Since being appointed to the merged role of Chief Executive Officer and Chief Operating Officer in December last year, I have been leading the Carnarvon team’s focus on the Dorado development and implementing some corporate changes as we continue the transition from explorer to producer. 

Shifting gears towards production requires three critical components – a quality asset, adequate finances and a simple development pathway. Carnarvon has all three in spades with our world-class Dorado resource, an industry standard Wellhead Platform and FPSO production solution, and a healthy balance sheet taking us towards FID targeted for later this year.

Adjustments to the Company structure, a fiscally conservative approach to project development and a reduction of corporate costs have all been part of realigning the Company and sharpening our focus on the pathway to developing Dorado. Supporting this will be continued exploration activity in the Bedout sub-basin, which contains some of the best exploration acreage in Australia and has delivered an exceptional exploration success rate of approximately 65% for Carnarvon to date.

Changes to our corporate structure have resulted in forecasted cost reductions of around 30-40% per annum. Ongoing corporate and administration costs are covered by interest generated through our cash balance, providing a firm footing to march towards FID of Dorado.

Over the past two months I’ve been actively engaging with shareholders across Australia, who have been overwhelmingly supportive of our refined strategy, the cost reductions already implemented, and the new additions to our board in Mr Russell Delroy and Mr Will Barker. For those of you who I haven’t had the chance to meet yet, the video below gives you an introduction.

I’m looking forward to continuing the exciting journey with Carnarvon and its shareholders as we enter a new chapter for the Company, and personally thank everyone for their support to date.

Philip Huizenga
CEO