Carnarvon Petroleum
Annual Report 2024

ANNUAL REPORT
2024

Directors							
RH Black (Chair) (Appointed on 2 April 2024, appointed Chair on 1 July 2024)					
WA Foster (Non-Executive Director) (Ceased as Chair on 30 June 2024)
R Delroy (Non-Executive Director) (Appointed on 15 December 2023)
WS Barker (Non-Executive Director) (Appointed on 15 December 2023)
AC Cook (Managing Director) (Ceased on 15 December 2023)
PS Moore (Non-Executive Director) (Ceased on 17 November 2023)
SG Ryan (Non-Executive Director) (Ceased on 2 April 2024)
D Bakker (Non-Executive Director) (Ceased on 15 December 2023)
Company Secretary						
A Doering
G Sproule (Ceased on 26 April 2024)
Auditors								
Ernst & Young
Bankers 
Australia and New Zealand Banking Group Limited
Commonwealth Bank of Australia
National Australia Bank Limited
Macquarie Bank Limited 			
Registered Office 
2nd Floor
76 Kings Park Road
West Perth WA 6005			
Telephone:	
+61 8 9321 2665
Facsimile:	
+61 8 9321 8867
Email:  	
admin@cvn.com.au
Website:
carnarvon.com.au
Corporate Governance statement:	 carnarvon.com.au/about-us/corporate-governance/
Share Registry 
Link Market Services Limited					
Level 12, QV1 Building 
250 St Georges Terrace
Perth, WA 6000 Australia					
Investor Enquiries: 	
1300 554 474 (within Australia)
Investor Enquiries: 	
+61 1300 554 474 (outside Australia)
Facsimile:	
+61 2 9287 0303
Stock Exchange Listing			
Carnarvon Energy Limited’s shares are quoted on the Australian Securities Exchange.
ASX Code: 	
CVN - ordinary shares
CORPORATE DIRECTORY

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 1
Chair’s Review	
02
Chief Executive Officer Review	
04
Operating and Financial Review	
06
Directors’ Report	
27
Auditor’s Independence Declaration	
54
Corporate Governance Statement	
55
Consolidated Income Statement and Other Comprehensive Income	
56
Consolidated Statement of Financial Position	
57
Consolidated Statement of Changes in Equity	
58
Consolidated Statement of Statement of Cash Flows 	
59
Notes to the Financial Statements 	
60
Consolidated Entity Disclosure Statement	
103
Directors’ Declaration	
104
Independent Audit Report	
105
Additional Shareholder Information	
111
CONTENTS

2 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Carnarvon has undergone significant 
changes during the financial year; 
however the Company is in a strong 
position to realise significant value 
from its asset portfolio, which features 
Dorado, Australia’s largest undeveloped 
liquids field.
CARNARVON ENERGY LIMITED  
(“CARNARVON” OR “COMPANY”)
The Company completed a partial 
divestment of its interests in the Bedout 
Sub-basin permits, including the Dorado 
production licence, to OPIC Australia Pty 
Ltd, a wholly owned subsidiary of CPC 
Corporation (CPC), Taiwan’s national oil 
company. We’re pleased to welcome a 
quality partner in CPC to the Joint Venture. 
Carnarvon’s divestment also means the 
Company is in an excellent financial 
position to fund its share of the Dorado 
development.
Carnarvon also made considerable 
progress towards its Board succession 
plan during the year. I was pleased to 
welcome Robert (Rob) Black, Russell 
Delroy and William Barker to the 
Carnarvon Board during the year. The 
new Board has a wealth of experience, a 
resolute focus on maximising shareholder 
value and has already made positive 
progress towards the Company’s revised 
strategic objectives.
I would sincerely like to thank Adrian 
Cook, Peter Moore, and Debra Baker, who 
retired from the board this year. They have 
provided considerable effort and guidance 
to Carnarvon over many years and leave 
the Company in a very strong position. I 
especially would like to thank Adrian for his 
many years of service as Managing Director, 
who was instrumental in the Company’s 
journey from an onshore explorer and 
producer in Thailand, to a founding partner 
in the world class Dorado field.
CHAIR’S REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 3
Following these changes, Philip Huizenga was appointed 
Chief Executive Officer (CEO), having served as Chief 
Operating Officer (COO) for a number of years. Phil’s 
appointment had been planned for some time and reflects 
Carnarvon’s progression from explorer to producer.
Phil hardly needs a welcome as CEO, despite only taking 
on that role recently, his active service to the Company 
over the past 15 years, primarily as COO, has meant he 
should be well known to all. I am confident that Phil has 
the support and skills necessary to take Carnarvon to 
development and production.
Carnarvon’s refreshed Board has refined the Company’s 
strategic objectives with a firm focus on preserving 
the company’s balance sheet strength, significantly 
reducing the corporate and administrative cost base, and 
maximising value from the existing asset base.
I am pleased with the progress that has been made 
towards these objectives during the period. Carnarvon 
continued to review and reduce its corporate and 
administrative costs, with ongoing costs now reduced by 
over 40% compared to the 2023 cost base. These cost 
reductions, in addition to a commitment to making no new 
material acquisitions, means Carnarvon is strengthening 
and retaining its robust balance sheet to deliver the 
Dorado development to a Final Investment Decision, and 
onto first oil.
Carnarvon is also resolutely focused on maximising 
value from its existing assets. The company continues 
to support the Dorado development and progressing 
exploration in the highly prospective Bedout Sub-basin. 
Carnarvon also remains open to exploring alternative 
transactions to accelerate value realisation and is working 
with J.P. Morgan to consider its strategic options.
Further to reducing the Company’s corporate and 
administrative cost base, the Board has revised the 
Board and Management’s remuneration structure. Fixed 
remuneration has been reduced for new Directors and 
the CEO, and performance rights have been granted 
to better align remuneration with shareholder interests, 
and to incentivise management to drive higher returns. 
Details of the remuneration structure are outlined in the 
Remuneration Report.
As announced during the year, I stepped down as Chair 
of Carnarvon on 1 July 2024, with Rob Black assuming the 
role. I intend to retire from my non-executive directorship 
once a suitable replacement has been appointed.
It has been a pleasure being on the Board of Carnarvon 
for the past 14 years, including Chair for nearly 4 years. 
It saddens me to leave the Company however I feel 
confident in leaving the Chair role to Rob, knowing he will 
provide excellent guidance to the Company in its next 
phase.
Finally, I would like to thank our shareholders for their 
continued patience over a number of years. I share your 
frustration with the time it has taken to progress the 
Dorado development, however I am confident that your 
patience and support will be rewarded in due course. I 
look forward to seeing the Company develop Dorado 
and continue to unlock the prolific Bedout Sub-basin as a 
fellow shareholder.
William (Bill) Foster
Chair (retired as Chair on 1 July 2024) 

4 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
The Dorado oil and gas discovery, of 
which Carnarvon holds a 10% equity, 
was made in 2018 and at 162 MMbbl 
recoverable (2C, gross) (see page 14), is 
the largest undeveloped oilfield in the 
Northwest Shelf. 
Through the years since that discovery, 
we have successfully appraised the field 
in 2019, received a Production Licence in 
2022 and our Offshore Project Proposal 
for development was accepted in 2023. 
Along the way we have also had further 
exploration success, with the 43 MMbbl 
Pavo oilfield discovery (2C, gross) in 
2022, located around 45km from the site 
of the proposed Dorado facilities.
In 2024 we have progressed with 
optimising the Development Concept, 
commencing with the necessary project 
specific Environment Plan approvals, and 
are working towards re-entering FEED 
later this year towards a Final Investment 
Decision in 2025.
Over the past year there 
have been changes to the 
board and management 
at Carnarvon, along with 
a refresh of our strategic 
objectives, but Carnarvon’s 
commitment to developing 
Dorado and continuing with 
exploration in the Bedout 
Sub-basin offshore Western 
Australia has remained 
constant.Australia.  
CHIEF EXECUTIVE 
OFFICER REVIEW
4 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 5
The Dorado Phase 1 liquids development concept 
is simple and robust, similar to other developments 
in the region, consisting of a WHP and the phased 
development of up to 11 wells, connected to a right-sized 
FPSO for production and storage, with the gas being 
reinjected to enhance oil recovery and stored in the 
sub-surface reservoirs for an eventual Phase 2 gas export 
development.
The Company retains a very strong financial position 
having $318 million in liquidity, comprising cash of 
A$180 million and A$138 million (US$90 million) in future 
contributions to Carnarvon’s Dorado development 
costs. Along with a prospective debt facility, Carnarvon 
is extremely well placed to fund its share of the 
development and ongoing Bedout Sub-basin exploration. 
The exploration potential remaining in our Bedout Sub-
basin acreage is significant, and while we have the oil 
necessary to progress the Phase 1 liquids development 
at Dorado, we are targeting additional gas resources to 
underpin an eventual Phase 2 gas export project. The 
challenges that the industry has experienced over the 
past couple of years, related to necessary approvals and 
rig availability, are clearing and Carnarvon is working hard 
to ensure we return to exploration drilling.
I have relished the challenges associated with taking up 
the CEO role these past few months, and while some 
difficult decisions had to be made to ensure that our 
ongoing corporate and administrative costs are reduced 
and well below the interest income we are receiving, the 
result is a clean, streamlined business.
Together with the Board, I look forward to the ongoing 
work in delivering our strategic objectives of maximising 
value from Carnarvon’s asset base, reducing our 
corporate cost base and preserving our existing balance 
sheet strength.
I would personally like to thank the previous CEO, Adrian 
Cook, for the many years we worked together to position 
the Company to where it is today. I would also like to 
thank the Board for their support of myself in this new role, 
especially as we take the Dorado project to FID and then 
production. I would especially like to thank the remaining 
team at Carnarvon for their stellar efforts in undertaking 
the work required to ensure we build the best asset and 
explore the best prospectivity in what is undoubtedly the 
premier oil and gas basin in Australia. 
We have a clear and concise focus in the business, 
generating value for shareholders through our holdings 
in the Bedout sub-basin while maintaining our balance 
sheet, and together with you, our shareholders, I am 
looking forward to getting ever closer to production at 
Dorado and further exploration within the Bedout Sub-
basin.
Philip Huizenga
Chief Executive Officer 

OVERVIEW OF OPERATIONS
Onslow
Karratha
Port Hedland
Broome
Derby
Wyndham
Truscott
Kununurra
Timor-Leste
Figure 1: Carnarvon Interests as 
at 30 June 2024.
Dorado & Pavo 
WA-435-P   10%
WA-436-P   20%
WA-437-P   10%
WA-438-P   20%
WA-64-L     10%
Pepper Project 
EP 509 100%
TP/29 100%
HIGHLIGHTS
FOR THE COMPANY DURING THE 
2024 FINANCIAL YEAR WERE:
>	 Completed the divestment of a 
10% interest in the Company’s 
Bedout Sub-basin assets to CPC 
Corporation, Taiwan for US$148m.
>	 Company’s financing of the 
Dorado development significantly 
derisked, following the 
divestment. 
>	 Optimisation of the Dorado Phase 
1 liquids development expected 
to deliver a material uplift in the 
project’s value – FEED re-entry 
targeted for later in 2024, with FID 
expected in 2025.
>	 Significant additional 
prospective resources 
identified in the Bedout Sub-
basin following interpretation 
of new 3D seismic.
>	 Preparatory work progressed 
for exploration drilling in 
Bedout exploration permits 
- focus on expanding the 
discovered gas resources to 
underpin the proposed Phase 2 
gas export development.
6 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 7
Dorado Project Background 
Carnarvon secured its interests in the Bedout Sub-
Basin exploration permits (WA-435-P, WA-436-P, WA-
437-P and WA-438-P) in 2009. The offshore permits 
cover an expansive area of 21,652km2 which is located 
approximately 110km from the coast, offshore of Port 
Hedland in Western Australia.
Historically, the Bedout Sub-Basin was significantly 
underexplored in comparison to the prolific Carnarvon 
Basin to the south-west and the Bonaparte Basin to the 
north-east. Exploration drilling within the area was limited 
to a string of wells in the 1970’s and early 1980’s. These 
included the Phoenix-1 and Phoenix-2 wells, which at 
the time were considered gas discoveries and were not 
pursued further. The unexplored potential across this vast 
area and the presence of hydrocarbons within the region, 
led to Carnarvon’s initial interest in the basin.
Carnarvon’s preliminary work on the permits involved 
extensive geological studies and the acquisition of 
modern 3D seismic data which was a marked upgrade to 
the existing legacy 2D seismic. The 3D seismic acquisition 
confirmed two significant prospects in Phoenix South 
within WA-435-P and Roc in WA-437-P. As a result, interest 
in the permits grew and the Bedout Joint Venture farmed 
out equity in the project to new partners who funded 
exploration drilling costs to test the Phoenix South and 
Roc targets.
The Phoenix South-1 well was drilled in 2014, discovering 
light oil within an effective reservoir. This was followed 
by the discovery and appraisal of a condensate rich 
gas in the Roc field. The Roc-2 appraisal well also 
included a historic flow test, confirming the ability of the 
hydrocarbons to flow from the quality Caley Member 
reservoir. These results proved to be the catalyst for this 
region which warranted further exploration.
In 2018, the Dorado-1 exploration well discovered a 
significant light oil column in the primary Caley Member, 
and condensate rich gas in four additional reservoirs. 
The subsequent appraisal of the Dorado discovery 
was successfully completed with the well test results 
exceeding pre-test expectations and confirming the high 
quality nature of the reservoirs in Dorado. Dorado is a 
world class discovery which has ignited interest in the 
Bedout Sub-basin and has proven to be transformational 
for the Company.
Further success in the basin was realised in 2022, as 
the Pavo-1 exploration well discovered a 60m gross, 
undersaturated light oil column in excellent Caley Member 
reservoir. Importantly, the discovery, which is located 
46km east of Dorado, validated the effectiveness of the 
Caley Member play extent to the East and now provides a 
valuable back-fill option to the proposed Dorado facilities. 
Figure 2: Image of Noble’s Tom Prosser rig on site during the Dorado Appraisal campaign.
OPERATING AND FINANCIAL REVIEW

