Carnarvon Energy (ASX:CVN) held its 2026 Annual General Meeting on 13 November 2026, with Chair Robert Black disclosing the company holds $97 million in cash and a Strike Energy investment valued at approximately $75 million, while expressing personal frustration at the lack of progress toward development of the Dorado offshore oil project by joint venture operator Santos.

Key Points

  • Chair Robert Black disclosed Carnarvon holds $97 million in cash and a Strike Energy investment valued at approximately $75 million at the time of the AGM.
  • The company holds a US$90 million funding carry toward the Dorado development and a 10% minority interest in the Dorado joint venture.
  • Two material exploration wells in the Bedout Sub-basin are scheduled to commence in the second quarter of next year.
  • Carnarvon has commenced a share buyback and cancellation programme, described by the Chair as value accretive on all metrics.

Chair's Remarks on Dorado Development Impasse

Chair Robert Black, in his address to shareholders at the 2026 AGM, described Dorado as Australia's largest undeveloped offshore oil resource and stated that Santos, as operator, has yet to commit to developing the project. Black noted that as a 10% minority partner in the joint venture, Carnarvon can exert influence but cannot control the outcome. He described Dorado and Pavo fields as capable of producing up to 20 million barrels of oil gross per year over a project life of up to 20 years, and characterised the project as readily bankable and fundable with compelling returns on every financial measure.

Balance Sheet Position and Strike Energy Investment

According to the Chair's address, Carnarvon holds $97 million in cash, a Strike Energy investment currently valued at approximately $75 million, and a US$90 million funding carry toward the Dorado development. Black described the Strike Energy investment as providing Carnarvon with exposure to gas production, development and exploration in Western Australia. The company has maintained strict cost controls and balance sheet discipline, and the Chair stated Carnarvon remains funded for its share of the upcoming exploration programme and the eventual development of Dorado.

Upcoming Bedout Sub-Basin Exploration Drilling Programme

The Chair's address disclosed that Carnarvon has exposure to two material exploration wells in the Bedout Sub-basin, with drilling scheduled to commence in the second quarter of next year. The resource estimates referenced in the accompanying AGM presentation were prepared as at 23 June 2026 and 30 June 2026, pursuant to announcements released on 23 June 2026 and 29 September 2026. The filing states that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed. The presentation was approved for release by Chief Financial Officer and Company Secretary Alex Doering.