Carnarvon Energy (CVN) Trading Update summary

Project and operational updates

• Dorado Phase 1 liquids development progressing, with technical studies for FEED re-entry expected to complete in December quarter and FID targeted for 2025.

• Joint Venture is optimizing Dorado's development concept, including FPSO sizing and phasing of wells.

• Sufficient discovered liquids in Dorado and Pavo fields to utilize planned facilities for several years; next Bedout exploration phase to focus on gas resources.

• Preparatory work for next Bedout exploration drilling campaign is advanced, but drilling expected to commence in 2026 due to rig and approval timelines.

• Surrender of non-core EP509 and TP29 permits aligns with strategic focus on Bedout Sub-basin.

Financial position and cash flow

• Ended the quarter with A$177 million in cash, no debt, and US$90 million Dorado development cost carry.

• Net cash from operating activities was A$1.18 million, with interest income exceeding corporate and staff costs.

• Net outflow of A$702k on exploration and evaluation, mainly for Dorado development optimization and pre-FEED work.

• Recognized A$3.12 million unrealized FX loss due to USD depreciation, but maintains a natural hedge by balancing AUD and USD holdings.

• Forecasts A$1.6–2 million in Bedout Sub-basin expenditures and A$0.8–1 million in corporate/staff costs for next quarter, expected to be offset by interest income.

Corporate and board changes

• Susan Jones appointed as Non-Executive Director, bringing over 25 years of energy sector experience, including legal, commercial, and ESG roles.

• William (Bill) Foster retired from the Board after 14 years of service.