Carnarvon Energy (CVN) Q4 2026 TU earnings summary

Executive summary

• Contracted Transocean Equinox rig for a multi-well Bedout Sub-basin drilling campaign starting April 2027, targeting major prospects including Ara, Yuma, Goats Eye, and Hutton.

• Achieved a 92% increase in prospective resources to 6,256 mmboe (gross, unrisked Pmean) across 130 prospects after completion of the Bedout MegaMerge 3D seismic project.

• Maintained strong financial position with A$98 million in cash, no debt, and a US$90 million development carry for the Dorado project.

Financial highlights

• Ended the quarter with A$97.7 million in cash and cash equivalents.

• Net cash from operating activities was A$362k for the quarter, with interest income of A$1.1 million.

• Net outflow of A$728k in exploration and evaluation activities for the quarter.

• No debt and a 19.9% equity stake in Strike Energy.

Outlook and guidance

• Drilling campaign in Bedout Sub-basin to commence April 2027, with one firm and one contingent well planned.

• Forecasted expenditures for the next quarter: A$1–1.3 million in Bedout Sub-basin and A$900k–1.2 million in corporate and other costs.

• Dorado project development to resume in line with further Bedout basin evaluation.