Carnarvon Energy (CVN) H1 2026 earnings summary

Executive summary

• Operations focused on oil and gas exploration in the Bedout Sub-basin, offshore Western Australia, with significant progress on regulatory and operational readiness for future drilling campaigns.

• Dorado field development deferred to allow further appraisal of broader Bedout exploration potential before a Final Investment Decision.

• Strategic investment of A$86 million in Strike Energy Limited, acquiring a 19.9% stake to diversify exposure and enhance value creation.

Financial highlights

• Total comprehensive loss after tax for the half-year ended 31 December 2025 was $1,808,000, compared to a profit of $7,050,000 in the prior year.

• Cash and cash equivalents stood at $98,296,000 as of 31 December 2025, down from $186,144,000 at 30 June 2025.

• No debt on the balance sheet; investment in associate (Strike Energy) recognized at $84,772,000.

• Interest income from bank deposits was $2,338,000, down from $4,448,000 year-over-year.

• Loss on foreign exchange movements of $64,000, compared to a gain of $6,421,000 in the prior period.

Outlook and guidance

• Drilling activities in the Bedout region expected to resume in the first half of 2027, with project development work to re-commence following further resource evaluation.

• On-market share buyback of up to 10% of issued capital to commence 20 February 2026 for up to 12 months.