From the CEO’s Desk

From the CEO’s Desk

Carnarvon has enjoyed another month of positive progress across its portfolio of projects as we sail into the second quarter of the financial year.

In tandem with the release of our high-resolution Annual Report last week, our second Sustainability Report went live.  The latter recognises our company’s growing focus on Environment, Social and Governance outcomes, highlighting our performance in 2021 and mapping our goals to achieving even more in this space moving forward.

Those documents, along with our Q1 Quarterly Report, provide a solid snapshot of the company’s position and upcoming operational activity, set to be bolstered by the Buffalo-10 well drilling campaign and the forthcoming launch of our joint venture renewable diesel project.

As we edge closer to operational deployment in the Timor Sea, our share price hit a 20-month high in October.  The commodity market has been buoyant, with global crude prices hitting levels not seen in seven years, largely in response to energy shortages across the globe and restrained supplies from some major producers.  The US$81.11 WTI barrel price and Brent Crude US$83.92 on 14 October 2021 marks an increase of almost 98 per cent and 95 per cent respectively on the same time last year.  This trend bodes well for our phased Dorado liquids development and the West Australian energy sector more broadly.

Next month Carnarvon shareholders are invited to attend the Company’s Annual General Meeting when it convenes at the Perth Convention and Exhibition Centre on 12 November 2021. I encourage those unable to attend to complete their proxy forms, which were issued on 13 October 2021.