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EPIC: CVN
Market: ASX
52-week High/Low: A$0.12 / A$0.07
Sector: Energy
Market Cap: A$107.94M
Carnarvon Petroleum Ltd

Carnarvon Petroleum Ltd

Carnarvon Petroleum Ltd (ASX:CVN) is an oil and gas exploration and production company. The company is currently focusing on its operations in Australia.

Carnarvon Petroleum Ltd

www.carnarvon.com.au

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Big picture - Why invest in Carnarvon Petroleum Ltd


Carnarvon Petroleum Ltd Snapshot

Carnarvon Petroleum Limited (Carnarvon) is a Perth based company listed on the Australian stock exchange (ASX: CVN). The company’s principal activity is oil and gas exploration and production.

Carnarvon’s objective is to create material returns on its shareholder’s investments, through delivering profitable and sustainable growth.Carnarvon works to a set of key values that include, but is not limited to honesty and integrity, purpose and urgency and above all responsibility to health, safety and the greater community that we work in. Safety is paramount in everything that we do.

The Phoenix project

In 2009 Carnarvon secured exploration acreage offshore Western Australia comprising four exploration permits (WA-435-P, WA-436-P, WA-437-P and WA-438-P) covering approximately 22,000km2. These permits are situated in the north-western region of the Bedout Sub-basin within the greater Roebuck Basin, offshore Western Australia. The blocks lie between the prolific Carnarvon Basin hydrocarbon province to the southwest and the Browse Basin to the northeast. The town of Port Hedland lies approximately 150 kilometres to the south of the permits and Broome lies 250 kilometres to the northeast.

The Joint Venture embarked on an extensive geological study, acquiring 1,100 km2 of multi-client 3D seismic and another 407 kilometres of 2D seismic data through to mid 2012. The newly acquired 3D covered two previous wells in WA-435-P, Phoenix-1 and Phoenix-2, discovering gas and other evidence of hydrocarbons while drilling.

A study of the newly acquired 3D data confirmed two significant prospects, Phoenix South within WA-435-P; and Roc in WA-437-P.

Carnarvon and its partner, Finder Exploration,  then successfully farmed out a percentage of the asset to new partners, Apache and JX Nippon who in turn funded their share of well costs in drilling exploratory wells searching for the extension of the discovered gas.

The Phoenix South-1 well commenced drilling in the WA-435-P permit during on 25 May 2014 and completed drilling around the 20th August 2014. The Phoenix South-1 well planned to drill to a depth of approximately 4,500 metres to explore for gas and condensate on trend with that discovered in the Phoenix-1 well some 13 kilometres away.

On 18 August 2014 Carnarvon announced the discovery of light oil with some associated gas in the Phoenix South-1 well. These preliminary results are very encouraging and while they bode well for the future this project is at a preliminary stage of exploration.

The next big thing? – a press article by David Upton



The Cerberus Project


May 2014 Carnarvon secured exploration acreage offshore Western Australia comprising three permits (EP-490, TP/27 and EP-491) covering approximately 3,200km2 in the heart of the Carnarvon Basin in Western Australia.

Two major hydrocarbon accumulations occur immediately to the north of the blocks. The Wandoo Oilfield is located around 46 kilometres to the north of the blocks with its primary reservoir at a depth of approximately 600 metres in the Early Cretaceous M.australis Sandstone of the Muderong Shale. Recoverable oil is estimated to be approximately 100 million barrels. The Stag Oilfield is located only 24 kilometres to the north of these blocks with its primary reservoir at a depth of approximately 700 metres. Recoverable oil is estimated to be around 50 million barrels. Both fields lie in approximately 50 metres of water.

These new blocks are substantially covered by modern 3D seismic data that will aid in identifying analogous traps to the Stag and Wandoo oilfields.

Numerous oil and gas fields have also been discovered throughout the area to the west of the blocks, including the significant hydrocarbon accumulations in the Harriet area, reservoired within the highly productive Flag Sandstone.

