Carnarvon Energy (CVN) Status update summary

Financial Position and Strategic Strength

• Holds AUD 98–100 million in cash, no debt, and a market cap of about AUD 200 million; shareholding in Strike Energy valued at AUD 86 million and a 19.9% stake enhances diversification and Perth Basin exposure.

• $90 million carry from CPC for future CapEx, triggered at Dorado FID, further strengthens funding.

• Holds 10–20% equity across ~11,000 km² in the Bedout Sub-basin, with 80% covered by modern 3D seismic.

Resource Base and Seismic Interpretation

• Prospective resources in the Bedout Sub-basin have increased by 92% to 6.2 billion boe (gross, unrisked Pmean) across 130 prospects, with 17.5 Tcf gas and over 3 billion barrels oil.

• Net prospective resources to the company are now 1,021 mmboe (unrisked Pmean).

• Improved subsurface imaging from integrated seismic surveys has significantly expanded the resource inventory and enhanced prospect definition.

• Resource estimates are prepared using SPE-PRMS guidelines and have been approved by a qualified Competent Person.

Exploration Program and 2027 Drilling Campaign

• Multi-well campaign set for April 2027 using the Transocean Equinox rig, targeting Ara, Yuma, Hutton, and Goats Eye.

• Four prospects represent about 14% of the risked portfolio and 851 mmboe (gross, unrisked Pmean).

• Ara is analogous in size to Dorado, estimated at 191 mmboe (gross, unrisked Pmean) with a 37% chance of geological success, and will test two independent play systems.

• Yuma is estimated at 189 mmboe (gross, unrisked Pmean) with a 15% chance of success, and would be materially de-risked by Ara's results.

• Hutton targets 347 mmboe (gross, unrisked Pmean) in the Late Permian carbonate play, with a 20% chance of success.