Carnarvon Energy (CVN) Q1 2027 TU earnings summary

Executive summary

• A$97.0m cash, no debt and a US$90m Dorado development carry support preparation for a 2027 Bedout drilling campaign.

• Dorado remains FEED-ready, with pre-FEED work indicating potential plateau production of ~60,000 barrels of oil per day.

Financial highlights

• Cash and cash equivalents were A$97.038m at 30 September 2026, versus A$97.678m at the prior-quarter end; no debt.

• Quarterly operating cash flow was A$26k, including A$1.283m interest received; investing cash outflow was A$533k and financing cash outflow A$53k.

• Administrative, corporate and staff costs were funded by interest earned on cash holdings.

Outlook and guidance

• 2027 Bedout campaign expected to cost less than A$20m for two wells, funded from cash reserves; upcoming-quarter exploration spend forecast at A$900k–A$1.2m.

• Upcoming-quarter corporate and other costs forecast at A$500k–A$800k.

• Dorado is expected to be FID-ready after an abbreviated FEED process; first oil is estimated ~3 years from FID.

• Dorado net upfront capex estimated below US$200m, including the existing US$90m development carry.