Carnarvon Energy (CVN) investor relations material

Strategic positioning and market context

• Holds a leading position in Australia's largest undeveloped offshore oil project, with over 200 million barrels recoverable (2C, gross).

• Financially robust with A$98 million cash, US$90 million CAPEX carry, and no debt.

• Owns an A$86 million investment in Strike Energy, with assets nearing cash-flow generation.

• The 2026 Middle East conflict has heightened Australia's oil supply vulnerability, increasing urgency for domestic projects.

Dorado project overview and development

• Dorado discovery appraised and tested, confirming high-quality, low CO2, shallow water resource.

• Production capacity targeted at 60,000 barrels/day, with a 10-year field life and initial operating costs of US$5-10 per barrel.

• Pre-FEED completed in 2024; phase 1 focuses on oil and condensate, phase 2 on gas export or domestic options.

• Net upfront CAPEX below US$200 million, with US$90 million already secured.

• Back-fill opportunity at Pavo could extend asset life; phase 2 depends on further gas aggregation.

Exploration and growth potential

• High-impact Bedout Sub-basin drilling campaign scheduled for 1H 2027, targeting prospects comparable to Dorado.

• Bedout Sub-basin holds 1.6 billion barrels of oil and condensate and 9 TCF of gas (gross, Pmean, unrisked) in top 50 prospects.

• Environmental plans and procurement for drilling are materially advanced.

• Carnarvon holds 10-20% equity in these prospects, with ~11,000km² acreage.