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As a follow up to the Labyrinth Project Prospective Resource Update (available here), which was released to the market on 7th February 2018, Carnarvon Petroleum is pleased to provide the following presentation which contains some additional information as Carnarvon is seeking expressions of interest to join this exciting project. The attached presentation serves as an introduction to the project and highlights the significant size of the Ivory prospect, estimated to contain a mean calculated 420 million barrels over 2 levels as well as further prospects within the permit. Carnarvon Petroleum’s analysis draws upon a depth of years of experience across the North-West Shelf in order to determine the best technical approach to evaluating these prospects. In particular, the work has drawn upon conclusions from the successful Roc and Phoenix South wells, and using knowledge gained from undertaking studies in similar environments all the way across the North-West Shelf to East Indonesia and Timor, that a working Petroleum System is evident in the region of the Labyrinth Project. Other areas with similar characteristics have hosted commercial oil discoveries at the same levels as those that will be tested in the Ivory and other prospects. The next steps for the Labyrinth project include the acquisition of new 3D seismic data to better delineate a drilling location for the proposed Ivory-1 well. With the overall oil and gas industry showing signs of recovery in comparison to the last few years, Carnarvon management will commence with a process to attract a suitable partner to cover the cost of the 3D acquisition and potential drilling. Yours faithfully
Adrian Cook Managing Director Carnarvon Petroleum
Shareholder enquiries: Mr Thomson Naude Company Secretary Phone: (08) 9321 2665 Email: [email protected]
Labyrinth Project – Marketing Presentation 13 Feb 2018
Opportunity Overview - Agenda
• Introduction• Play concepts• Late Triassic source rocks• Ivory Prospect – standout oil opportunity• Follow-up exploration• Permit terms• 3D seismic option for farminee
2
Introduction
• Under-explored does not mean “non-prospective”
• Recent regional insights re-evaluate hydrocarbon charge, particularly in relation to the Triassic
• Ivory Prospect – standout dual target oil opportunity 420mmbbls mean recoverable) in 350 metres water depth– P90 recoverable volumes are in excess of the minimum economic field size– currently defined on a closely spaced 2D grid
• Low cost, forward commitment program– 3D seismic option to refine the Ivory-1 drill location
3
N
Introduction
• A new Late Triassic source rock is identified from the recent Anhalt-1 and Hannover South-1 well results
– Birds Head area of West Papua, Indonesia and Timor Island are working analogues
• Three mature source rock intervals with multiple stacked reservoir sequences
• Success at Roc and Phoenix/Phoenix South demonstrates a working petroleum system in this area
• The underfilled Nebo structure had been seen as a negative to hydrocarbon charge adequacy in the Beagle Sub-basin, however ….
– Recent insights show this oil is likely NOT Jurassic and could be typed to the Triassic
– The oil column in Nebo may therefore be re-migrated from an older Triassic pool?
4
Prospectivity of the Rowley Sub-basin has been upgraded
Play concepts
5
Top Lower Depuch
Top Upper Bedout
Thick Mid-Jurassic to Cretaceous seals in place prior to hydrocarbon charge in Rowley Sub-basinIvory-1
Murat Siltstone andAthol Formation seals
4300m
2680m
Lower Bedout mixed carbonate - clastic source rock
Upper Keraudren mixed carbonate - clastic source rock
BEAGLE SUB-BASIN BEDOUT AND ROWLEY SUB-BASINS
Early Jurassic clastic system Late Triassic-Early Jurassic carbonate-clastic system
Upper Bedout mixed carbonate - clastic source rock
M.J
uras
sic
L.Ju
rass
icU
.Tria
ssic
L. B
edou
tU
.Bed
out
Low
er D
epuc
hU
pper
Ker
audr
en
A
A
A’
A’
100 km
WA-521-P
• New proprietary geochemical analysis of Anhalt-1 and Hannover South-1 revealed high TOC and high HI source rocks related to algal and carbon-rich material
• Visual kerogen analysis reveals algal rich (phytoplankton) organic facies markedly different to the co-eval, deltaic Upper Mungaroo Formation sediments
• Hydrocarbon shows were encountered in the Upper Keraudren Formation in the Hannover South-1 sidewall cores
6
New geochemical analysis
Platform carbonates
Platform carbonates
Late Triassic source rocks
Late Triassic source rocks
7
Upper Keraudren and Lower Bedout Formations
Tria
ssic
Cai
nozo
icL.
Cre
tace
ous
U.C
reta
ceou
sU
.Jur
assi
cM
.Jur
assi
cL.
Jura
ssic
M.T
riass
icL.
