QUARTERLY REPORT

JUNE 2022

1

BUILDING ON

DORADO SUCCESS

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Managing Director's comments.

The Dorado development continues to achieve significant milestones towards being ready for Final Investment Decision ("FID") later in the year.

During the quarter, the joint venture was awarded a Production License ("PL") in respect of the Dorado field. The PL allows the joint venture to produce from the Dorado Licence Area and continue to explore for, and appraise, any additional petroleum within the area.

Importantly, the terms of the PL also allow for the production of petroleum from other areas, such as the recently discovered Pavo oil field, creating the potential for significant upside where other petroleum resources in the Bedout Sub-basin are produced using the Dorado facilities (see figure 1).

Quarter Highlights

  • Grant of Dorado Production Licence as development progresses to being FID- ready in 2022.
  • Estimated Pavo contingent resources of 43 million barrels (gross, 2C) within tie- back distance of Dorado facilities.
  • Renewable diesel project awarded $2 million Clean Energy Future Fund grant.

The Pavo-1 discovery in the previous quarter represents another stellar exploration success for the highly prospective Bedout Sub-basin. Following an assessment of the Pavo resource, the Company estimates contingent resources of 43 million barrels (gross, 2C) (refer to ASX announcement on 2 May 2022).

With the Pavo discovery being within tie- back distance of the Dorado facilities, Pavo has the potential to maintain high flow rates through the Dorado facilities and thereby preserve the field's low operating cost per barrel for an extended period of time.

Developments like Dorado, and discoveries such as Pavo, are critical to ensuring energy demand in Asia continues to be met and will play an important role in the region's long-term energy security.

The Company also continues to make significant progress on its first renewable

QUARTERLY REPORT JUNE 2022

ASX:CVN

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Carnarvon Petroleum Limited published this content on 24 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2022 23:33:04 UTC.