Water depth over the blocks does not exceed 70 metres, which when combined with shallow target depths, allows for cost effective drilling using offshore jack-up rigs.

Work commitments for the primary two year period are limited to reprocessing the existing 3D seismic and geological studies and will not add any significant cost exposure to Carnarvon’s already low future commitments.



Acreage

Permit Basin Equity JV Partner(s) Partner Interest Indicative Program
WA-435-P Roebuck 20%(**) Apache(*)JX NipponFinder Exploration 40%20%20% Analysing results of Phoenix South -1
WA-436-P Roebuck 30%(**) Apache (*)Finder Exploration 40%30% Seismic & Aeromag Acquisition, Exploration
WA-437-P Roebuck 20%(**) Apache(*)JX NipponFinder Exploration 40%20%20% Exploration drilling
WA-438-P Roebuck 30%(**) Apache(*)Finder Exploration 40%30% Seismic & Aeromag Acquisition, Exploration
TP-27 EP-490 Barrow sub-basin 100% n/a   Seismic Interpretation Exploration
EP-491 Barrow sub-basin 100% n/a   Seismic Interpretation Exploration
EP321 Perth 2.5% of 38.25%(***) n/a   Appraisal
EP407 Perth 2.5% of 42.50% (***) n/a   Appraisal
Note: (*) Denotes operator where Carnarvon is non-operator partner
(**) Post farmout equity
(***) Carnarvon has an overriding royalty interest in these assets



Last updated 26th August 2016.


Peter J Leonhardt
Chairman
FCA, FAICD (Life)

Peter is an independent company director and adviser with extensive business, financial and corporate experience. He is a Chartered Accountant, former Senior Partner with PricewaterhouseCoopers and Managing Partner of Coopers & Lybrand in Western Australia. His professional career with the firm spanned 35 years in Australia and overseas and included six years as a member of the national governing body of Coopers & Lybrand.

Peter was Chairman of Voyager Energy Ltd prior to its merger with ARC Energy Ltd and is a director of CTI Logistics Ltd. He is also a director of the Western Australian Institute for Medical Research and the Cancer Research Trust.

Mr Leonhardt is a member of the Audit Committee and the Renumeration Committee.




Adrian Cook
Managing Director
Chief Executive Officer
B Bus, CA, MAppFin

Adrian has 25 years experience in commercial and financial management, primarily in the petroleum industry. Immediately prior to joining Carnarvon, Adrian was the Managing Director of Buru Energy Limited, an ASX listed oil and gas exploration and production company with interests in the Canning Basin in Western Australia. Adrian has also held senior executive positions within Clough Limited’s oil and gas construction business and was on the executive committee at ARC Energy Limited, an ASX listed mid cap oil and gas exploration and production company.

Adrian joined Carnarvon on 2 November 2009 and was appointed to the Board on 1 July 2011.




Ted Jacobson
Non-Executive Director
BSc (Hons Geology)

Ted is a petroleum geophysicist with 35 years experience in petroleum exploration principally in the European North Sea, South East Asia, South America and Australia. Prior to joining Carnarvon Petroleum Ted was co-founder of Discovery Petroleum and more recently since 1996, co-founder and technical director of Tap Oil Ltd which grew to a market capitalization of over $400 million under his technical leadership.

Ted joined the Board on 5 December 2005, was appointed Chief Executive Officer on 19 December 2005 and became a non-executive director following his retirement as Managing Director and Chief Executive Officer on 30 June 2011.

Ted is a member of the Petroleum Exploration Society of Australia and member of the Australian Institute of Geophysicists




William (Bill) Foster
Non-Executive Director
BE (Chemical)

Bill is an engineer with extensive technical, commercial and managerial experience in the energy industry over a 40 year period. He has been an advisor to a major Japanese trading company for the last 20 years in the development of their global E&P and LNG activities and has spent time prior to this working internationally in the development of a number of energy companies. Bill has significant M&A experience and has assisted companies in their commercial activities including financing and marketing.