Tria
ssic
U.T
riass
ic
Mud
eron
gL.
Bed
out
U.B
edou
tLo
wer
Dep
uch
Low
er K
erau
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Fore
stie
r U
pper
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ingo
/ Eg
ret
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.
HANNOVER SOUTH-1
ANHALT-1STEEL DRAGON-1
HUNTSMAN-1
EAST_MERMAID-1B/ST1
BEDOUT-1
LAGRANGE-1MINILYA-1
PHOENIX-1
PHOENIX-2
PHOENIX SOUTH-1
ROC-1NORTH TURTLE-1
DARWIN-1NEBO-1
LEVITT-1
DELAMBRE-1
KERAUDREN-1
POISSONNIER-1
BRUCE-1COSSIGNY-1
MANASLU-1
WIGMORE-1
PICARD-1
DEPUCH-1
WHITETAIL-1
Anhalt-1
Hannover South-1
TIMOR
AUSTRALIA
Modified after Haig
• Anhalt-1 and Hannover South-1 demonstrate a Late Triassic carbonate platform with significant source rock potential
• The isopach thick in the Rowley Sub-basin corresponds to a Late Triassic mini-basin, where restricted marine depositional environments are interpreted
• Organic rich kerogens, interdigitated with turbidites are predicted in the depocentre, east of Whitetail-1
Mixed carbonate-clastic source rock
Clastic dominated.Poor source rock potential
IvoryIvory
Wells in black intersected the Upper Keraudren Formation, wells in grey did not
8
• Dual Targets: Two large structural traps that can be drilled with one well
• New Source Rocks: Mixed clastic-carbonate Triassic source rocks identified, currently in the oil window. Comparable working analogues
• Reservoir/Seal: Palaeogeographic reconstructions tightly constrained by well control and seismic facies interpretations confirm key reservoir and seal intervals
• Nebo Oil Discovery: Revised geological interpretation of likely Triassic source positively impacts the Ivory Prospect
• Compelling volumes and economics: P90 recoverable volumes are in excess of the minimum economic field size
Dual prospect levels are matured to a stage where the next step is a 3D seismic survey to optimise the Ivory-1 well location
Ivory Prospect – standout oil opportunity
Ivory
Ivory Deep
Top Lower Depuch
Top Upper Bedout
15 km
3D visualisation of top reservoir N
Ivory Prospect – standout oil opportunity
9
Ivory
Ivory Deep
Top Lower Depuch
Top Upper Bedout
15 km
3D visualisation of top reservoir
Top Upper Bedout
Ivory Deep
WD 350m
Top Lower Depuch
Top Muderong shale
Ivory Deep (crest at 4300m TVD)
Ivory (crest at 2680m TVD) Ivory
NReprocessed 2D seismic data courtesy of Spectrum Geo Australia Pty Ltd
0
50
100
150
200
250
300
350
400
450
Ivory Mouse Weaver Zebra Hammock Deep Mahogany
Prospective recoverable resources for key prospects and leads at Pmean
Ivory Prospect – standout oil opportunity
10
The Ivory Prospect is in 350 metres of water with two primary targets:
1) Jurassic Lower Depuch Formation at 2680 m TVD
2) Jurassic Upper Bedout Formation at 4310 m TVD
Top Lower Depuch Formation Top Upper Bedout Formation
Lower Depuch Formation
Upper Bedout Formation
Ivory Deep
MouseDeep
With material follow up opportunities
Permit terms
11
Awarded 29 March 2016 (Currently in Permit Year 2)
Permit Year Minimum Work Requirements Estimated Expenditure Constant dollars
(indicative only) $AU
Years 1-3March 2016 to
March 2019
License or purchase 4,000 km 2D multi-client reprocessed data
Plan, acquire and interpret multi-screen satellite images to investigate potential surface seeps
Whitetail well biostratigraphy and fluid inclusion analysis
150 Km 2D seismic acoustic impedance inversion
Geological and geophysical studies including:- burial history modelling- Interpretation of seismic and well data- fault seal analysis
530,000
110,000
110,000
190,000
380,000
Year 4March 2019 to
March 2020
3D seismic planning 120,000
Year 5March 2020 to
2021
Acquire and process 300 km2 new 3D survey 3,300,000
Year 6March 2021 to
2022
Geological and geophysical studies including interpretation of new 3D survey data
150,000
. . .
.Commitment 3D (300 km2)
PY4 PY5 PY6PY 1 - 3March 2016 March 2019 March 2020 March 2021 March 2022
Now - - - N o C o m m i t m e n t W e l l s ! - - -
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