Carnarvon Energy (CVN) Q4 2025 TU earnings summary

Executive summary

• Completed a strategic review, resulting in a decision to invest up to A$89 million for a 19.9% stake in Strike Energy, providing exposure to Western Australia's gas market and near-term developments.

• Maintained a robust capital position with approximately A$186 million in cash at quarter-end and no debt; post-Strike investment, cash is expected to be around A$97 million.

• Continued progress on Bedout Sub-basin exploration, targeting drilling in 2026, and ongoing work with JV partners to update Dorado development timelines.

Financial highlights

• Ended the quarter with A$186.1 million in cash and cash equivalents, up slightly from the previous quarter.

• Net cash from operating activities was A$1.58 million for the quarter, with A$2.29 million in interest income.

• Net outflow of A$434k for exploration and evaluation activities, mainly related to Dorado and Bedout planning.

• No debt or financing facilities drawn at quarter-end.

Outlook and guidance

• Bedout JV targeting exploration drilling in 2026, subject to environmental approvals and rig availability.

• Dorado development timeline update pending outcome of operator's corporate activity; alternative acceleration options under review.

• Forecast A$300k–$600k in Bedout expenditures and A$1–$1.2 million in corporate costs for the next quarter.