (WA-435-P, WA-436-P, WA-437-P & WA-438-P) is located in the Bedout sub- basin approximately 150 kilometres offshore from Port Hedland in Western Australia. During the global financial…
Roc-2 flow test 36
Phoenix project Phoenix South In late 2016 / early 2017 the Phoenix South-2 well intersected the top of the primary reservoir and discovered oil and gas, but did not fully evaluate the resource due to the level of pressure…
Phoenix project - Dorado The Dorado prospect is only some 15 kilometres south of the Roc discoveries with an interpreted multi sand reservoir covered by the same top shales that seal in the Roc oil and gas. Those shales are also…
Phoenix project development concepts The oil and gas discovered to date and to be targeted in 2018 very much suits a development that ties the oil and gas back to a central well head platform and offshore primary processing. Oil would…
Labyrinth project - background The Labyrinth project (WA-521-P) is located in the Rowley Sub-basin, offshore North West Shelf, north of Carnarvons Roc and Phoenix South hydrocarbon discoveries. The interpretation of newly reprocessed…
Labyrinth project - volumes Three source rocks are mature and generating today in WA-521-P, comprising the proven Lower Jurassic Murat siltstone, Lower Depuch carbonaceous shales and Upper Triassic marine shale of the Upper Keraudren…
Outtrim project - Belgravia prospect The Outtrim project (WA-155-P(1)) is located in the Exmouth basin and contains the significant Belgravia prospect in the Triassic interval. The prospect is similar in size and geology to the nearby…
Maracas project - background The Maracas project (WA-524-P) is situated on the flanks of the Dampier Sub-Basin, a part of the highly prospective Greater Carnarvon Basin, on Western Australias North West Shelf. This large 1,210km…
Condor & Eagle projects The Condor project (AC/P62) and Eagle project (AC/P63) are situated in the Vulcan sub-basin and were of appeal to Carnarvon because of their proximity to basin oil and gas resources and coverage with recently…
Board of Directors Peter Leonhardt Chairman An independent company director and adviser with extensive business, financial and corporate experience. Peter is a Chartered Accountant, former Senior Partner with PricewaterhouseCoopers…
Management team Adrian Cook Managing Director & Chief Executive Officer Philip Huizenga Chief Operating Officer Dr Stephen Molyneux Exploration Manager Dr Jeff Goodall Chief Geologist Andrew Padman Chief…
Extensive project portfolio Project pipeline 9 projects covering 15 permits Pipeline of maturing projects Two projects progressing to commercialisation 47
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