EGM Presentation
ersonal use only
23 May 2022
(ASX:CVN)
Disclaimer
The resource estimates outlined in this presentation are based on and fairly represent information and supporting documentation prepared by Carnarvon's Chief Operating Officer, Mr Philip Huizenga, who is a full-time employee of the company. Mr Huizenga has over 25 years experience in petroleum exploration and engineering. Mr Huizenga holds a Bachelor Degree in Engineering, a Masters Degree in Petroleum Engineering and is a member of the society of Petroleum Engineers. Mr Huizenga is qualified in accordance with the ASX Listing Rules and has consented to the form and context in which this statement appears.
All contingent and prospective resources presented in this presentation are prepared as at 28 August 2017, 20 August 2018, 15 October 2018, 15 July 2019 and 2 May 2022 pursuant to the announcements released to the
ASX on 20 August 2018, 15 October 2018, 15 July 2019 and 22 May 2022. The estimates of contingent and prospective resources included in this presentation have been prepared in accordance with the definitions and onlyguidelines set forth in the SPE-PRMS. Carnarvon is not aware of any new information or data that materially affects the information included in this presentation, and that all material assumptions and technical
parameters underpinning the estimates in this presentation continue to apply and have not materially changed. Deterministic and probabilistic methods have been used to prepare the estimates of contingent
resources. These contingent resources have been aggregated by arithmetic summation and hence the aggregate 1C may be a very conservative estimate, and the 3C may be a very optimistic estimate, due to the portfolio effects of arithmetic summation.
There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering
and resource assessment are subjective processes of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. These prospective resource estimates have an associated risk of discovery and risk of development. Further exploration and appraisal is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
This presentation contains certain "forward looking statements" which involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors
associated with the oil and gas industry, many of which are outside the control of, change without notice, and may be unknown to Carnarvon, as are statements about market and industry trends, which are based on an interpretation of market conditions. Forward looking statements can generally be identified by the use of forward looking words such as "anticipate", "expect", "likely" "propose", "will", "intend", "should", "could", "may", use"propose", "believe", "forecast", "estimate", "target", "outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the future
p rformance of Carnarvon.
No representation, warranty or assurance, express or implied, is given or made in relation to any forward looking statement. In particular no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based, because events and actual circumstances frequently do not occur as forecast and future results are subject to known and unknown risks such as changes in market conditions and regulations.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding the information contained in this presentation. Any reliance by a recipient on the information contained in this presentation is wholly at the recipient's own risk.
Carnarvon and its related bodies corporate and their respective directors, officers, employees, agents and advisors disclaim any liability for any direct, indirect or consequential loss or damages suffered by a recipient as result of relying on any statement in, or omission from, this presentation.
To the maximum extent permitted by law or any relevant ASX Listing Rules, Carnarvon and its related bodies corporate and their respective directors, officers, employees, advisors and agents disclaim any obligation or undertaking to disseminate any updates or revisions to the information in this presentation to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based.
Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation, and the information contained within it, does not take into account the investment objectives, financial situation or particular needs of any recipient. Before making an investment decision based on the information contained in this presentation you should consider seeking independent professional advice.
This presentation has been prepared by Carnarvon. No party other than Carnarvon has authorised or caused the issue of this presentation, or takes responsibility for, or makes any statements, representations or undertakings relating to, this presentation.
GENERATING VALUE THROUGH THE ENERGY TRANSITION | 2 |
ersonal |
Dorado development phase 1
only | |||
➢ | FEED advanced - technical work near | ||
complete and current focus on finalising capital | |||
use | costs and contracts and execution plan, | ||
particularly: | |||
➢ | Well Head Platform (WHP) | ||
➢ Floating Production Storage and | |||
Offloading (FPSO) vessel | |||
ersonal | ➢ Regulatory approvals | ||
➢ | Production License now secured | ||
➢ Offshore Project Plan with regulator ➢ Field Development Plan well advanced
The development plan includes multiple production and
injection wells, and a WHP supplying an FPSO
GENERATING VALUE THROUGH THE ENERGY TRANSITION | 3 |
Pavo through Dorado provides multiple benefits
only | ➢ | Recent Pavo discovery enables Dorado | ||||
to produce for a longer period by | ||||||
use | deferring economic cut-off | |||||
➢ | Compresses the time to tie-in Pavo | |||||
production by utilizing Dorado | ||||||
production facilities | ||||||
ersonal | ➢ Potential to lower the average capital | |||||
cost per barrel due to the greater reserve | ||||||
pool | ||||||
GENERATING VALUE THROUGH THE ENERGY TRANSITION | 4 |
Pavo also supports high flow rates for longer
useonly | (BOPD)RateOil | ||||||
Dorado Project Phase 1 Oil - P50 | |||||||
ersonal | Dorado Phase 1 Oil | Pavo North | Pavo South | ||||
GENERATING VALUE THROUGH THE ENERGY TRANSITION
- Maintaining high flow rates preserves low operating costs per barrel for longer by spreading mostly fixed annual operating costs over a larger resource pool
- Potential to also extend the useful life and value of Dorado's production facilities
5
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Carnarvon Petroleum Limited published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2022 05:35:01 UTC.