8 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
The Dorado Field is located approximately 150km north of 
Port Hedland in the Bedout Sub-basin with water depths 
of approximately 90m. 
Discovered in 2018, Dorado is the largest undeveloped 
liquids field in Australia consisting of five separate light oil 
and rich gas condensate accumulations, with high quality 
hydrocarbon fluids within excellent quality reservoirs. 
The selected concept for the Dorado Phase 1 liquids 
development is based on production from a fixed 
wellhead platform (WHP) connected to a Floating 
Production, Storage and Offtake (FPSO) vessel, which 
handles oil and condensate stabilisation, storage and 
offloading, water treatment for disposal, gas dehydration, 
gas compression and reinjection (Figure 3). During the 
Phase 1 development, gas is injected back into the 
reservoir to enhance oil and condensate production, with 
the remaining gas stored for later extraction as part of the 
future Phase 2 gas export development.  
In August 2023, Carnarvon completed the divestment of a 
10% interest working interest in its Bedout assets to OPIC 
Australia Pty Limited, its ultimate holding company being 
CPC Corporation, Taiwan (CPC), Taiwan’s national oil and 
gas company.
Under the agreement, Carnarvon will receive a total cash 
consideration of US$148 million. This includes the upfront 
payment of US$58 million, with the remaining US$90 
million as a carry on Carnarvon’s future expenditure on 
the Dorado development and Bedout permits, once FID 
has been sanctioned for the Dorado development.  
The partial divestment brings another high-quality partner 
to the project in CPC, and means Carnarvon is well 
positioned to fund its share of the Dorado development.  
During the period, the Joint Venture completed a revision 
of the Dorado project design, to improve the economics 
through optimised utilisation of the proposed production 
facilities. The key optimisation opportunities focused 
on re-shaping the production rates to between 60,000 
and 100,000 bopd, which allows for the rightsizing of the 
FPSO, WHP and other facilities as well as the phasing of 
development well placement. This reduction in the facility 
capacity is likely to reduce the overall CAPEX for the 
Phase 1 liquids development.  
Furthermore, the revised capacity allows for phasing 
of the development wells by reducing the number of 
wells and the up-front capital expenditure required 
prior to first oil. Any remaining wells would be drilled 
during production allowing them to be self-funded 
through project cash flows.  These opportunities could 
considerably improve the project’s value and returns by 
reducing both the up-front capital outlay and the time to 
first oil.
Through the optimisation process, the Joint Venture is 
also assessing FPSO vessel redeployment options along 
with other donor hulls for FPSO conversion. Dependent 
on the suitability and availability of these units, there 
could be further cost savings and opportunities to reduce 
the time to first oil for the Project above those already 
outlined.
Figure 3: Schematic of potential Dorado FPSO and WHP
Dorado Development (WA-64-L)
(Carnarvon 10%), Santos is the Operator)
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 9
Given the impact on engineering design and cost of 
utilising this potentially lower cost option, FEED re-entry is 
dependent on the ability to secure the best option vessel 
or hull.
Importantly, any design changes would be within the 
scope of the approved Offshore Project Proposal (OPP). 
This allows the Operator to update the previously 
completed FEED work with FEED re-entry targeted for 
later this year and a Final Investment Decision (FID) in 
2025.
Carnarvon estimates that the overall CAPEX prior to first 
oil will be below the previous guidance of ~US$2 billion 
(refer to STO ASX announcement on 16 February 2022). 
Carnarvon expects that the Company, with its strong 
balance sheet, the US$90m development cost carry and 
a prospective debt facility, will be fully funded for its share 
of development.
In 2022, the Joint Venture made another successful 
discovery with the Pavo-1 exploration well, which 
encountered a 60-meter gross oil column within the Caley 
Member. The oil column is wholly contained within the 
northern culmination of the Pavo structure (Pavo North) 
and is assessed to contain a 2C contingent resource of 
43 million barrels of oil (mmbbls) gross (see page 14).
Importantly, the discovery, which is located 46 kilometres 
east of Dorado, provides valuable back-fill potential to the 
proposed Dorado facilities.
Figure 4: Proposed Dorado Field Development Layout and tie-backs of Pavo North and Pavo South.
Along with the engineering and design work to allow 
the Dorado Phase 1 liquids development project to enter 
FEED prior to the end of the year, the Joint Venture 
commenced work on the vital drilling and development 
Environment Plans (“EP”) that are required to progress 
the project. While a Production License was secured in 
2022, and an Offshore Project Proposal was accepted 
by the regulator in 2023, individual EPs are required to 
execute certain works in the field, and the Joint Venture 
has expressed a desire to materially progress these prior 
to FID. The necessary EPs for Drilling and Completion 
and WHP and SURF installation are in progress, with the 
external consultation work expected to be visible in due 
course.
During the period, the Joint Venture completed the 
Pavo Assess subsurface and engineering study which 
confirmed that a WHP and sub-sea tieback to the Dorado 
facilities would be the most effective method to develop 
the Pavo North discovery (Figure 4). Static reservoir 
modelling of Pavo North and South has also been 
completed, which is an essential study to understand 
geological uncertainties in the reservoir that provides 
insights for in-place hydrocarbon volumes as well as 
reservoir performance.
Pavo Oil Discovery (WA-438-P)
(Carnarvon 20% Santos is the Operator)
OPERATING AND FINANCIAL REVIEW

10 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
The Bedout Sub-basin, offshore Western Australia, is 
one of Australia’s most exciting exploration plays. The 
Joint Venture’s exploration strategy has the potential to 
unlock substantial additional resources, with unrisked 
prospective resource estimates of 9 Tcf of gas and 1.6 
billion barrels of liquids (Pmean, gross) (see page 18).
Within the extensive exploration acreage, five prospects 
have been highlighted for both their potential and 
their ability to unlock surrounding acreage – the Ara, 
Wallace, Wendolene, Starbuck and Pavo South prospects 
and are being high-graded for potential future drilling 
campaigns (Figures 5 and 6). These prospects have 
been strategically selected for their potential to build 
resource scale, de-risk significant prospectivity within 
nearby clusters and strengthen a number of development 
opportunities.
The five prospects contain a combined material resource 
of 623mmboe, comprised of 1.52Tcf gas and 352mmbl 
oil (Figure 5). Moreover, an additional 7.78Tcf and 
1.25Bbbl (Pmean, gross) is estimated to be present in the 
exploration clusters delineated for tieback potential. This 
highlights the exceptional amount of identified exploration 
upside within Carnarvon’s exploration acreage, with such 
scale making it one of the most prospective exploration 
portfolios in Australia.
Importantly, the four Bedout exploration blocks are 
substantially covered by modern 3D seismic data. 
Exploration drilling based on this modern data had 
resulted in an excellent 67% success rate, with 4 
discoveries from 6 wells.
Recent exploration studies have concentrated on 
the exploration prospectivity in the northern blocks, 
particularly around the Ara prospect (figure 7), as this gas-
prone target has the potential to enhance the value for 
the Dorado Phase 2 gas export development.
Exploration – Greater Bedout Area (WA-435-P, WA-436-P, WA-437-P and WA-438-P)
(Carnarvon 10%-20% (Santos is the Operator) 
Figure 5: Bedout Prospect and Lead Map with key prospects and related 
tie-back clusters highlighted 
Figure 6: Volumetrics of the five standout prospects and their respective 
cluster of nearby prospects.
Gross Mean Recoverable by  
Well and Cluster (mmboe)
Well
Cluster
189
723
173
529
139
954
64
383
54
674
10 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Further engineering studies have progressed including 
dynamic modelling to understand the likely production 
performance of the Pavo fluids based on well placement, 
as well as the integration of the Pavo fluids into the 
Dorado facilities.
The Joint Venture also submitted the Keraudren Extension 
Phase 3 3D seismic (KEP3) EP, which is currently out for 
public consultation. The KEP3D seismic acquisition is 
expected to commence from 2026 and will capture the 
Pavo North discovery and Pavo South appraisal target. 
Importantly, it will also provide an additional seismic 
acquisition azimuth for the Pavo development.
Whilst the Pavo tie-back is a high value opportunity, based 
on the optimised Dorado production rates, tie-back of the 
Pavo resource to the Dorado facilities is not expected to 
be required for several years after Dorado production 
commences.
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 11
Figure 7: Ara Archer Formation stratigraphic target. Image taken from the TGS Zeester 
Capreolus MC3D.
During the period, seismic interpretation of the 
ZeesterCap Reprocessed 3D seismic volume, particularly 
the Sand Probability Quantitative Interpretation seismic 
product, has helped further derisk the Ara Prospect and 
surrounding exploration cluster for reservoir and seal 
configurations at both target levels.
Success at a prospect such as Ara would considerably 
de-risk the surrounding portfolio. Based on Carnarvon’s 
seismic interpretation, the Ara prospect is expected 
to contain over 549 Bscf and 91 million barrels of 
condensate (Pmean, gross) (see page 16). The prospects 
in the immediate vicinity, which would be significantly de-
risked on drilling success at Ara, contain an additional 1.5 
Tcf and around 260 million barrels of condensate (Pmean, 
gross) (see page 16).
The Company looks forward to returning to drilling as 
soon as practical and will provide further details on drilling 
timelines as plans progress.
Exploration success in this region has been underpinned 
by the acquisition and utilisation of modern 3D seismic. 
This continued during the period, as the Joint Venture 
progressed its 3D seismic interpretation on the Dorado 
Multi-azimuth (DORMAZ) 3D, ZeesterCap Reprocessed 3D 
seismic and Keraudren Extension Full Integrity (“FI”) 3D 
datasets. These surveys targeted the highly prospective 
Archer Formation, which includes the prolific Caley Member, 
the primary reservoir for the Dorado, Roc and Pavo 
discoveries, as well as multiple secondary reservoir targets.
The DORMAZ 3D is a merged final product of the Archer, 
Keraudren and Capreolus 3D seismic volumes, which 
in turn provides multiple azimuth imaging and the most 
accurate representation of the Dorado Field. Whilst the 
Keraudren Extension FI 3D seismic volume represents the 
final, high-quality version of the dataset.
The Keraudren Extension FI 3D volume covers the 
southern portion of the WA-436-P permit, which in 
addition to the Zeester MC3D over the northern sections, 
now provides contiguous seismic coverage over 97% of 
the permit. 3D seismic interpretation of the Keraudren 
Extension FI 3D is well advanced with the prospectivity 
of the WA-436-P permit significantly high-graded. The 
exploration permit currently holds the highest number of 
identified prospects (40 prospects) and the largest total 
recoverable volumes in the Bedout portfolio.
During the period, the Joint Venture also submitted 
its renewal program for the four Bedout exploration 
permits to the regulator. Due to significant activity above 
the required commitments and exploration spend over 
the initial period, the Joint Venture has been able to 
successfully extend the initial six-year exploration period 
to a total of fourteen years. The end of the initial period 
occurred in mid-2023, and hence the Joint Venture has 
submitted the required documentation to fulfil the renewal 
requirements and allow continuous exploration in all for 
exploration permits.
OPERATING AND FINANCIAL REVIEW

