CHAIRMAN’S and managing director’s REVIEW

Peter Leonhardt
Peter Leonhardt
Chairman

Dorado is one of the most exciting new oil developments within the industry and with follow-up exploration prospects near Dorado being equally impressive, your Company is in an excellent position.

It gives me great pleasure to introduce the 2020 financial report for Carnarvon Petroleum Limited (“Carnarvon” or “Company”), my last as Chairman. I am extremely pleased that this year is a landmark year for the Company as it begins its transformation from junior explorer to producer.

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Adrian Cook
Adrian Cook
Adrian Cook
Managing Director and Chief Executive Officer

The Dorado project is the result of a tenacious focus over many years to unlock a highly prospective new sub-basin on the NWS.

The execution of Carnarvon’s strategy is reflected in its tangible progress on the Dorado project which is now a highly valuable core asset of the business and a platform for future investment and growth.

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the Company’s highlights during
the 2020 financial year

  • Completion of Successful Dorado appraisal drilling campaign
  • Incredible flow test results in Caley and Baxter reservoirs during the Dorado-3 appraisal well
  • Dorado development planning commenced with project currently performing Pre-FEED work
  • Acquisition of high quality Keraudren 3D seismic over Dorado development area and nearby prospects
  • Significant prospects identified nearby the Dorado discovery
  • Buffalo PSC signed and Treaty ratified moving the Buffalo project to Timor-Leste jurisdiction
  • Buffalo oil field redevelopment plans progressed with operations established in Timor-Leste
  • Carnarvon increased its equity and secured operatorship in exciting Outtrim project in Carnarvon Basin
  • Progressed the suite of highly prospective exploration assets across the North West Shelf

Our projects

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Carnarvon Interests as at 30 June 2020 in Australia and Timor-Leste

Our projects

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Carnarvon Interests as at 30 June 2020 in Australia and Timor-Leste
Eagle Project

Eagle Project (AC/P63) (Carnarvon 100% and operator)

Carnarvon was awarded the AC/P62 (Condor) permit in November 2017 and the AC/P63 (Eagle) permit in February 2018 within the Vulcan sub-basin. Carnarvon identified the opportunity to secure these assets whilst developing its extensive regional database across the North West Shelf of Australia.

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Buffalo Project

Buffalo Project (TL-SO-T 19-14 PSC) (Carnarvon 100% and Operator)

Carnarvon was awarded the WA-523-P permit within the Bonaparte Basin of Australia in May 2016, which included the previously developed Buffalo oil field.

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Condor Project

Condor Project (AC/P62) (Carnarvon 100% and operator)

Carnarvon was awarded the AC/P62 (Condor) permit in November 2017 and the AC/P63 (Eagle) permit in February 2018 within the Vulcan sub-basin. Carnarvon identified the opportunity to secure these assets whilst developing its extensive regional database across the North West Shelf of Australia.

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Taurus Project

Taurus Project (WA-523-P) (Carnarvon 100% and Operator)

A significant portion of the WA-523-P exploration permit will still remain in Australian waters, following the maritime boundary change.

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Phoenix Project

Phoenix Project (WA-435-P 20%, WA-436-P 30%, WA-437-P 20%, WA-438-P 30%)

In 2009, Carnarvon and its Joint Venture partner at the time, secured considerable acreage in the Bedout Sub-basin, offshore of Western Australia, through interests in four exploration permits (WA-435-P, WA-436-P, WA-437-P and WA-438-P). The permits lie approximately 110km from the coast, offshore of Port Hedland in Western Australia.

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Labyrinth Project

Labyrinth Project (WA-521-P) (Carnarvon 100% and operator)

WA-521-P (Labyrinth project), is located in the Roebuck Basin in the North West Shelf of Western Australia.

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Outtrim Project

Outtrim Project (WA-155-P) (Carnarvon 70% and Operator)

The Outtrim project is in the Barrow sub-basin, within the Carnarvon Basin of the North West Shelf of Australia. Carnarvon recently increased its equity to 70% and secured operatorship of the WA-155-P permit, which forms the Outtrim project.

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Carnarvon Petroleum Map of Interests
Eagle Project
Buffalo Project
Condor Project
Taurus Project
Phoenix Project
Labyrinth Project
Outtrim Project
Carnarvon Petroleum
Carnarvon Petroleum

Financial review

Carnarvon’s balance sheet remained strong with cash and cash equivalents of $113,632,000 (2019: $73,900,000), no debt and minimal commitments going forward.

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