• Dorado Phase 1 liquids development project deferred
• FPSO vessel option not pursued, FEED entry also deferred
• Final Investment Decision (FID) timeline also deferred

Carnarvon Energy Limited (Carnarvon) has provided an update on the Dorado Phase 1 liquids development project, offshore Western Australia, and the greater Bedout permits. The Dorado Joint Venture, which includes Santos Limited (80%, Operator), Carnarvon Energy Limited (10%), and OPIC Australia Pty Ltd (10%), has decided not to purchase the Floating Production Storage and Offloading (FPSO) vessel that had been identified as an option for the Dorado Phase 1 liquids development project. The Operator has also decided to not enter Front End Engineering and Design (FEED) at this stage. With the deferral of FEED entry, the previous target for a Final Investment Decision (FID) in 2025 will also be deferred. The Joint Venture is currently reviewing the timeline for the project, and Carnarvon will update the market in due time. The Joint Venture remains committed to extracting maximum value from the Dorado and greater Bedout Basin assets and is planning towards drilling further exploration wells in 2026 in accordance with tenure commitments. Carnarvon maintains a strong financial position with over A$180m of cash in bank, a US$90m development cost carry, and a low-cost corporate and overhead structure.

The Joint Venture is committed to extracting maximum value from the Dorado and greater Bedout Basin assets and is planning towards drilling further exploration wells in 2026 in accordance with tenure commitments.