Carnarvon Energy (CVN) Investor presentation summary

Strategic positioning and financial strength

• Holds Tier-1 oil and gas assets in Western Australia, including a 19.9% stake in Strike Energy, with $98 million cash, a $90 million CAPEX carry post-FID, and no debt.

• Market capitalization stands at A$188 million with 1,789 million shares on issue.

Bedout Sub-basin exploration and resource growth

• Preparing to resume high-impact exploration in the Bedout Sub-basin, with drilling set for April 2027.

• Net prospective resources in the Bedout Sub-basin estimated at 1.02 billion boe (unrisked, Pmean).

• Gross unrisked prospective resources in the Bedout Sub-basin grew 92% from 3,263 MMboe in 2023 to 6,257 MMboe in 2026.

• Exploration success rate in the basin is approximately 67% since the adoption of modern 3D seismic.

2027 exploration campaign and key prospects

• Transocean Equinox semi-submersible MODU contracted for 2027, targeting one firm and one contingent well.

• Environmental approvals are on track for drilling to commence from April 2027, with a net campaign cost of ~A$20 million for two wells.

• Ara prospect (WA-435-P, 10% equity) is a primary target, with 191 MMboe gross unrisked Pmean and significant running room if successful.