12 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Pepper Project (EP509 & TP29)
(Carnarvon 100% and operator)
EP509 and TP29 permits (Pepper Project) are located in 
the inboard Barrow Sub-basin of the Northern Carnarvon 
Basin, within State waters (Figure 1). Both permits sit 
within shallow water depths (less than 50 meters) and lie 
adjacent to each other, immediately south-west of Barrow 
Island, offshore Western Australia.
The permit was acquired in June 2021 and contains 
several wells which encountered non-commercial 
hydrocarbon-bearing intervals. This includes the Pepper-1 
well, which intersected a live hydrocarbon column in tight 
thinly bedded turbidite sands of the Late Jurassic Dupuy 
Member within a mapped structural closure. Additionally, 
net hydrocarbon pay was also recorded in topsets of the 
Early Cretaceous Lower Barrow Group. 
Building on the geological desktop studies completed 
in the prior period, Carnarvon completed a 3D seismic 
planning study to ascertain the feasibility and indicative 
cost of acquiring a shallow water 3D over the permit’s 
Pepper prospect.
Based on the indicative costs for the seismic acquisition 
and Carnarvon’s strategic focus on the Dorado 
development and surrounding Bedout sub-basin 
exploration, the Company applied to surrender the EP509 
and TP29 permits. The application is currently being 
considered by the regulator. 
Outtrim Project (WA-155-P)
In the prior financial year, Carnarvon entered into a 
sale agreement with Sky Exploration Pty Ltd and Skye 
Resources Pty Ltd (Skye) to divest the whole of its interest 
in Exploration Permit WA-155-P, for nominal consideration.
However, during the current period, Carnarvon and Skye 
agreed to terminate the sale agreement. Carnarvon 
subsequently applied to surrender the permit, which was 
accepted by the regulator.
Renewable Fuels
Carnarvon made an initial investment into the biofuels 
sector in 2021, with a 50% interest in the FutureEnergy 
Australia (FEA) incorporated joint venture. The objective 
of FEA was to establish Australia’s first commercial scale 
renewable diesel biorefinery utilising woody biomass as 
feedstock. Following the initial investment into FEA, an 
exclusive option agreement was secured for the purchase 
of a 65-Ha parcel of land near the town of Narrogin, 
Western Australia to be the first project site.
Despite the Company’s initial interest in the project, 
Carnarvon monetised and exited its biorefinery business 
interests at the end of the period. The exit was clean, 
and the Company has no residual liabilities from the 
biorefinery joint venture. The exit from the biorefinery 
business aligns with the Company’s refined strategy that 
focusses on maximising the value of its Dorado project 
and Bedout Sub-basin assets.
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 13
RESERVE ASSESSMENT
Petroleum Resource Classification, Categorisation and Definitions
Carnarvon calculates reserves and resources according to the Society of Petroleum Engineers’ Petroleum Resource 
Management System (“SPE-PRMS”) definition of petroleum resources. Carnarvon reports reserves and resources in line 
with ASX Listing Rules.
Reserves 
Reserves represent that part of resources which are commercially recoverable and have been justified for development, 
while contingent and prospective resources are less certain because some commercial or technical hurdle must be 
overcome prior to there being confidence in the eventual production of the volumes. Carnarvon does not yet have any 
reported reserves.
Contingent Resources
Contingent resources are less certain than reserves. These are resources that are potentially recoverable but not yet 
considered mature enough for commercial development due to technological or business hurdles. For contingent 
resources to move into the reserves category, the key conditions, or contingencies, that prevented commercial 
development must be clarified and removed. As an example, all required internal and external approvals should be 
in place or determined to be forthcoming, including environmental and governmental approvals. There also must be 
evidence of firm intention by a company’s management to proceed with development within a reasonable time frame 
(typically 5 years, though it could be longer).
Based on the results of drilling and testing to date, the following Contingent Resource estimates are provided.
Exploration prospectivity
Production
Commercial
Discovered, no field development plan 
approved or not yet economic
Reserves
Proved & 
Probable
Proved
Proved, 
Probable & 
Possible
Contingent Resources
Prospective Resources
OPERATING AND FINANCIAL REVIEW

14 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Gross Contingent Resources (100%)
Gross at 30 June 2023
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
 86 
 162 
 285 
 367 
 748 
 1,358 
 176 
 344 
 614 
Pavo
WA-438-P
 26 
 43 
 62 
 6 
 11 
 17 
 27 
 45 
 65 
Roc
WA-437-P
 12 
 20 
 35 
 204 
 332 
 580 
 48 
 78 
 137 
Phoenix 
South
WA-435-P
 7 
 17 
 30 
 - 
 - 
 - 
 7 
 17 
 30 
Phoenix
WA-435-P
 2 
 7 
 16 
 - 
 - 
 - 
 2 
 7 
 16 
Total
 133 
 249 
 428 
 577 
 1,091 
 1,955 
 260 
 491 
 862 
Technical Revision
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
Pavo
WA-438-P
Roc
WA-437-P
Phoenix 
South
WA-435-P
Phoenix
WA-435-P
Total
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
Gross at 30 June 2023
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
 86 
 162 
 285 
 367 
 748 
 1,358 
 176 
 344 
 614 
Pavo
WA-438-P
 26 
 43 
 62 
 6 
 11 
 17 
 27 
 45 
 65 
Roc
WA-437-P
 12 
 20 
 35 
 204 
 332 
 580 
 48 
 78 
 137 
Phoenix 
South
WA-435-P
 7 
 17 
 30 
 - 
 - 
 - 
 7 
 17 
 30 
Phoenix
WA-435-P
 2 
 7 
 16 
 - 
 - 
 - 
 2 
 7 
 16 
Total
 133 
 249 
 428 
 577 
 1,091 
 1,955 
 260 
 491 
 862
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 15
Net Contingent Resources (Carnarvon’s Share) 
 
Net at 30 June 2023
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
 17 
 32 
 57
 73 
 150
 272 
 35 
 69 
 123 
Pavo
WA-438-P
 8 
 13 
 19 
 2
3
 5 
 8 
 13 
 19
Roc
WA-437-P
 2 
 4 
 7 
 41 
 66 
116
 10 
 16
 27 
Phoenix 
South
WA-435-P
 1 
 3 
 6 
 - 
 - 
 - 
 1 
 3 
6
Phoenix
WA-435-P
 - 
 1 
 3 
 - 
 - 
 - 
- 
 1 
 3 
Total
 29 
 54 
 92 
 116 
219
 393
 55 
 103
 179 
Technical Revision
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
 (8)
 (16)
 (29)
 (37)
 (75)
 (136)
 (18)
 (34)
 (61)
Pavo
WA-438-P
 (3)
 (4)
 (7)
 (1)
 (1)
 (2)
 (3)
 (4)
 (6)
Roc
WA-437-P
 (1)
 (2)
 (4)
 (20)
 (33)
 (58)
 (5)
 (8)
 (14)
Phoenix 
South
WA-435-P
 (1)
 (2)
 (3)
 - 
 - 
 - 
 (1)
 (2)
 (3)
Phoenix
WA-435-P
 - 
 (1)
 (2)
 - 
 - 
 - 
 - 
 (1)
 (2)
Total
 (13)
 (25)
 (43)
 (58)
 (109)
 (196)
 (26)
 (49)
 (86)
Gross at 30 June 2023
Light Oil and Condensate
Free & Associated Gas
Barrels of Oil Equivalent
MMSTB
MMSTB
MMSTB
BSCF
BSCF
BSCF
MMBOE
MMBOE
MMBOE
Resource
Permit
1C
2C
3C
1C
2C
3C
1C
2C
3C
Dorado
WA-437-P
 9 
 16 
29
 29 
 36 
75
 17 
 35 
 62 
Pavo
WA-438-P
 5 
 9 
 12 
 12 
 1
 2 
 5 
 9 
 13 
Roc
WA-437-P
 1 
 1 
 4 
 4 
 21 
 33 
 5 
 8 
 13 
Phoenix 
South
WA-435-P
1
 17 
 3
 3 
 - 
 - 
 1 
 1 
 3 
Phoenix
WA-435-P
 - 
- 
 1 
 1
 - 
 - 
 - 
 0
 1 
Total
 16 
 29 
 29 
49
58
 110 
 197 
54
 93
OPERATING AND FINANCIAL REVIEW

16 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Prospective Resources
Prospective resources are estimated volumes associated with undiscovered accumulations. These represent 
quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas 
deposits identified on the basis of indirect evidence but which have not yet been drilled. This class represents a 
higher risk than contingent resources since the risk of discovery is also added. For prospective resources to become 
classified as contingent resources, hydrocarbons must be discovered, the accumulations must be further evaluated 
and an estimate of quantities that would be recoverable under appropriate development project(s) prepared.
Gross Prospective Resources (100%)
Ara Cluster Gross Volumes
Prospect
Permit
CVN  
Equity
Probability of 
Geological  
Success (Pg)
Gas (Bscf)
Liquids (MMbbls)
Barrels of Oil Equivalent (BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Bandy
WA-435-P
10%
31%
 45.0 
 286.0 
 399.0 
 911.0 
 6.0 
 41.0 
 66.0 
 160.0 
 15.0 
 96.0 
 137.0 
 316.0 
42.5
Revelstoke
WA-436-P
20%
30%
 15.0 
 220.0 
 413.0 
 1,013.0 
 2.0 
 31.0 
 68.0 
 172.0 
 5.0 
 73.0 
 141.0 
 351.0 
42.3
Yuma
WA-435-P
10%
13%
 36.0 
 260.0 
 408.0 
 970.0 
 4.0 
 37.0 
 68.0 
 171.0 
 12.0 
 87.0 
 140.0 
 449.0 
18.2
Wi-Waxy
WA-436-P
20%
30%
 14.0 
 82.0 
 130.0 
 305.0 
 2.0 
 12.0 
 22.0 
 53.0 
 4.0 
 27.0 
 45.0 
 106.0 
13.5
Bara
WA-435-P
10%
13%
 12.0 
 99.0 
 207.0 
 533.0 
 2.0 
 14.0 
 34.0 
 88.0 
 4.0 
 34.0 
 71.0 
 182.0 
9.2
Sum
 122.0 
 947.0  1,557.0  3,732.0 
 16.0 
 135.0 
 258.0 
 644.0 
 40.0 
 317.0 
 534.0  1,404.0 
 125.7 
Ara
WA-435-P
10%
37%
 21.0 
 291.0 
 549.0 
 1,411.0 
 3.0 
 40.0 
 91.0 
 237.0 
 7.0 
 98.0 
 189.0 
 483.0 
69.9
Cluster Total
 143.0 1,238.0 2,106.0 5,143.0 
 19.0 
 175.0 
 349.0 
 881.0 
 47.0 
 415.0 
 723.0 1,887.0 
 195.6 
Wallace Cluster Gross Volumes
Prospect
Permit
CVN  
Equity
Probability of 
Geological 
Success (Pg)
Gas (Bscf)
Liquids (MMbbls)
Barrels of Oil Equivalent (BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Bottlebrush 
South
WA-437-P
10%
16%
 83.0 
 242.0 
 286.0 
 546.0 
 3.0 
 11.0 
 14.0 
 28.0 
 19.0 
 54.0 
 64.0 
 123.0 
10.2
Calendula North
WA-437-P
10%
16%
 24.0 
 195.0 
 267.0 
 601.0 
 1.0 
 8.0 
 13.0 
 30.0 
 5.0 
 44.0 
 60.0 
 137.0 
9.6
Sampati
WA-437-P
10%
36%
 20.0 
 84.0 
 111.0 
 237.0 
 1.0 
 4.0 
 5.0 
 12.0 
 4.0 
 19.0 
 25.0 
 54.0 
9.0
Horus
WA-437-P
10%
22%
 17.0 
 96.0 
 145.0 
 344.0 
 1.0 
 4.0 
 7.0 
 17.0 
 4.0 
 21.0 
 32.0 
 77.0 
7.0
Gromit
WA-435-P
10%
15%
 3.0 
 123.0 
 205.0 
 524.0 
 0.4 
 5.0 
 10.0 
 26.0 
 1.0 
 28.0 
 46.0 
 118.0 
6.9
Wallace East
WA-435-P
10%
10%
 55.0 
 224.0 
 278.0 
 574.0 
 2.0 
 10.0 
 13.0 
 28.0 
 12.0 
 50.0 
 62.0 
 128.0 
6.2
Dragons Back
WA-435-P
10%
16%
 55.0 
 142.0 
 164.0 
 304.0 
 2.0 
 6.0 
 8.0 
 16.0 
 12.0 
 32.0 
 37.0 
 69.0 
5.9
Indigo
WA-437-P
10%
16%
 49.0 
 135.0 
 160.0 
 303.0 
 2.0 
 6.0 
 8.0 
 16.0 
 11.0 
 30.0 
 36.0 
 68.0 
5.8
Cool Moon
WA-437-P
10%
16%
 51.0 
 131.0 
 151.0 
 277.0 
 2.0 
 6.0 
 7.0 
 14.0 
 11.0 
 29.0 
 34.0 
 63.0 
5.4
Jatayu North
WA-435-P
10%
38%
 1.0 
 7.0 
 9.0 
 19.0 
 2.0 
 10.0 
 13.0 
 26.0 
 2.0 
 11.0 
 14.0 
 30.0 
5.3
Badwater
WA-435-P
10%
16%
 45.0 
 118.0 
 140.0 
 263.0 
 2.0 
 5.0 
 7.0 
 14.0 
 10.0 
 26.0 
 31.0 
 59.0 
5.0
Bottlebrush North
WA-437-P
10%
16%
 24.0 
 95.0 
 129.0 
 280.0 
 1.0 
 4.0 
 6.0 
 14.0 
 5.0 
 21.0 
 29.0 
 63.0 
4.6
Calendula South
WA-437-P
10%
16%
 39.0 
 105.0 
 123.0 
 232.0 
 1.0 
 5.0 
 6.0 
 12.0 
 9.0 
 23.0 
 28.0 
 52.0 
4.5
Grindstone
WA-435-P
10%
16%
 39.0 
 99.0 
 114.0 
 210.0 
 1.0 
 4.0 
 5.0 
 11.0 
 9.0 
 22.0 
 26.0 
 47.0 
4.2
Nanny Goat
WA-437-P
10%
16%
 41.0 
 102.0 
 118.0 
 217.0 
 1.0 
 4.0 
 6.0 
 11.0 
 9.0 
 23.0 
 26.0 
 48.0 
4.2
Hellbender
WA-437-P
10%
16%
 38.0 
 95.0 
 110.0 
 201.0 
 1.0 
 4.0 
 5.0 
 10.0 
 8.0 
 21.0 
 24.0 
 45.0 
3.8
Double Buckle
WA-437-P
10%
15%
 39.0 
 99.0 
 113.0 
 205.0 
 1.0 
 4.0 
 5.0 
 11.0 
 9.0 
 22.0 
 25.0 
 46.0 
3.8
Arrowhead
WA-437-P
10%
14%
 32.0 
 81.0 
 93.0 
 169.0 
 1.0 
 4.0 
 5.0 
 9.0 
 7.0 
 18.0 
 21.0 
 38.0 
2.9
Sum
 655.0 2,173.0  2,716.0 5,506.0 
 25.4 
104.0 
 143.0 
 305.0 
 147.0 
 494.0 
 620.0 1,265.0 
 104.4 
Wallace
WA-437-P
10%
43%
 35.0 
 190.0 
 238.0 
 503.0 
 1.0 
 8.0 
 11.0 
 25.0 
 8.0 
 43.0 
 54.0 
 114.0 
23.2
Cluster Total
 690.0 2,363.0 2,954.0 6,009.0 
 26.4 
 112.0 
 154.0 
 330.0 
 155.0 
 537.0 
674.0  1,379.0 
 127.6 
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 17
Wendolene Cluster Gross Volumes
Prospect
Permit
CVN 
Equity
Probability 
of 
Geological 
Success 
(Pg)
Gas  
(Bscf)
Liquids  
(MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Murray
WA-436-P
20%
21%
 61.0 
 377.0 
 431.0 
 827.0 
 8.0 
 53.0 
 70.0 
 151.0 
 20.0 
 125.0 
 147.0 
 290.0 
 30.9 
Avoca
WA-436-P
10%
16%
 61.0 
 253.0 
 379.0 
 839.0 
 8.0 
 40.0 
 66.0 
 150.0 
 20.0 
 89.0 
 133.0 
 295.0 
 21.3 
Mensa Barret
WA-435-P
10%
58%
 3.0 
 21.0 
 44.0 
 105.0 
 2.0 
 12.0 
 25.0 
 55.0 
 3.0 
 16.0 
 30.0 
 73.0 
 17.4 
Mensa Permian
WA-435-P
10%
35%
 25.0 
 82.0 
 110.0 
 231.0 
 1.0 
 5.0 
 6.0 
 13.0 
 6.0 
 18.0 
 24.0 
 52.0 
 8.4 
Mensa Caley
WA-435-P
10%
39%
 20.0 
 75.0 
 91.0 
 182.0 
 1.0 
 5.0 
 6.0 
 13.0 
 5.0 
 18.0 
 22.0 
 45.0 
 8.6 
Sum
 170.0 
 808.0  1,055.0  2,184.0 
 20.0 
 115.0 
 173.0 
 382.0 
 54.0 
 266.0 
 356.0 
 755.0 
 86.5 
Wendolene
WA-435-P
10%
20%
 48.0 
 277.0 
 507.0  1,300.0 
 6.0 
 38.0 
 83.0 
 221.0 
 16.0 
 92.0 
 173.0 
 443.0 
 34.6 
Cluster Total
 218.0  1,085.0  1,562.0  3,484.0 
 26.0 
 153.0 
 256.0 
 603.0 
 70.0 
 358.0 
 529.0  1,198.0 
 121.1 
Starbuck Cluster Gross Volumes
Prospect
Permit
CVN 
Equity
Probability  
of  
Geological 
Success  
(Pg)
Gas  
(Bscf)
Liquids  
(MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Fall Line
WA-436-P
20%
48%
 7.0 
 55.0 
 136.0 
 363.0 
 4.0 
 33.0 
 80.0 
 214.0 
 6.0 
 44.0 
 104.0 
 280.0 
49.9
Tacoma
WA-436-P
20%
54%
 5.0 
 37.0 
 60.0 
 144.0 
 3.0 
 22.0 
 36.0 
 85.0 
 4.0 
 29.0 
 48.0 
 110.0 
25.9
Coho
WA-436-P
20%
51%
 10.0 
 39.0 
 52.0 
 110.0 
 7.0 
 24.0 
 31.0 
 63.0 
 8.0 
 31.0 
 41.0 
 82.0 
20.9
Revel
WA-436-P
20%
11%
 42.0 
 345.0 
 529.0  1,249.0 
 6.0 
 52.0 
 93.0 
 231.0 
 14.0 
 120.0 
 187.0 
 449.0 
20.6
Whiskey Jack
WA-436-P
20%
13%
 16.0 
 191.0 
 323.0 
 858.0 
 2.0 
 26.0 
 55.0 
 144.0 
 5.0 
 63.0 
 117.0 
 296.0 
15.2
Goats Eye
WA-436-P
20%
13%
 53.0 
 357.0 
 510.0  1,184.0 
 1.0 
 5.0 
 10.0 
 44.0 
 11.0 
 76.0 
 109.0 
 253.0 
14.2
Manetoa
WA-436-P
20%
14%
 39.5 
 229.0 
 293.0 
 629.0 
 5.0 
 31.0 
 48.0 
 113.0 
 13.0 
 76.0 
 100.0 
 253.0 
10.6
Snowsnake
WA-436-P
20%
19%
 7.0 
 40.0 
 56.0 
 127.0 
 4.0 
 24.0 
 33.0 
 74.0 
 6.0 
 32.0 
 43.0 
 95.0 
8.2
Selkirk
WA-436-P
20%
15%
 5.0 
 33.0 
 64.0 
 164.0 
 3.0 
 19.0 
 37.0 
 95.0 
 4.0 
 26.0 
 49.0 
 125.0 
7.4
Stampeders
WA-436-P
20%
42%
 3.0 
 15.0 
 22.0 
 51.0 
 2.0 
 9.0 
 13.0 
 30.0 
 3.0 
 12.0 
 17.0 
 39.0 
7.1
Sum
 187.5  1,341.0 2,045.0  4,879.0 
 37.0 
 245.0 
 436.0  1,093.0 
 74.0 
 509.0 
 815.0  1,982.0 
 180.0 
Starbuck
WA-436-P
20%
58%
 15.0 
 138.0 
 215.0 
 511.0 
 3.0 
 55.0 
 101.0 
 260.0 
 10.0 
 83.0 
 139.0 
 347.0 
80.6
Cluster Total
 202.5  1,479.0 2,260.0 5,390.0 
 40.0 
 300.0 
 537.0  1,353.0 
 84.0 
 592.0 
 954.0  2,329.0 
 260.6 
OPERATING AND FINANCIAL REVIEW

