CHAIRMAN’S and managing director’s REVIEW

The challenges of COVID-19 and the economic effects of this have continued throughout the past year. Both human and operational activity has required careful management to ensure the safety and well-being of staff and the achievement of operations despite logistic and supply chain disruptions. On behalf of the Board, I wish to express our appreciation to our staff in working through this in a safe and efficient manner and to thank Adrian Cook for the leadership he has shown as Managing Director.

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William (Bill) Foster Chairman

In the past year we have continued to make substantial progress in advancing our core projects whilst also positioning the Company for new opportunities that will enable it generate value and be part of the energy transition.

As outlined in our Net Zero by 2050 statement in July 2021, we believe that Carnarvon has an important role to play in the supply of energy in a responsible and sustainable manner. To this end, we hold the view that oil and gas, as well as other current and emerging energy supply sources and technologies will have an important place for decades to come.

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Adrian Cook Managing Director

the Company’s highlights during the 2021 financial year

Download operating and financial review
Download operating and financial review

Our projects

Carnarvon Interests as at 30 June 2021 in Australia and Timor-Leste

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Outtrim Project (WA-155-P)
(Carnarvon 100% and Operator)

The Outtrim project, WA-155-P, is in the Barrow Sub-Basin, within the Carnarvon Basin of the North-West Shelf of Australia.

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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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Dorado Development (WA-437-P)
(Carnarvon 20%, Santos is the Operator)

Exploration – Greater Bedout Area
(WA-435-P, WA-436-P, WA-437-P and WA-438-P)
(Carnarvon 20%-30%, Santos is the Operator)

Dorado, Apus & Pavo

Carnarvon secured its interests in the Bedout Sub-Basin permits (WA-435-P, WA-436-P, WA-437-P and WA-438-P) in 2009. The offshore permits cover an expansive area of 21,652km2 which is located approximately 110km from the coast, offshore of Port Hedland in Western Australia.

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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, both located 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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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, both located 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 (WA-523-P)
(Carnarvon 100% and Operator)

A significant portion of the WA-523-P exploration permit remained in Australian waters following the maritime boundary change between Australia and Timor-Leste in 2019.

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Buffalo Project (TL-SO-T 19-14 PSC)
(Carnarvon 50% And Operator)

Plans to redevelop the Buffalo oil filed were materially progressed during the year. Preparations for drilling the Buffalo-10 well are well progressed with the well planned to commence drilling in October 2021. The well is being designed to target the attic oil remaining from the field’s original development.

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projects map
Onslow Karratha Port Hedland Broome Derby Truscott Wyndham Kununurra Katherine Darwin Timor-Leste
shape

Financial review

Carnarvon’s balance sheet remained strong with cash and cash equivalents of $98,436,000 (2020: $113,632,000), no debt and minimal commitments going forward.

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