Strategy Intense North West Shelf focus Leverage specialist inhouse skills Utilise comprehensive data base Target high value projects 3
Extensive project portfolio Projects 9 projects covering 15 permits Pipeline of maturing projects 2 progressing to commercialisation 4
2018 Phoenix project NOW Phoenix South-3 appraisal well oil & gas May Dorado-1 exploration well oil & gas Buffalo project Well planning Field re-development oil Other projects Farm-out(s) pipeline of opportunity oil &…
Phoenix project 6
Project snapshot 2018 wells Phoenix South appraisal Phoenix South Dorado exploration 4 discoveries already Roc Successful flow test Dorado Economic resource at Roc Additional targets close by 7
3D seismic image red line is top of Caley interval Phoenix Phoenix Roc-1 Roc-2 Dorado-1 South-3 South-2 well well well well well (2018) (2018) Phoenix Sth Roc Dorado 8 Confirmed gas & oil (condensate)
Phoenix South-3 (PS-3) Phoenix Phoenix Roc-1 Roc-2 Dorado-1 South-3 South-2 well well High confidence well well well (2018) PS-3 is 560m from PS-2 (2018) Funded With existing cash Near term April 2018 drilling Roc + Phoenix…
Dorado-1 Phoenix Phoenix Roc-1 Roc-2 Dorado-1 South-3 South-2 well well well Quality target well well (2018) Same interval / updip (2018) 15 km from Roc Upside in deeper sands Funded With existing cash Near term May 2018…
Gas & oil volumes (mid case recoverable) Phoenix Phoenix Roc-1 Roc-2 Dorado-1 South-3 South-2 well well well well well (2018) (2018) Phoenix South (Caley) Roc Field (Caley) Dorado (Caley) 489 Bcf of gas 332 Bcf of gas 545 Bcf of…
Oil Export from offshore facility Gas Domestic supply Diesel replacement in mining Port Hedland Export Karratha Iron ore gas plant mining Potential future 12 gas pipelines
Buffalo project 13
New technology better images oil field potential Target - unproduced areas within the field Four wells produced 20 mmbbls between 1999 and 2004 14
Target - unproduced oil in the field W E Buffalo 5 Attic volume above Buffalo-5 perforations (namely unproduced oil) OOWC 8.5 mmbo produced 15
Structural attics clear on new data W E Buffalo 5 Attic volume above Buffalo-5 perforations (namely unproduced oil) OOWC 8.5 mmbbls produced 16
Compelling economics Oil volume 31 mmbbls recoverable (RISC audited 2C) Development plan low risk in replicating previous facilities Development cost US150m Operating costs US80m to 100m p.a. (4 year life) Based on…
Buffalo oil field in Timor-Leste Treaty Signed 7 March 2018 Equivalent conditions Australian domestic law Security of title and legal rights Fiscal terms Going forward Production Sharing Contract - in progress Well &…
Other projects Labyrinth project Farm out commenced Feb 2018 19
Other projects Condor project Farm out commencing mid 2018 20
Other projects Outtrim project High graded by Swell-1 result 21
Wrap up NOW Phoenix South-3 upside if its a stratigraphic structure May Dorado-1 upside if multiple stacked pay Buffalo development 31 mmbbl resource to reserves to production Farm-out alpha leverage to the oil sector 22…
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 25
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 27 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 28 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…
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…
1. ASX ticker CVN Shareholder analysis at 31 Dec 2017 2. Shares on issue 1,028 million 3. Share price (27/3/18) 13.5 cents 4. Market capitalization (27/3/18) 139 million 5. Cash on hand (31/12/17) 49 million 6. Substantial shareholders…
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…
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