18 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Pavo South Cluster Gross Volumes
Prospect
Permit
CVN 
Equity
Probability  
of 
Geological 
Success  
(Pg)
Gas  
(Bscf)
Liquids 
 (MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Torin
WA-438-P
20%
38%
 2.0 
 10.0 
 15.0 
 35.0 
 6.0 
 39.0 
 58.0 
 136.0 
 7.0 
 41.0 
 61.0 
 142.0 
 23.2 
Orona
WA-438-P
20%
10%
 40.0 
 138.0 
 181.0 
 374.0 
 25.0 
 82.0 
 105.0 
 216.0 
 34.0 
 109.0 
 137.0 
 275.0 
 13.7 
Taurus
WA-437-P
10%
38%
 15.0 
 84.0 
 102.0 
 215.0 
 1.0 
 4.0 
 5.0 
 11.0 
 3.0 
 19.0 
 23.0 
 49.0 
 8.7 
Diachi
WA-438-P
20%
54%
 0.4 
 3.0 
 4.0 
 9.0 
 2.0 
 10.0 
 15.0 
 33.0 
 2.0 
 11.0 
 15.0 
 35.0 
 8.1 
Gurbani
WA-437-P
10%
10%
 3.0 
 33.0 
 73.0 
 185.0 
 2.0 
 19.0 
 42.0 
 107.0 
 2.0 
 26.0 
 55.0 
 140.0 
 5.5 
Tucana
WA-438-P
20%
22%
 2.0 
 18.0 
 30.0 
 73.0 
 1.0 
 11.0 
 18.0 
 43.0 
 2.0 
 15.0 
 24.0 
 56.0 
 5.3 
Sum
 62.4 
 286.0 
 405.0 
 891.0 
 37.0 
 165.0 
 243.0 
 546.0 
 50.0 
 221.0 
 315.0 
 697.0 
 64.5 
Pavo South
WA-438-P
10%
60%
 1.0 
 6.0 
 10.0 
 24.0 
 6.0 
 41.0 
 66.0 
 162.0 
 6.0 
 42.0 
 68.0 
 166.0 
 40.8 
Cluster Total
 63.4 
 292.0 
 415.0 
 915.0 
 43.0 
 206.0 
 309.0 
 708.0 
 56.0 
 263.0 
 383.0 
 863.0 
 105.3 
Total Gross Prospective Resources 
 1,316.9  6,457.0  9,297.0 20,941.0 
154.4
 946.0  1,605.0 3,875.0 
 412.0  2,165.0 3,263.0 7,656.0 
 810.3 
Net Prospective Resources (Carnarvon’s Share)
Ara Cluster Net Volumes
Prospect
Permit
CVN 
Equity
Probability  
of  
Geological 
Success  
(Pg)
Gas 
(Bscf)
Liquids  
(MMbbls)
Barrels of Oil Equivalent 
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Bandy
WA-435-P
10%
31%
 4.5 
 28.6 
 39.9 
 91.1 
 0.6 
 4.1 
 6.6 
 16.0 
 1.5 
 9.6 
 13.7 
 31.6 
 4.2 
Revelstoke
WA-436-P
20%
30%
 3.0 
 44.0 
 82.6 
 202.6 
 0.4 
 6.2 
 13.6 
 34.4 
 1.0 
 14.6 
 28.2 
 70.2 
 8.5 
Yuma
WA-435-P
10%
13%
 3.6 
 26.0 
 40.8 
 97.0 
 0.4 
 3.7 
 6.8 
 17.1 
 1.2 
 8.7 
 14.0 
 44.9 
 1.8 
Wi-Waxy
WA-436-P
20%
30%
 2.8 
 16.4 
 26.0 
 61.0 
 0.4 
 2.4 
 4.4 
 10.6 
 0.8 
 5.4 
 9.0 
 21.2 
 2.7 
Bara
WA-435-P
10%
13%
 1.2 
 9.9 
 20.7 
 53.3 
 0.2 
 1.4 
 3.4 
 8.8 
 0.4 
 3.4 
 7.1 
 18.2 
 0.9 
Sum
 15.1 
 124.9 
 210.0  505.0 
 2.0 
 17.8 
 34.8 
 86.9 
 4.9 
 41.7 
 72.0 
 186.1 
 18.2 
Ara
WA-435-P
10%
37%
 2.1 
 29.1 
 54.9 
 141.1 
 0.3 
 4.0 
 9.1 
 23.7 
 0.7 
 9.8 
 18.9 
 48.3 
70.0
Cluster Total
 17.2 
 154.0 
 264.9 
 646.1 
 2.3 
 21.8 
 43.9 
 110.6 
 5.6 
 51.5 
 90.9 
234.4 
 88.2
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 19
Wallace Cluster Net Volumes
Prospect
Permit
CVN 
Equity
Probability  
of  
Geological 
Success  
(Pg)
Gas  
(Bscf)
Liquids  
(MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Bottlebrush South WA-437-P
10%
16%
 8.3 
 24.2 
 28.6 
 54.6 
 0.3 
 1.1 
 1.4 
 2.8 
 1.9 
 5.4 
 6.4 
 12.3 
 1.0 
Calendula North
WA-437-P
10%
16%
 2.4 
 19.5 
 26.7 
 60.1 
 0.1 
 0.8 
 1.3 
 3.0 
 0.5 
 4.4 
 6.0 
 13.7 
 1.0 
Sampati
WA-437-P
10%
36%
 2.0 
 8.4 
 11.1 
 23.7 
 0.1 
 0.4 
 0.5 
 1.2 
 0.4 
 1.9 
 2.5 
 5.4 
 0.9 
Horus
WA-437-P
10%
22%
 1.7 
 9.6 
 14.5 
 34.4 
 0.1 
 0.4 
 0.7 
 1.7 
 0.4 
 2.1 
 3.2 
 7.7 
 0.7 
Gromit
WA-435-P
10%
15%
 0.3 
 12.3 
 20.5 
 52.4 
 0.0 
 0.5 
 1.0 
 2.6 
 0.1 
 2.8 
 4.6 
 11.8 
 0.7 
Wallace East
WA-435-P
10%
10%
 5.5 
 22.4 
 27.8 
 57.4 
 0.2 
 1.0 
 1.3 
 2.8 
 1.2 
 5.0 
 6.2 
 12.8 
 0.6 
Dragons Back
WA-435-P
10%
16%
 5.5 
 14.2 
 16.4 
 30.4 
 0.2 
 0.6 
 0.8 
 1.6 
 1.2 
 3.2 
 3.7 
 6.9 
 0.6 
Indigo
WA-437-P
10%
16%
 4.9 
 13.5 
 16.0 
 30.3 
 0.2 
 0.6 
 0.8 
 1.6 
 1.1 
 3.0 
 3.6 
 6.8 
 0.6 
Cool Moon
WA-437-P
10%
16%
 5.1 
 13.1 
 15.1 
 27.7 
 0.2 
 0.6 
 0.7 
 1.4 
 1.1 
 2.9 
 3.4 
 6.3 
 0.5 
Jatayu North
WA-435-P
10%
38%
 0.1 
 0.7 
 0.9 
 1.9 
 0.2 
 1.0 
 1.3 
 2.6 
 0.2 
 1.1 
 1.4 
 3.0 
 0.5 
Badwater
WA-435-P
10%
16%
 4.5 
 11.8 
 14.0 
 26.3 
 0.2 
 0.5 
 0.7 
 1.4 
 1.0 
 2.6 
 3.1 
 5.9 
 0.5 
Bottlebrush North WA-437-P
10%
16%
 2.4 
 9.5 
 12.9 
 28.0 
 0.1 
 0.4 
 0.6 
 1.4 
 0.5 
 2.1 
 2.9 
 6.3 
 0.5 
Calendula South
WA-437-P
10%
16%
 3.9 
 10.5 
 12.3 
 23.2 
 0.1 
 0.5 
 0.6 
 1.2 
 0.9 
 2.3 
 2.8 
 5.2 
 0.4 
Grindstone
WA-435-P
10%
16%
 3.9 
 9.9 
 11.4 
 21.0 
 0.1 
 0.4 
 0.5 
 1.1 
 0.9 
 2.2 
 2.6 
 4.7 
 0.4 
Nanny Goat
WA-437-P
10%
16%
 4.1 
 10.2 
 11.8 
 21.7 
 0.1 
 0.4 
 0.6 
 1.1 
 0.9 
 2.3 
 2.6 
 4.8 
 0.4 
Hellbender
WA-437-P
10%
16%
 3.8 
 9.5 
 11.0 
 20.1 
 0.1 
 0.4 
 0.5 
 1.0 
 0.8 
 2.1 
 2.4 
 4.5 
 0.4 
Double Buckle
WA-437-P
10%
15%
 3.9 
 9.9 
 11.3 
 20.5 
 0.1 
 0.4 
 0.5 
 1.1 
 0.9 
 2.2 
 2.5 
 4.6 
 0.4 
Arrowhead
WA-437-P
10%
14%
 3.2 
 8.1 
 9.3 
 16.9 
 0.1 
 0.4 
 0.5 
 0.9 
 0.7 
 1.8 
 2.1 
 3.8 
 0.3 
Sum
 65.5 
 217.3 
 271.6 
 550.6 
 2.5 
 10.4 
 14.3 
 30.5 
 14.7 
 49.4 
 62.0 
 126.5 
 10.4 
Wallace
WA-436-P
10%
43%
 3.5 
 19.0 
 23.8 
 50.3 
 0.1 
 0.8 
 1.1 
 2.5 
 0.8 
 4.3 
 5.4 
 11.4 
 2.3 
Cluster Total
 69.0 
 236.3 
 295.4 
 600.9 
 2.6 
 11.2 
 15.4 
 33.0 
 15.5 
 53.7 
 67.4 
 137.9 
 12.8
Wendolene Cluster Net Volumes
Prospect
Permit
CVN 
Equity
Probability  
of  
Geological  
Success 
 (Pg)
Gas 
(Bscf)
Liquids  
(MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked  
Mean  
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Murray
WA-436-P
20%
21%
 12.2 
 75.4 
 86.2 
 165.4 
 1.6 
 10.6 
 14.0 
 30.2 
 4.0 
 25.0 
 29.4 
 58.0 
 6.2 
Avoca
WA-436-P
20%
15%
 12.2 
 50.6 
 75.8 
 167.8 
 1.6 
 8.0 
 13.2 
 30.0 
 4.0 
 17.8 
 26.6 
 59.0 
 4.3 
Mensa Barret
WA-435-P
10%
58%
 0.3 
 2.1 
 4.4 
 10.5 
 0.2 
 1.2 
 2.5 
 5.5 
 0.3 
 1.6 
 3.0 
 7.3 
 1.7 
Mensa Permian
WA-435-P
10%
36%
 2.5 
 8.2 
 11.0 
 23.1 
 0.1 
 0.5 
 0.6 
 1.3 
 0.6 
 1.8 
 2.4 
 5.2 
 0.8 
Mensa Caley
WA-435-P
10%
39%
 2.0 
 7.5 
 9.1 
 18.2 
 0.1 
 0.5 
 0.6 
 1.3 
 0.5 
 1.8 
 2.2 
 4.5 
 0.9 
Sum
 29.2 
 143.8 
 186.5 
 385.0 
 3.6 
 20.8 
 30.9 
 68.3 
 9.4 
 48.0 
 63.6 
 134.0 
 13.9 
Wendolene
WA-435-P
10%
20%
 4.8 
 27.7 
 50.7 
 130.0 
 0.6 
 3.8 
 8.3 
 22.1 
 1.6 
 9.2 
 17.3 
 44.3 
 3.5 
Cluster Total
 34.0 
 171.5 
 237.2 
 515.0 
 4.2 
 24.6 
 39.2 
 90.4 
 11.0 
 57.2 
 80.9 
 178.3 
 17.3
OPERATING AND FINANCIAL REVIEW

