• Robust balance sheet with A$187 million cash, no debt, and US$90 million Dorado development free carry
• Operator Santos decides not to proceed with FPSO acquisition and FEED for Dorado Phase 1 liquids development
• Bedout Basin exploration permits renewed for 5 years, enabling future drilling plans

Carnarvon Energy Limited (ASX:CVN) has provided an update on its activities and financial position for the quarter ended 31 December 2024. The company maintained a robust balance sheet with A$187 million in cash, no debt, and a US$90 million Dorado development free carry. However, the company expressed disappointment that the operator, Santos Limited, decided not to proceed with the acquisition of an identified FPSO vessel and the commencement of Front End Engineering and Design (FEED) activities for the Dorado Phase 1 liquids development. Despite the delays, Carnarvon and the joint venture recognize the immense value in the discovered oil and gas resources and surrounding exploration potential in the Bedout Basin. Post-quarter end, the regulatory authority offered the joint venture a renewal of the four Bedout exploration permits for another five years, allowing the joint venture to confidently plan for future drilling, targeted for 2026. Carnarvon continues to explore alternative transactions to accelerate value realisation from its Bedout Basin assets, including the Dorado and Pavo discoveries.

Carnarvon remains focused on unlocking value from its Bedout Basin assets, including the Dorado and Pavo discoveries. The company is exploring alternative transactions to accelerate value realisation, while the joint venture plans to prioritise drilling in the Bedout Basin, targeted for 2026.