Carnarvon Energy (CVN) Q2 2026 TU earnings summary

Executive summary

• Advanced procurement and environmental approvals for the H1 2027 Bedout Sub-basin exploration drilling program targeting significant new resources.

• Completed a strategic investment in Strike Energy, maintaining a 19.9% equity stake and board representation.

• Maintained a strong balance sheet with $98 million in cash, no debt, and a US$90 million development carry for Dorado.

• Continued a lean corporate structure with administrative costs offset by interest income.

Financial highlights

• Ended the quarter with A$98 million in cash and no debt.

• Net cash from operating activities was A$403k for the quarter, with interest income of A$1.0 million.

• Net outflow of A$695k in exploration and evaluation activities, mainly for environmental planning and permit maintenance.

• Strategic investment of A$86 million in Strike Energy completed in the previous quarter.

• Estimated 336 quarters of funding available at current expenditure rates.

Outlook and guidance

• Exploration drilling in the Bedout Sub-basin scheduled for H1 2027, targeting large, high-upside prospects.

• Dorado project development deferred pending further appraisal of Bedout resources, with FID timing aligned to exploration results.

• Forecast A$1.0–1.3 million in Bedout expenditures and A$500k–800k in corporate costs for the next quarter.