20 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Starbuck Cluster Net Volumes
Prospect
Permit
CVN 
Equity
Probability  
of  
Geological 
Success  
(Pg)
Gas  
(Bscf)
Liquids 
 (MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Fall Line
WA-436-P
20%
48%
 1.4 
 11.0 
 27.2 
 72.6 
 0.8 
 6.6 
 16.0 
 42.8 
 1.2 
 8.8 
 20.8 
 56.0 
10.0
Tacoma
WA-436-P
20%
54%
 1.0 
 7.4 
 12.0 
 28.8 
 0.6 
 4.4 
 7.2 
 17.0 
 0.8 
 5.8 
 9.6 
 22.0 
5.2
Coho
WA-436-P
20%
51%
 2.0 
 7.8 
 10.4 
 22.0 
 1.4 
 4.8 
 6.2 
 12.6 
 1.6 
 6.2 
 8.2 
 16.4 
4.2
Revel
WA-436-P
20%
11%
 8.4 
 69.0 
 105.8 
 249.8 
 1.2 
 10.4 
 18.6 
 46.2 
 2.8 
 24.0 
 37.4 
 89.8 
4.1
Whiskey Jack
WA-436-P
20%
13%
 3.2 
 38.2 
 64.6 
 171.6 
 0.4 
 5.2 
 11.0 
 28.8 
 1.0 
 12.6 
 23.4 
 59.2 
3.0
Goats Eye
WA-436-P
20%
13%
 10.6 
 71.4 
 102.0 
 236.8 
 0.2 
 1.0 
 2.0 
 8.8 
 2.2 
 15.2 
 21.8 
 50.6 
2.8
Manetoa
WA-436-P
20%
14%
 7.9 
 45.8 
 58.6 
 125.8 
 1.0 
 6.2 
 9.6 
 22.6 
 2.6 
 15.2 
 20.0 
 50.6 
2.1
Snowsnake
WA-436-P
20%
19%
 1.4 
 8.0 
 11.2 
 25.4 
 0.8 
 4.8 
 6.6 
 14.8 
 1.2 
 6.4 
 8.6 
 19.0 
1.6
Selkirk
WA-436-P
20%
15%
 1.0 
 6.6 
 12.8 
 32.8 
 0.6 
 3.8 
 7.4 
 19.0 
 0.8 
 5.2 
 9.8 
 25.0 
1.5
Stampeders
WA-436-P
20%
42%
 0.6 
 3.0 
 4.4 
 10.2 
 0.4 
 1.8 
 2.6 
 6.0 
 0.6 
 2.4 
 3.4 
 7.8 
1.4
Sum
 37.5 
 268.2 
 409.0 
 975.8 
 7.4 
 49.0 
 87.2 
 218.6 
 14.8 
 101.8 
 163.0 
 396.4 
 36.0 
Starbuck
WA-436-P
20%
58%
 3.0 
 27.6 
 43.0 
 102.2 
 0.6 
 11.0 
 20.2 
 52.0 
 2.0 
 16.6 
 27.8 
 69.4 
 16.1 
Cluster Total
 40.5 
 295.8 
 452.0  1,078.0 
 8.0 
 60.0 
 107.4 
 270.6 
 16.8 
 118.4 
 190.8 
 465.8 
 52.1
Pavo South Cluster Net Volumes
Prospect
Permit
CVN 
Equity
Probability  
of 
Geological 
Success  
(Pg)
Gas  
(Bscf)
Liquids 
 (MMbbls)
Barrels of Oil Equivalent  
(BOE)
Risked 
Mean 
(MMBOE)
P90
P50
Pmean
P10
P90
P50
Pmean
P10
P90
P50
Pmean
P10
Torin
WA-438-P
20%
38%
 0.4 
 2.0 
 3.0 
 7.0 
 1.2 
 7.8 
 11.6 
 27.2 
 1.4 
 8.2 
 12.2 
 28.4 
 4.6 
Orona
WA-438-P
20%
10%
 8.0 
 27.6 
 36.2 
 74.8 
 5.0 
 16.4 
 21.0 
 43.2 
 6.8 
 21.8 
 27.4 
 55.0 
 2.7 
Taurus
WA-437-P
10%
38%
 1.5 
 8.4 
 10.2 
 21.5 
 0.1 
 0.4 
 0.5 
 1.1 
 0.3 
 1.9 
 2.3 
 4.9 
 0.9 
Diachi
WA-438-P
20%
54%
 0.1 
 0.6 
 0.8 
 1.8 
 0.4 
 2.0 
 3.0 
 6.6 
 0.4 
 2.2 
 3.0 
 7.0 
 1.6 
Gurbani
WA-437-P
10%
10%
 0.3 
 3.3 
 7.3 
 18.5 
 0.2 
 1.9 
 4.2 
 10.7 
 0.2 
 2.6 
 5.5 
 14.0 
 0.6 
Tucana
WA-438-P
20%
22%
 0.4 
 3.6 
 6.0 
 14.6 
 0.2 
 2.2 
 3.6 
 8.6 
 0.4 
 3.0 
 4.8 
 11.2 
 1.1 
Sum
 10.7 
 45.5 
 63.5 
 138.2 
 7.1 
 30.7 
 43.9 
 97.4 
 9.5 
 39.7 
 55.2 
 120.5 
 11.5 
Pavo South
WA-438-P
10%
60%
 0.2 
 1.2 
 2.0 
 4.8 
 1.2 
 8.2 
 13.2 
 32.4 
 1.2 
 8.4 
 13.6 
 33.2 
 8.2 
Cluster Total
 10.9 
 46.7 
 65.5 
 143.0 
 8.3 
 38.9 
 57.1 
 129.8 
 10.7 
 48.1 
 68.8 
 153.7 
 19.6 
Total Net Prospective Resources 
 171.6 
 904.3  1,315.0  2,983.0 
 25.4 
 156.5 
 263.0 
 634.4 
 59.6 
 328.9 
 498.8  1,170.1 
 190.0
The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and 
relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration, 
appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 21
Notes on Petroleum Resource Estimates and 
Competent Persons Statement
Unless otherwise stated, all petroleum resource estimates 
are quoted as at 30 June 2024 at standard oilfield 
conditions of 14.696 psi (101.325 kPa) and 60 degrees 
Fahrenheit (15.56 deg Celsius). 
Carnarvon is not aware of any new information or data that 
materially affects the information included in the Reserves 
Statement. All the material assumptions and technical 
parameters underpinning the estimates in the Reserves 
Statement continue to apply and have not materially 
changed.
Carnarvon uses both deterministic and probabilistic 
methods for estimation of petroleum resources at the field 
and project levels. Unless otherwise stated, all petroleum 
estimates reported at the company level are aggregated 
by arithmetic summation by category. 
Conversion from gas to barrels of oil equivalent is based 
on Gross Heating Value. The conversion is based on 
composition of gas in each reservoir and is 4.07 Bscf/
MMboe, 3.85 Bscf/MMboe, 4.16 Bscf/MMboe, 4.45 Bscf/
MMboe, and 3.87 Bscf/MMboe for the Upper Caley, Caley 
associated gas, Crespin, Baxter and Milne reservoirs, 
respectively, that make up the Dorado Contingent 
Resource. For all other gas resources the Company uses 
a constant conversion factor of 5.7 Bscf/MMboe. Volumes 
of oil and condensate, defined as ‘C5 plus’ petroleum 
components, are converted from MMbbl to MMboe on a 
1:1 ratio. 
The estimates of petroleum resources are based on and 
fairly represent information and supporting documentation 
prepared by qualified petroleum reserves and resources 
evaluators. The estimates have been approved by the 
Company’s Chief Executive Officer, Mr Philip Huizenga, 
who is a full-time employee of Carnarvon. Mr Huizenga 
has over 30 years’ experience in petroleum exploration 
and engineering. Mr Huizenga holds a Bachelor’s Degree 
in Engineering and a Master’s Degree in Petroleum 
Engineering and is a member of the Society of Petroleum 
Engineers. Mr Huizenga is a Competent Person in 
accordance with ASX Listing Rules and has consented to 
the form and context in which this statement appears. 
There are numerous uncertainties inherent in 
estimating reserves and resources, and in projecting 
future production, development expenditures, 
operating expenses and cash flows. Oil and gas 
reserve engineering and resource assessment must 
be recognised as a subjective process of estimating 
subsurface accumulations of oil and gas that cannot be 
measured in an exact way.
OPERATING AND FINANCIAL REVIEW

