Euroz Hartleys Conference at Rottnest

On 9 March 2021, I presented to institutional and retail investors at the Euroz Hartleys conference at Rottnest Island. Besides being a wonderful location for a conference, all credit to the Euroz Hartleys team for bringing together what I felt was their most successful event in a long time. Across three days some 60 companies presented their business cases to the attendees, including a raft of virtual attendees who were mostly stuck in Melbourne. Our presentation slide deck is available

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Oil price trends

Oil prices continue to climb and are currently around the mid US$60/bbl mark. The question is where to from here? It’s worth noting at the start that current prices are very good for Carnarvon’s low cost projects. But our view is oil prices will rise further in the coming years and this thematic is due to the significant under investment in new supply sources – so the potential is for a supply shortage driven price rally. Many reporters provide commentary

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Advance ‘advancing’ on Buffalo

On 12 March 2021 we advised that our new partner in the Buffalo project, Advance Energy Plc, had released a presentation as part of their capital raise process. In the near future, we’re looking forward to welcoming the Advance team to the project and working with them on this fantastic opportunity. I have said for a long time that we like this project and strongly believe in its potential.  On that point, I have been asked recently why we sought

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The next chapter in the Buffalo story

Carnarvon was awarded the previously developed Buffalo field in May 2016, as part of successfully bidding on the WA-523-P permit. The field was originally discovered in 1996 by BHP and subsequently developed using four wells drilled from a small, unmanned wellhead platform installed in 25 metres water depth, tied back to an FPSO. Production commenced in December 1999 at production rates up to approximately 50,000 stb/d and terminated in November 2004 after the production of 20.5 MMstb of highly-undersaturated, light

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From the CEO’s desk: March 2021

The great news this month is that we secured our preferred rig for drilling the Pavo and Apus structures. We successfully negotiated to deploy the Noble Tom Prosser rig, which is the same vessel that was used on the Dorado-2 and Dorado-3 appraisal wells.   Given our previous experience with the rig we know that it’s very efficient – the costs for those wells came in under budget – and of course delivered two very successful appraisal results. Our search

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Advance Energy PLC advancing on Buffalo funding, finalising capital raising

In December 2020, Carnarvon Petroleum announced an agreement with AIM-listed Advance Energy PLC to join as a partner in the Buffalo project. The project will assess and then work to produce the remainder of the recoverable oil in the Buffalo field in the most efficient manner. Current best estimates show there are around 31 million barrels to produce and given the nature of this field, we expect those barrels to be produced in a very cost-effective manner. Advance Energy is

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Buffalo drilling – near-term tasks underway to drill the Buffalo-10 well

There is a lot to do to prepare for the drilling of the Buffalo-10 well in Timor-Leste later this year. Last year, Carnarvon Petroleum set the groundwork with the preparation of our operating systems and procedures, the establishment of an office and recruitment of staff in Timor-Leste, and interfacing with the Timor-Leste Government to ensure our plans to drill are acceptable. At present our Buffalo team, led by Mark Robertson, is engaging with drilling service management provider Petrofac to finalise

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CEO update: February 2021

Last week we released our December 2020 quarterly report that contained an update on our progress across the business during the quarter. As I covered in my note in that report, subject to some successes with planned activities during the coming 12 months or so, Carnarvon Petroleum could substantially grow its pool of resources for development beyond what we already have. Another important point is that the Company is targeting low cost production resources.  Santos’ December 2020 Investor Day briefing

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Behind the scenes with Carnarvon’s new Chairman

The recent AGM provided an opportunity to meet and engage with many of our shareholders. It also gave the Board and Executive team an opportunity to further affirm the Company’s plans, outlook and vision for the new year that’s fast approaching. The AGM also provided an opportunity to introduce our recently appointed Chairman Bill Foster. This is obviously an exciting time for the Company as we transition under new leadership towards becoming a viable energy producer. Following is

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