Carnarvon Energy (CVN) Investor presentation summary

Portfolio and position

• Four Santos-partnered Bedout permits cover ~11,000 km²; equity ranges from 10% to 20%, with ~80% of acreage covered by modern 3D seismic.

• Bedout exploration success rate since modern 3D seismic arrived is ~2 in 3 wells; discoveries include Phoenix South, Roc, Dorado and Pavo.

• Strategic 19.9% holding in Strike Energy; cash was A$97m at 30 September 2026, with no debt and a US$90m offshore development CAPEX carry.

• At 22 October 2026, share price was A$0.105, market capitalisation A$189m and shares on issue 1,789m.

Bedout exploration

• Gross Pmean unrisked prospective resources increased 92%, from 3.3bn boe in 2023 to 6.3bn boe in 2026; estimated net share is 1.02bn boe.

• Ara is the leading candidate: 191m boe gross unrisked, 10% interest and 37% estimated chance of success; the well will test two rock layers.

• Transocean Equinox is contracted for one firm well and one optional well; drilling is planned from Q2 2027, with estimated cost of ~A$20m if both wells are drilled.

• Success at Ara could derisk nearby targets; environmental approvals were on track and well-sequence finalisation was scheduled for Q4 2026.

Dorado and Pavo development

• Dorado is FEED-ready, with pre-FEED completed in 2025; development capacity is ~60,000 bbl/day, or ~22m barrels of oil/year.

• Net upfront CAPEX is estimated below ~US$200m, including US$90m funding already secured; initial operating cost is expected at US$5–10/bbl.

• Project life is 20 years based on discovered resources and current approvals; Pavo is planned as high-margin backfill after several years of Dorado production.

• Dorado and Pavo 2C oil resources are 25m barrels net; expected net oil production rate is up to 6,000 bbl/day.