22 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
FINANCIAL REVIEW
The Group reports an after-tax loss of $656,000 for 
the financial year ending 30 June 2024 (2023: loss of 
$4,096,000).
Carnarvon’s balance sheet remains strong with cash and 
cash equivalents of $179,551,000 (2023: $95,301,000), 
with no debt and minimal commitments going forward.
The Company has also made significant corporate and 
administrative cost reductions during the period to 
preserve its strong balance sheet towards funding the 
Dorado development and Bedout Sub-basin exploration 
activities.
Importantly, the current interest income the Company 
is earning on its significant cash balance is more than 
the ongoing corporate and administrative costs which 
further preserves the Company’s balance sheet. As such, 
the Group earned $8,499,000 (2023: $3,390,000) in 
interest income during the year by taking advantage of 
the higher interest rates received on call deposits and the 
Company’s cash position.
In comparison, the Group’s administrative and head 
office costs during the year were $1,934,000 (2023: 
$2,634,000). The reduction in costs for the current year 
is a result of the company’s strategic efforts to materially 
reduce administrative and corporate cash costs.  The 
Company also completed a Minimum Holding Buy-
back valued at $384,000 plus costs to help reduce 
administrative and registry costs associated with 
maintaining thousands of small shareholdings.
During the year, the Company invested $2,392,000 
on exploration and evaluation assets (2023: 
$12,119,000). These costs were primarily related to 
Dorado development optimisation, pre-FEED work, 
and interpretation of 3D seismic over the Dorado and 
surrounding exploration areas
Employee benefits of $2,907,000 (2023: $3,356,000) 
were incurred during the year which includes the 
recognition of performance rights granted during the 
period, termination payments, and expense reversals 
related to performance rights previously issued to 
employees that were terminated during the year. 
The Company’s new venture and advisory costs for the 
year were $1,396,000 (2023: $1,737,000), which included 
advisory costs relating to the partial divestment of the 
Bedout permits in August 2023.
The Company also recognised an impairment of 
$1,305,000 during the year in relation to the Company’s 
biofuels joint venture with FutureEnergy Australia (FEA) 
(Refer to note 14).  The Company has now exited its 
interests in this joint venture as the Company focuses on 
its core Dorado and Bedout exploration assets.
There was an unrealised loss on foreign exchange 
movements of $1,256,000 (2023: gain of $1,521,000) 
during the period due to the appreciation of the AUD 
against the Company’s USD cash and financial assets.
The Group does not currently use derivative financial 
instruments to hedge financial risk exposures and 
therefore it is exposed to daily movements in the 
international oil prices, exchange rates, and interest rates. 
The Company manages its cash position in US Dollars and 
Australian Dollars to naturally hedge its foreign exchange 
rate exposures having regard to likely future expenditure.
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 23
RISK MANAGEMENT
Carnarvon recognises the importance of risk management 
in order to deliver the Company’s strategies and to 
provide sustainable growth to shareholders. Carnarvon 
manages its risks in accordance with its risk management 
policy to ensure critical risks are identified, managed and 
monitored.
Carnarvon’s risk management framework is overseen 
by the Risk, Governance and Sustainability Committee. 
Oversight of the effectiveness of the risk management 
process provides assurance to the Board and 
shareholders and supports the Company’s commitment to 
continuous business improvement. 
MATERIAL BUSINESS RISKS
Safety, Environment and Sustainability: 
Health, Safety and Environment
Oil and gas exploration, development and production 
activities involve a variety of risks which may impact the 
health and safety of Carnarvon’s people, communities, 
and the environment. These impacts could also damage 
Carnarvon’s reputation or lead to fines and other 
penalties.
Carnarvon’s projects are subject to various laws and 
regulations regarding the environment. Oil and gas 
exploration, development and production can be 
potentially environmentally hazardous giving rise 
to substantial costs for environmental clean-up and 
rehabilitation.  
Carnarvon maintains high standards for health, safety, 
and environmental (“HSE”) management. HSE risks 
are embedded in Carnarvon’s operations and risk 
management framework and actively managed. 
Appropriate insurance is also maintained, and regularly 
reviewed to ensure adequate coverage.
Where Carnarvon does not directly manage exploration 
and development activities, Carnarvon ensures its partner 
acting as operator maintains equally high standards in 
respect of HSE management.
Climate Change
Climate change and the management of carbon emissions 
may affect Carnarvon’s operations, markets for oil and gas 
and the funding and insuring of projects. Potential risks 
arising from physical changes caused by climate change 
include increased severe weather events and rising sea 
levels which may impact Carnarvon’s operations. There 
are also risks arising from policy changes by government 
which may result in increased regulation and costs which 
could have a material adverse impact on Carnarvon’s 
operations.
Carnarvon recognises climate-related risks and the need 
for these to be managed effectively. As a result, the 
Company actively monitors current and potential areas of 
climate change risk.
Further information about Carnarvon’s emissions 
management, and the potential impact of climate change 
on Carnarvon’s business, can be found in the company’s 
Sustainability Report for the financial year ending 30 June 
2024.
In terms of future developments, like Dorado, Carnarvon 
is committed to working with its Joint Venture partners to 
reduce emissions from the project facilities. Carnarvon 
has also developed its ‘carbon bank’ during the reporting 
period via the acquisition of ACCUs on-market. These 
ACCUs are intended to offset future emissions from 
the Dorado production facilities in accordance with the 
relevant regulatory requirements under the Safeguard 
Mechanism.
Economic and Financial Risks:
Additional information on financial risks is contained in 
Note 26 to the Financial Statements.
Oil Price
The financial performance, future value and growth of 
Carnarvon is dependent upon the prevailing oil price. The 
price of oil is subject to fluctuations and is affected by 
numerous factors beyond the control of Carnarvon.
A sustained period of low or declining oil prices could 
adversely affect the carrying value of Carnarvon’s assets 
and the commercial viability of future developments. 
Carnarvon monitors and analyses oil markets and seeks 
to reduce the price risk where reasonable and practical. 
Carnarvon will develop a hedging strategy upon sanction 
of future projects. Due to the early stage of Carnarvon’s 
projects, Carnarvon does not currently have any active 
hedges against the price of oil. Once Carnarvon’s 
projects develop further, the Company may enter hedging 
contracts to mitigate against fluctuations in the price of oil.
OPERATING AND FINANCIAL REVIEW

24 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Foreign Currency Exchange
Carnarvon’s financial report is presented in Australian 
dollars; however, Carnarvon holds funds in both AUD and 
USD. The retention of US dollars influences Carnarvon’s 
reported cash holdings due to AUD / USD exchange rates 
at the end of each relevant reporting period, which may 
result in foreign exchange gains or losses in a period. 
Carnarvon also incurs some costs in foreign currencies, 
typically US dollars, which means Carnarvon is subject to 
fluctuations in the rates of currency exchanges.
To mitigate against these foreign currency exchange 
fluctuations, Carnarvon holds a balance between USD and 
AUD as a natural hedge to committed future expenditures 
denominated in both USD and AUD. Once Carnarvon’s 
projects develop further, the Company may enter into 
hedging contracts to mitigate against fluctuations in 
foreign currency exchanges.
Funding Risk
The nature of Carnarvon’s business involves significant 
capital expenditure on exploration, appraisal, and 
potential development activities. Carnarvon’s business 
and the development of projects which Carnarvon 
pursues relies on access to debt and equity funding.
Limitations on Carnarvon’s ability to access funding 
could result in the postponement or reduction of capital 
expenditures, the relinquishment of rights in relation 
to assets, adversely affect Carnarvon’s ability to take 
advantage of new opportunities and restrict the expansion 
of the business. These could result in a material adverse 
effect on Carnarvon’s business, financial condition, and 
operations.
Carnarvon establishes funding plans for its material 
projects to ensure that the optimal funding is obtained to 
maximise shareholder value. This includes an economic 
and commercial analysis of projects and funding and 
ensuring that potential funding complies with Carnarvon’s 
risk management framework. Carnarvon also prepares 
short and long-term budgets and financial models which 
are monitored monthly in order to identify and manage 
any potential risks.
Operational Risks:
Exploration
Exploration is a speculative activity with an associated risk 
of discovery to find oil and gas in commercial quantities. 
The future profitability of Carnarvon directly relates to 
the results of exploration, development, and production 
activities. If Carnarvon is unsuccessful in locating and 
developing new resources that are commercially viable, 
this may have a material adverse effect on Carnarvon’s 
future business, operations, and financial conditions.
Carnarvon utilises well-established prospect evaluation 
and experienced personnel to identify and evaluate 
prospects in order to manage exploration risks. Carnarvon 
also has a process to ensure major decisions are subject 
to assurance reviews which include external experts and 
contractors where appropriate.
Joint Venture Operations
Carnarvon participates in a number of joint ventures. This 
is a common commercial arrangement in the oil and gas 
industry to share the benefits, costs and risks associated 
with projects between participants. Subject to any sole 
risk rights which may exist in joint venture agreements, 
Carnarvon may require the agreement of other joint 
venturers to proceed with its activities, including a 
development project. Failure to agree on these matters 
may have a material adverse effect on Carnarvon’s 
business.
To the extent that Carnarvon is not the operator of a 
joint venture, it is reliant on the efficient and effective 
management of its partner acting as operator. The 
objectives and strategies of the operator may not always 
be consistent with the objectives and strategies of 
Carnarvon. However, operators must act in accordance 
with the directions of the operating committee, whose 
decisions are subject to the voting principles in the joint 
operating agreement (“JOA”).
Carnarvon must also pay its percentage interest share 
of all costs and liabilities incurred by the joint venture as 
required under the relevant JOA. If Carnarvon fails to meet 
these obligations it may experience a dilution or loss (via a 
buy-out) of its interest in the joint venture or may not gain 
the benefit of joint venture activities, except at a significant 
cost penalty later in time.
Carnarvon manages joint venture risks through careful 
joint venture partner selection, stakeholder engagement 
and relationship management. Commercial and legal 
agreements, including industry standard JOAs, are in 
place across all joint ventures to define the responsibilities 
and obligations of the joint venture.
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 25
Resource Estimates
Oil and gas resource estimates are expressions of 
judgement based on knowledge, experience, and 
industry practice. Estimates which are valid when originally 
calculated may alter significantly or become uncertain 
when new information becomes available. Material 
changes to resource estimates may result in Carnarvon 
altering its plans which could have a positive or negative 
effect on its operations.
Carnarvon prepares its reserves and contingent resources 
estimates in accordance with the definitions and 
guidelines in the Society of Petroleum Engineers 2018 
Petroleum Resources Management System. Carnarvon 
engages personnel with an appropriate level of skill and 
experience to prepare and review its resource estimates. 
The assessment of Reserves and Contingent Resources 
may also undergo independent audit and review.
Development
The development of Carnarvon’s projects is subject 
to a range of risks and uncertainties. Oil and gas 
developments are exposed to the risk of low side reserve 
outcomes, cost overruns, timing delays, technical issues 
and potential production decreases. A poor development 
outcome could result in material adverse impacts to 
reserve and production forecasts, future revenues, and 
operating costs.
Carnarvon mitigates these risks through the careful 
selection of joint venture partners, ensuring the utilisation 
of high quality and experienced contractors throughout 
the development process, conducting assurance 
and other reviews during development, as well as 
comprehensively assessing all developments prior to 
making any commitment to participate.
Regulatory
Carnarvon operates in highly regulated industries and 
jurisdictions. Changes in regulations or enforcement 
actions could have material adverse impacts on 
Carnarvon. Changes in government, monetary, taxation, 
operational and other laws in the country(s) in which 
Carnarvon operates may also impact Carnarvon’s 
operations.
Carnarvon holds interests in permits which are governed 
by the granting of contracts, licences, permits, or leases 
by the appropriate government authorities. Carnarvon may 
lose title to or its interest in a permit if licence conditions 
are not met, or insufficient funds are available to meet 
expenditure commitments.
Carnarvon monitors changes in relevant regulations and 
engages with regulators and industry bodies to ensure the 
impact of policy changes are understood, and the Company 
continues to comply with all regulatory requirements.
Key Personnel
Skilled employees and consultants are essential to the 
successful delivery of Carnarvon’s business strategy. 
Carnarvon relies on the services of certain key personnel, 
including Executive Management, other key employees, 
and consultants. The loss of any of these key personnel 
could have a material adverse effect on Carnarvon’s 
business.
Carnarvon ensures it maintains competitive remuneration 
practices relative to its industry, including short and long 
incentive schemes, to ensure it maintains the services of 
key personnel and has the ability to attract additional staff, 
as required.
Carnarvon maintains clear and regular updates on 
strategy and business planning to provide clarity on the 
company’s future plans. Guidance and opportunities are 
provided for staff to further their careers, and staff training 
and development seeks to ensure individual development 
goals align with Carnarvon’s strategy. Succession planning 
for key personnel and other key employees is also 
undertaken on a periodic basis.
Cyber Security Risks
The integrity, availability and reliability of data within the 
Group’s information technology systems may be subject 
to intentional or unintentional disruption. Given the 
increasing level of sophistication and scope for potential 
cyberattacks, these attacks may lead to significant 
breaches of security that could jeopardise the sensitive 
information and financial transactions of the Group (from 
a cyber perspective) and property and environmental 
damage (from a physical perspective).
Carnarvon has cyber security controls in place in addition 
to ensuring the Company’s data is backed up. Carnarvon 
also tests these controls through penetration testing and 
phishing simulations. The Company reviews its cyber risks 
regularly to reflect the evolving nature of these risks.
OPERATING AND FINANCIAL REVIEW

26 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
Permit Interests
Permit
Basin
Equity
Joint Venture 
Partner(s)
Partner Interest
Indicative Forward 
Program
 
 
 
Santos
OPIC
 
Australia
 
 
 
 
AC-P62
Bonaparte
0%
-
-
-
Relinquished
AC-P63
Bonaparte
0%
-
-
-
Relinquished
EP509
Carnarvon
100%
-
-
-
Relinquishment
TP29
Carnarvon
100%
-
-
-
Relinquishment
WA-435-P
Roebuck
10%ii
Santos Limitedi, &  
OPIC Australia
80%
10%
G & G studies
WA-436-P
Roebuck
20%ii
Santos Limitedi, &  
OPIC Australia
70%
10%
G & G studies
WA-437-P
Roebuck
10%ii
Santos Limitedi, &  
OPIC Australia
80%
10%
G & G studies
WA-438-P
Roebuck
20%ii
Santos Limitedi, &  
OPIC Australia
70%
10%
G & G studies, appraisal
WA-64-L
Roebuck
10%ii
Santos Limitedi, &  
OPIC Australia
80%
10%
Development and 
production
WA-155-P
Carnarvon 
0%
-
-
Relinquished
Notes 	
i 	
Denotes operator where Carnarvon is non-operator partner.
ii	
Ownership interest reduced during the year due to the completion of the 10% divestment to  
	
