• Completed strategic review, invested up to A$89 million in Strike Energy
• Maintained strong balance sheet with ~A$186 million in cash
• Progressed Bedout exploration, targeting drilling in 2026

Carnarvon Energy Limited (ASX:CVN) provided an update on its activities and financial position for the quarter ended 30 June 2025. The key highlights include the completion of the company's strategic review, which resulted in a strategic investment of up to A$89 million in Strike Energy Limited (ASX: STX). This investment gives Carnarvon exposure to Strike's gas portfolio and Western Australia's growing energy market. Carnarvon maintained a strong balance sheet with approximately A$186 million in cash and no debt, as well as a US$90 million Dorado development free carry. The company also continued to progress the Bedout exploration program, with the Bedout Joint Venture targeting drilling in 2026, subject to approvals and rig availability. Carnarvon's CEO, Philip Huizenga, commented on the strategic investment in Strike and the company's focus on its core assets in Dorado and the Bedout Sub-basin. The announcement also provided financial details and commentary on the company's cash flows and expenditures.

Carnarvon expects to have approximately A$97 million in cash on its balance sheet following the full uptake of the Strike Energy investment. The company also maintains a US$90 million Dorado development free carry.

Carnarvon is focused on progressing the Bedout exploration program, with drilling targeted for 2026, and continuing to work with the Bedout Joint Venture partners on the Dorado development timeline.