Much of the past month’s activity has been focused on Carnarvon’s Dorado development funding programs and renewable fuels project in Western Australia, with both continuing to progress towards a final investment decision later this year.

Our Dorado funding focus has centred on advancing the work with project finance providers, which are expected to be the main supplier of capital for the project. We have also begun testing the market for interest in a portion of our equity in the Bedout basin, with this body of work expected to commence more fulsomely in a couple of weeks time.

On the renewable diesel business, Carnarvon is looking for the FutureEnergy Australia joint venture to produce on a gross basis, 3 million barrels (500 million litres) per annum by 2030. Our renewable diesel business is aiming to be Australia’s first commercial-scale operation using sustainability sourced woody biomass feedstocks and at this scale, a substantial portion of the Carnarvon business by 2030.

Our first facility at Narrogin is building momentum with our first community information session held in the Shire of Narrogin on the 1^st of June. The feedback from the community and regional stakeholders has all been positive.

Low-carbon fuels such as renewable diesel plays an important role in decarbonising sectors of the economy which produce hard to abate emissions such as the mining, remote power generation, agricultural and logistics sectors. We are also continuing to see substantial interests from these sectors for fuel offtake.

While a lot of effort has gone into our renewable fuels business in the past month, Carnarvon is still an oil and gas exploration and development company at its core and we continue to progress work on the Dorado oil field development, offshore Western Australia.

We are working with the project operator Santos to progress the development towards a final investment decision in the second half of 2022.

Our operations in the Bedout sub-basin are the focus of my first video address to shareholders, which also highlights the exciting potential Pavo brings to the overall Dorado development.