OPIC Australia Pty Ltd a wholly owned subsidiary of CPC Corporation, Taiwan, Taiwan’s national oil and  
	
gas company.  
OPERATING AND FINANCIAL REVIEW

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 27
William (Bill) A Foster
Chair
BE (Chemical), MAICD
Appointed as a Non-Executive Director on 17 August 2010, 
appointed as Chair on 11 November 2020, stepped down 
from Chair role on 1 July 2024.
Mr Foster is an internationally experienced energy 
executive who has worked with Chevron, a Middle 
Eastern National Oil Corporation as well as US and ASX 
listed independents. He spent 30 years with Marubeni 
Corporation as Energy Advisor until his retirement, 
assisting in the development of their Oil, Gas and 
LNG business. During this time, a global business was 
established with Tokyo, London, Houston, Singapore 
and Perth offices. Mr Foster was a director of Marubeni’s 
various exploration and production subsidiaries and a 
former director of Tap Oil Ltd.
Mr Foster’s activities have covered a broad range of areas 
relevant to the oil and gas industry and he has extensive, 
commercial, financial and mergers and acquisitions 
experience, as well as that from his engineering 
background.
During the past three years Mr Foster has not served as a 
director of any other listed company.
Mr Foster was appointed as a member of the Audit 
Committee, Remuneration & Nominations Committee and 
the Risk, Governance & Sustainability Committee on 17 
November 2023.
DIRECTOR’S REPORT
Statutory Information
The directors present their report together with the financial report of the Group, being the Company, its controlled 
entities, and the Group’s interest in jointly controlled assets, for the financial year ended 30 June 2024, and the auditor’s 
report thereon.
Carnarvon Energy Limited is a listed public company incorporated and domiciled in Australia.
Directors
The names and details of the Company’s directors in office at any time during or since the end of the financial year are 
as follows. Directors were in office for this entire period unless otherwise stated.
Robert (Rob) Black 
Non-Executive Director
BBus GAICD
Appointed as a Non-Executive Director on 2 April 2024, 
appointed as Chair on 1 July 2024.
Mr Black has three decades experience in stockbroking 
and ECM, primarily with Euroz Hartleys (Euroz), which he 
joined in 2002.
In 2014 Mr Black was appointed Managing Director of 
Euroz, having previously run the Institutional Sales Desk 
where he was responsible for servicing domestic and 
international institutions. In 2017 Mr Black was appointed 
to the Board of the listed parent company, Euroz Limited. 
In 2022, Mr Black relinquished his role as Managing 
Director of Euroz following his appointment as Head of 
ECM syndication. He subsequently retired from Euroz in 
May 2023 after 21 years.
During Mr Black’s tenure as Managing Director of Euroz, 
he oversaw significant growth of the business, with 
the acquisition of Blackswan Equities in 2014, Entrust 
Private Wealth Management in 2015, and the merger 
with Hartleys Limited in 2020. Mr Black was instrumental 
in supporting and driving the growth strategy of Euroz 
and advised on, and led, numerous transactions raising 
significant capital for Euroz’s clients.
Mr Black was appointed Chair of the Remuneration & 
Nominations Committee and a member of the Audit 
Committee and the Risk, Governance & Sustainability 
Committee on 2 April 2024. Mr Black stood down as Chair 
of the Remuneration and Nomination Committee on 1 July 
2024, when he assumed the Chair role of the Company, 
however he remains a member of the committee.

28 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
William (Will) Barker
Non-Executive Director
BSc (Geology)
Appointed as director on 15 December 2023
Mr Barker is a geologist with more than 20 years’ 
experience in exploration and development of large-
scale resource projects in Australia and internationally. 
He is founder and Executive Director of Western Gas, the 
developer of the proposed Equis Gas Project in Western 
Australia.
Mr Barker was previously General Manager LNG at 
Arrow Energy before Shell and PetroChina completed a 
takeover of Arrow for A$3.5 billion.
During the past three years Mr Barker has not served as a 
director of any other listed company.
Mr Barker was appointed Chair of the Risk, Governance 
& Sustainability Committee and a member of the 
Remuneration & Nomination Committee on 23 January 
2024. Mr Barker assumed the role of Chair of the 
Remuneration and Nomination Committee on 1 July 2024.
DIRECTOR’S REPORT
Russell Delroy
Non-Executive Director
Bcom
Appointed as director on 15 December 2023
Mr Delroy is Founder and Portfolio Manager of Nero 
Resource Fund (Nero). He has over 20 years’ experience 
in funds management, corporate finance and executive 
management.
Mr Delroy has a proven track record in unlocking 
shareholder value through active company engagement. 
He held previous roles with Morgan Stanley UK, Patersons 
Securities and Marford Group.
Mr Delroy is a nominee director of Nero, a substantial 
holder of Carnarvon. Due to his association with Nero, he 
is not considered independent.
During the past three years Mr Delroy has not served as a 
director of any other listed company.
Mr Delroy was appointed Chair of the Audit Committee on 
23 January 2024.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 29
DIRECTOR’S REPORT
Adrian Cook
Chief Executive Officer and Managing Director
B Bus, CA, MAppFin, FAICD
Appointed as a director on 1 July 2011
Retired: 15 December 2023
Mr Cook has over 30 years’ experience in commercial 
and financial management, primarily in the energy 
industry. Immediately prior to joining Carnarvon, he was 
the Managing Director of Buru Energy Limited, an ASX 
listed oil and gas exploration and production company 
with interests in the Canning Basin in Western Australia. 
Mr Cook has also held senior executive positions within 
Clough Limited’s oil and gas construction business and 
was on the executive committee at ARC Energy Limited, 
an ASX listed mid cap oil and gas exploration and 
production company. Mr. Cook is a fellow of the Australian 
Institute of Company Directors.
Mr Cook has not served as a director of any other 
listed company for the three years prior to him ceasing 
employment at the Company.
Peter Moore
Non-Executive Director
B.Sc (Hons Geology), MBA, PhD, GAICD
Appointed as a director on 18 June 2015
Retired: 17 November 2023
Dr Moore has extensive experience in exploration and 
production in Australia and internationally gained through 
senior roles with a number of globally recognised 
companies. Dr Moore led Woodside’s worldwide 
exploration efforts as the Executive Vice President 
Exploration reporting to the CEO and was the Head of 
the Geoscience function (Exploration, Development, 
Production, M&A).
Dr Moore has served as a non-executive Director of 
Beach Energy Limited since 2017.
Dr Moore was Chair of the Risk, Governance and 
Sustainability Committee and a member of the Audit 
Committee and the Remuneration and Nomination 
Committee up to the date that he retired from board. 

30 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Gavin Ryan
Non-Executive Director
LLB (Hons)
Appointed as a director on 30 July 2018
Retired: 2 April 2024
Mr Ryan is a lawyer with over thirty years’ experience, 
gained mostly in the oil & gas sector. He has also held 
commercial, external affairs and government relations 
roles in his extensive industry career.
He has worked on projects in some thirty countries, 
primarily as in-house counsel for companies including BP, 
BHP Petroleum and Shell. His time at Shell included being 
head of Shell Australia’s upstream legal team, and five 
years as Associate General Counsel, Global Businesses in 
The Hague where he led the legal team advising Shell’s 
global LNG trading business. His most recent in-house 
role was as General Counsel for PTTEP Australasia, a 
subsidiary of the Thai national energy company with 
substantial operated interests in Australia.
Mr Ryan has previously managed his own legal and 
consultancy practice advising clients in the petroleum, 
resources, power, engineering and logistics sectors, 
and is currently Senior Commercial Counsel at Hancock 
Prospecting Group. 
He holds a number of directorships of unlisted and not-
for-profit corporations.
Mr Ryan was also Chair of the Remuneration & 
Nominations Committee and a member of the Audit 
Committee and Risk, Governance and Sustainability 
Committee up to the date that he retired from the board.
Debra Bakker
Non-Executive Director
MAppFin, BBus (FinAcc), Grad Dip FINSIA, GAICD
Appointed as director on 5 October 2020
Retired: 15 December 2023
Ms Bakker is an experienced financier and deal maker 
with more than 27 years’ experience in the resources 
industry with significant international experience. 
Ms Bakker has previously held senior positions with 
Commonwealth Bank of Australia, Standard Bank London 
Group and Barclays Capital. Ms Bakker is the also an 
experienced non-executive director having held a number 
of positions with ASX resource companies.
During the past three years, Ms Bakker has served as a 
non-executive director for IGO Limited (since 2016) and 
non-executive chair of Ten Sixty Four Limited (since 2023). 
Ms Bakker was Chair of the Audit Committee and a 
member of the Remuneration and Nomination Committee 
and the Risk, Governance and Sustainability Committee 
up to the date she retired from the board.
Mr Alex Doering
Mr Gavan Sproule
Company Secretary
Mr Alex Doering was appointed as company secretary 
in August 2019. Mr Doering is a qualified Chartered 
Accountant, an Associate of the Governance Institute of 
Australia and the Chief Financial Officer (appointed June 
2023) at Carnarvon Energy.
Mr Gavan Sproule was appointed as joint company 
secretary in March 2022, and resigned from his position 
as joint company secretary on 26 April 2024. Mr Sproule 
is a Fellow of the Governance Institute of Australia and 
General Counsel at Carnarvon Energy.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 31
DIRECTOR’S REPORT
Directors’ meetings
The number of directors’ meetings held and attended by each of the directors during the reporting period was as 
follows: 
(a)
(b)
W Foster
9
9
R Black
3
3
W Barker
5
5
R Delroy
5
5
A Cook
4
4
P Moore
2
2
S Ryan
6
6
D Bakker
4
4
(a)	 Number of meetings held and eligible to attend during period of office
(b)	 Number of meetings attended
Audit Committee
Names and qualifications of Audit and Risk Committee members
The Committee is to include at least 3 members. Current members of the committee are Mr Delroy (Chair), Mr Black 
and Mr Foster. Ms Bakker, Dr Moore and Mr Ryan were also members of the committee during the year and up to the 
date that they ceased their position on the Board. Ms Bakker was Chair of the committee until 15 December 2023. 
Qualifications of Audit and Risk Committee members are provided in the Directors section of this directors’ report.
Audit Committee meetings
The number of Audit and Risk Committee meetings held and attended by the members during the reporting period was 
as follows: 
(a)
(b)
R Delroy
1
1
R Black
0
0
W Foster
1
1
D Bakker
1
1
P Moore
1
1
S Ryan
2
2
(a)	 Number of meetings held during period of office
(b)	 Number of meetings attended
Risk, Governance and Sustainability Committee
Names and qualifications of Risk, Governance and Sustainability (“RGS”) Committee members
The RGS Committee is to include at least 3 members. Current members of the committee are Mr Barker (Chair of the 
Committee), Mr Foster and Mr Black. Dr Moore, Ms Bakker and Mr Ryan were also members of the committee during 
the year and up to the date that they ceased their position on the Board. Dr Moore was Chair of the committee until 
17 November 2023. Qualifications of RGS Committee members are provided in the Directors section of this directors’ 
report. 

32 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
RGS Committee meetings
The number of RGS Committee meetings held and attended by the members during the reporting period was as 
follows: 
(a)
(b)
W Barker
1
1
R Black
1
1
W Foster
1
1
P Moore
1
1
D Bakker
1
1
S Ryan
1
1
(a)	 Number of meetings held during period of office
(b)	 Number of meetings attended
2024 REMUNERATION IN BRIEF 
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024 (“FY24”)
FY24 remuneration outcomes at a glance
KMP Fixed 
Remuneration
Reduction during  
the year
Total fixed remuneration (TFR) was reduced from the previous period 
with more remuneration at risk to better align executive remuneration 
with shareholder interests and incentivise KMP to drive higher returns.
Non-executive 
directors
Fees reduced during  
the year.
Base fees payable to non-executive directors were reduced from 
$100,000 to $60,000 for directors appointed after 15 December 2023 
and remained the same for directors appointed prior to 15 December 
2023.
Chair fees remained unchanged form FY23 levels. Committee Chair 
fees were reduced to Nil for directors appointed after 15 December 
2023 and remained at $10,000 per annum for directors appointed prior 
to 15 December 2023. 
From 1 July 2024, Chair fees were reduced to $120,000 per annum.
Short Term 
Incentive (STI)
STI awarded to KMP  
during the year.
KMP were awarded an STI during the year following the KPI 
achievement to complete the 10% divestment of its interests in Dorado 
and the Bedout exploration permits.
Long Term 
Incentive (LTI)
Performance rights  
granted during the year.
KMP were granted 7,703,550 LTI performance rights on 1 July 2023, 
however 4,556,620 of these performance rights were lapsed following 
cessation of employment.
There were 295,273 LTI performance rights that vested and were 
exercised subsequent to year-end, relating to the rights granted to KMP 
in 2022, that were issued as part of the 2021 LTI award. 
2024  
Performance 
Rights
Performance rights  
granted during the year.
An additional 11,000,000 Performance Rights were granted during the 
period.
The award was related to the reduction in fixed remuneration and 
director fees to better align executive remuneration with shareholder 
interests and incentivise KMP to drive higher returns.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 33
DIRECTOR’S REPORT
REMUNERATION REPORT (AUDITED) 
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
This report has been prepared in accordance with section 300A of the Corporations Act 2001 (Cth) (Corporations 
Act) for the consolidated entity for the financial year ended 30 June 2024. It has been audited as required by section 
308(3C) of the Corporations Act and forms part of the Directors’ Report. 
At the Company’s 2023 Annual General Meeting at least 25% of the votes cast were against the adoption of the 
Remuneration Report. In response, the Board enacted the following actions: 
•	The Company announced its Board succession process in December 2023 and has refreshed the Board with new 
appointments in December 2023 and April 2024. 
•	Base fees payable to non-executive directors appointed from 15 December 2023 reduced from $100,000 to 
$60,000. Committee Chair fees were also reduced to nil for directors appointed from 15 December 2023. 
•	CEO fixed remuneration was reduced during the period. 
•	Additional long-term share-based incentives were granted to KMP following the reduction in fixed remuneration to 
better align KMP interests with that of shareholders, and to incentivise KMP to drive higher returns. 
KEY MANAGEMENT PERSONNEL (“KMP”)
The Company’s KMP are listed in Table 2. They are the Company’s non-executive directors (NED) and executive KMP 
who have authority and responsibility for planning, directing and controlling the activities of the Company, directly or 
indirectly.
Table 2: Key management personnel during FY24
Name
Position
Period as KMP during the year
Executive KMP
AC Cook
Managing Director & Chief Executive Officer (CEO)
Ceased on 15 December 2023
P Huizenga
Chief Operating Officer & Chief Executive Officer 
Appointed as CEO on 15 
December 2023
A Doering
Chief Financial Officer
All of FY24
Non-executive Directors
WA Foster
Independent Chair
All of FY24
R Black
Non-executive Director
Appointed on 2 April 2024
R Delroy
Non-executive Director
Appointed on 15 December 2023
W Barker
Non-executive Director
Appointed on 15 December 2023
P Moore
Non-executive Director
Ceased on 17 November 2023
SG Ryan
Non-executive Director
Ceased on 2 April 2024
D Bakker
Non-executive Director
Ceased on 15 December 2023