Bill was a former independent director of Tap Oil Ltd and of the E&P companies that were formed through his advisory services to the Japanese trading company.

Mr Foster is a member of the Audit Committee and the Remuneration Committee.




Dr Peter Moore
Non-Executive Director

Peter has extensive experience in exploration and production in Australia and internationally gained through senior roles with a number of globally recognised companies. Peter led Woodside’s worldwide exploration efforts as the Executive Vice President Exploration reporting to the CEO and was the Head of the Geoscience function (Exploration, Development, Production, M&A).




Philip Huizenga
Chief Operating Officer

Philip joined Carnarvon in early 2007 as Principal Petroleum Engineer but was promoted to Chief Operating Officer. Philip has an extensive engineering background with nearly 20 years in the oil and gas industry encompassing many years of rig exposure on offshore and remote locations and several years reservoir engineering experience. Philip has worked internationally in Asia and the Americas in a number of engineering and management roles. Philip is a member of the Society of Petroleum Engineers and sits on the Industry Advisory Council to the Dept of Petroleum Engineering at Curtin University
 



Thomson Naude
Chief Financial Officer and Company Secretary

Thomson is a finance executive responsible for the overall financial management of the Carnarvon business. Thomson is a Chartered Accountant with experience in auditing, financial reporting and commercial transactions including the divestment of Carnarvon’s Thailand production assets.



Last updated 26th August 2016.

Top 20 Holders of ORDINARY FULLY PAID SHARES
As at 1 August 2016

RankNameUnits% of Issued Capital
1 JP MORGAN NOMINEES AUSTRALIA LIMITED 38,454,792 3.77
2 CITICORP NOMINEES PTY LIMITED 30,794,641 3.02
3 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 23,554,428 2.31
4 LOG CREEK PTY LTD 12,881,702 1.26
5 JACOBSON GEOPHYSICAL SERVICES PTY LTD 11,674,068 1.14
6 WOSS GROUP FILM PRODUCTIONS PTY LTD 9,552,000 0.93
7 PENDOMER INVESTMENTS PTY LTD 9,500,000 0.84
8 ELGAR PARK PTY LTD 8,417,578 0.83
9 ARNE INVESTMENTS PTY LTD 8,353,950 0.82
10 MR PHILIP PAUL HUIZENGA 7,767,421 0.76
11 MR PETER LEONHARDT 7,700,000 0.75
12 ABN AMRO CLEARNING SYDNEY NOMINEES PTY LTD 7,558,543 0.74
13 MR CRAIG CARTER 7,000,000 0.69
14 MR EDWARD PATRICK JACOBSON 6,315,982 0.62
15 MR EDWARD PATRICK JACOBSON 6,000,000 0.59
16 GEOLYN PTY LTD 6,000,000 0.59
17 47 ETON PTY LTD 5,850,000 0.57
18 MR ADRIAN COOK & MS BELINDA HONEY 5,609,917 0.55
19 SCARBOROUGH EQUITIES PTY LTD 5,200,000 0.51
20 CULLODEN INVESTMENTS PTY LTD 5,000,000 0.49
  TOTAL 223,158,022 21.88

Registered Office
Level 2
76 Kings Park Road
West Perth WA 6005

PO Box 99
West Perth WA 6872

Telephone: +61 8 9321 2665
Fax: +61 8 9321 8867
Email: [email protected]

Share Registry
Link Market Services Limited
Level 4 Central Park
152 St Georges Terrace
PERTH WA 6000

Locked Bag A14
SYDNEY SOUTH NSW 1235

Australian Telephone: 1300 554 474
International Telephone: + 61 1300 554 474
Facsimile: 02 9287 0303

Directors
PJ Leonhardt (Chairman)
EP Jacobson (Non-Executive Director)
W Foster (Non-Executive Director)
P Moore (Non-Executive Director)
A Cook (Managing Director)

Company Secretary

Thomson Naude

Auditors
Crowe Horwath

ASX Code: CVN – ordinary shares



Last updated 26th August 2016.

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