34 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Summary of Carnarvon’s remuneration policy framework
Carnarvon’s vision is to become a major Australian energy provider with expertise and capability that enables the 
generation of material returns for shareholders over any given medium-term time horizon and outperformance against 
the Company’s peers. 
Carnarvon’s remuneration framework seeks to focus executives on delivering that purpose:
•	Fixed remuneration aligns to market practice and prevailing economic conditions. It seeks to attract, motivate and 
retain executives focused on delivering Carnarvon’s purpose. 
•	‘At risk’ performance-based incentives link to shorter-term and longer-term Company goals. The goals contribute to 
the achievement of Carnarvon’s purpose.
•	Longer term ‘at risk’ incentives are also designed to directly align with shareholder objectives and interests. Half 
of longer-term incentives are based on the Company’s share price performance against peers considered to be 
alternative investments to Carnarvon. The other half is based on the Company’s absolute share price appreciation. 
Both measures are assessed over a three-year period and are entirely share based rewards to executives.
•	Additional long term ‘at risk’ 2024 Performance Rights incentives are also designed to further align executive 
remuneration with shareholder interests and incentivise management to drive higher returns. These incentives target 
the 20-day volume weighted average price (VWAP) of Carnarvon shares exceeding $0.30 per share. 
How Carnarvon makes decisions about remuneration
The Board determines Carnarvon’s KMP remuneration based on recommendations made to the Board by its 
Remuneration and Nominations Committee. The Committee is to include at least 3 members who are all non-executive 
directors.
Members of the Committee during the 30 June 2024 financial year were Mr Black (Chair of Remuneration and 
Nomination Committee from 2 April 2024), Mr Barker (appointed 23 January 2024) and Mr Foster (appointed 17 
November 2023). Mr Ryan (former Chair), Dr Moore and Mrs Bakker were also members of the committee during the 
year and up to the date that they ceased their position on the Board. Qualifications of Remuneration & Nomination 
Committee members are provided in the Directors section of this directors’ report.
The Remuneration and Nomination Committee Charter is available at Carnarvon’s website: www.carnarvon.com.
au/corporate-governance/. Carnarvon’s CEO and CFO may attend Committee meetings by invitation in an advisory 
capacity. The Committee excludes executives from any discussion about their own remuneration.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 35
DIRECTOR’S REPORT
Remuneration & Nomination Committee meetings
The number of Remuneration & Nominations Committee meetings and the number attended by each of the members 
during the reporting period were as follows:
(a)
(b)
R Black
1
1
W Foster
3
3
W Barker
2
2
D Bakker
1
1
S Ryan
2
2
P Moore
0
0
(a)	 Number of meetings held during period of office.
(b)	 Number of meetings attended.
External advisers and remuneration advice
Where an adviser is engaged by the company in relation to remuneration matters, the adviser is engaged by 
and reports to the Board or chair of the Remuneration and Nominations Committee. This protocol ensures any 
recommendations are free from undue influence by management. The Board or Committee Chair deals with the adviser 
on all material matters. Management involvement is only to the extent necessary to coordinate the work. No external 
advisors were engaged during FY24.
The Board and Committee seek recommendations from the CEO about executive remuneration. The CEO does not 
make any recommendation about their own remuneration.
The Board and Committee have regard to industry benchmarking information.
How Carnarvon links performance to incentives
Carnarvon’s remuneration policy includes short term (STI) and long-term (LTI) incentive plans. The plans seek to align 
management performance with shareholder interests.
The STI is an operationally focused target incentive plan which is only considered if key KPIs are met during the period. 
STI can be awarded in cash and / or performance rights with a vesting period of 12 months, with the allocation based on 
the Board’s discretion. 
The LTI and 2024 Performance Rights link to an increase in total shareholder return over 3 and 5 year periods 
respectively and is a share-based incentive.
SENIOR EXECUTIVE REMUNERATION STRUCTURE
This section details the remuneration structure for senior executives (Key Management Personnel, or KMP).
Service contracts
The contract duration, period of notice and termination conditions for key management personnel are as follows:
(i)	
Adrian Cook, Chief Executive Officer, is engaged as a full time employee (ceased employment on 15 December 
2023). Termination by the Company is with 12 months notice or payment in lieu thereof. Termination by Mr Cook is 
with 6 months’ notice. 
(ii)	
Philip Huizenga, Chief Executive Officer (appointed 15 December 2023, previously Chief Operating Officer), is 
engaged as a full time employee. Termination by the Company is with 9 months notice or payment in lieu thereof. 
Termination by Mr Huizenga is with 9 months’ notice. 
(iii)	 Alex Doering, Chief Financial Officer, is engaged as a full time employee. Termination by the Company is with 3 
months notice or payment in lieu thereof and an additional payment of 3 months’ remuneration. Termination by Mr 
Doering is with 3 months’ notice. 

36 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Remuneration mix
Remuneration for KMP is a mix of a fixed cash salary component and an ‘at risk’ component. The ‘at risk’ component 
means that specific targets or conditions must be met before there is any entitlement to receive that component.
What is the balance between fixed and ‘at risk’ remuneration?
The remuneration structure and packages offered to KMP for the period were:
•	Fixed remuneration; and
•	‘At risk’ remuneration comprising:
	- Short term incentive (STI) – annual cash and / or performance rights with a 12-month vesting period, which were 
offered at the discretion of the Board, linked to Company and individual performance.
	- Long term incentive (LTI) – performance rights-based incentive, which were granted annually at the discretion of 
the Board, linked to the absolute and relative share price performance conditions measured over three years.
	- 2024 Performance Rights – performance rights-based incentive, which were granted in 2024 at the discretion of 
the Board, which vest if the 20-day volume weighted average price (VWAP) of Carnarvon shares exceeding $0.30 
per share.
The balance between fixed and ‘at risk’ remuneration depends on the senior executive’s role. The CEO has the highest 
level of ‘at risk’ remuneration reflecting the greater level of responsibility of this role.
Table 3: Shareholder wealth indicators FY20 – FY24:
FY20
FY21
FY22
FY23
FY24
Share price at year-end
$0.195
$0.25
$0.195
$0.13
$0.195
Basic earnings/(loss) per share
$(0.26)
$1.09
$(3.31)
$(0.23)
$(0.04)
Table 4 sets out the relative proportions of the three elements of the executives KMP’s total remuneration packages 
from 1 July 2023.
Table 4: Remuneration mix1
Performance Based Remuneration
Position
Fixed Remuneration 
%
STI 
%
LTI 
%
Total ‘at risk’ 
%
CEO
34
33
33
66
Other KMP
50
25
25
50
1	
The remuneration mix assumes maximum ‘at risk’ awards. Percentages shown later in this report reflect the actual 
incentives paid as a percentage of total fixed remuneration, movements in leave balances and other benefits and 
share based payments calculated using the relevant accounting standards.
Fixed remuneration
What is fixed remuneration?
Senior executives are entitled to a fixed cash remuneration amount 
inclusive of the guaranteed superannuation contribution. The amount is 
not based upon performance. Senior executives may decide to salary 
sacrifice part of their fixed remuneration for additional superannuation 
contributions and other benefits.
How is fixed remuneration reviewed?
Fixed remuneration is determined by the Board based on external 
review and advice that takes account of the role and responsibility 
of each senior executive. It is reviewed annually against industry 
benchmarking information.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 37
DIRECTOR’S REPORT
Fixed remuneration for the year
Total fixed remuneration (TFR) of KMP is provided in the table on Pages 44 to 45 which reports on the remuneration for 
KMP as required under the Corporations Act.
Short Term Incentive (STI)
What is the STI?
The STI is part of ‘at risk’ remuneration offered to senior executives. It measures 
individual and Company performance over a 12-month period. The period coincides 
with Carnarvon’s financial year. The STI is offered to senior executives at the discretion 
of the Board based on company performance and performance against objectives. It is 
paid in cash and / or performance rights, with the allocation percentage at the Board’s 
discretion. If awarded and subsequently vested, the Board has the discretion to approve 
the settlement of the STI performance rights in cash or equity.
How does the STI link to 
Carnarvon’s key purpose?
The STI is an at-risk opportunity for senior executives and is subject to the achievement 
of the performance threshold (see below), it rewards senior executives for meeting 
or exceeding key performance indicators. The key performance indicators link to 
Carnarvon’s key purpose and goals set for KMP during the reporting period. The STI aims 
to motivate senior executives to meet Company expectations for success. Carnarvon can 
only achieve its purpose if it attracts and retains high performing senior executives.
What are the performance 
conditions or KPIs?
Carnarvon’s key performance indicators (KPIs) are set by the Board for each 12-month 
period beginning at the start of a financial year. They reflect Carnarvon’s financial and 
operational goals that are essential to it achieving its purpose. Senior executives may 
also have individual KPIs which are linked to the below Company KPIs to reflect their 
particular responsibilities to each KPI. The KPIs are chosen as they are value catalysts 
which are linked to the Company’s strategic objectives. For the reporting period, the 
performance measures comprised:
STI Measures
Weighting 100%
Company KPI’s
Achieve1
Overperform2
Bedout Divestment
20%
40%
New Ventures
30%
50%
Dorado FID
10%
30%
RFSU Acceleration
10%
20%
Drilling Progression
10%
20%
Other
10%
20%
Dorado Financing
5%
10%
Energy Transition
5%
10%
Maximum 
100%
1	
The minimum percentage receivable if the hurdle is achieved. 
2	
The maximum percentage receivable if achievement of the hurdle is overperformed. 
Refer to Table 5 for more information.

38 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
The value of the STI awards to individual KMPs
Incentive payments are based on a percentage of a senior executive’s fixed remuneration. The CEO can earn up to 
a maximum of 100% of his fixed remuneration. The value of the award that can be earned by other KMP is up to a 
maximum of 50% of their fixed remuneration.
Assessment of performance conditions
The Board assesses the extent to which KPIs were met for the period after the close of the relevant financial year. The 
Board assesses the achievement of the KPIs for the CEO. The Board assesses the performance of other KMPs on the 
CEOs recommendation.
What happens if an STI is awarded
On achievement of the relevant KPIs Carnarvon will pay STI awards in cash and / or performance rights with a vesting 
period of 12 months provided the participants are employed by the company over the vesting period and as at the 
vesting date. The allocation of the award between cash and performance rights is at the Board’s discretion. Carnarvon 
includes the cash and nominal value of any performance rights STI awards in its financial statements for the relevant 
financial year. 
STI PERFORMANCE FOR THE YEAR
The Board tested each senior executive’s performance against the STI performance conditions set for the year.
On this basis, the percentage of the maximum STI that was awarded or forfeited for the period for each executive KMP, 
was as follows (awarded/ forfeited):
KMP
STI Awarded
STI Forfeited
Adrian Cook
16%
84%
Mr Huizenga
32%
68%
Mr Doering
32% 
68%

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 39
DIRECTOR’S REPORT
The STI awards made reflect Carnarvon’s performance for FY24, and the outcomes of the Company related 
performance conditions are outlined in Table 5.
Table 5: Outcome of FY24 STI Company KPIs:
STI Measure
Description
STIP weight (%):
STI Performance  
and score
Achieve1
Overperform2
Bedout Divestment
Partial Divestment of Bedout interests.
20%
40%
Score: KPI achieved. 
22% awarded. 
New Ventures
Acquisition of a value accretive 
production asset.
30%
50%
Score:  
KPI not achieved.
Dorado FID
Final Investment Decision for Dorado 
Phase-1 liquids development.
10%
30%
Score:  
KPI not achieved.
RFSU Acceleration
Finalise reduction of development 
costs and acceleration of first oil.
10%
20%
Score: KPI partially 
achieved. No award. 
Drilling Progression
Confirmation of exploration drilling.
10%
20%
Score:  
KPI not achieved.
Other
Oher commercial activities.
10%
20%
Score:  
KPI not achieved.
Financing
Dorado development financing.
5%
10%
Score:  
KPI not achieved.
Energy Transition
Energy transition, ESG or carbon-
based transaction.
5%
10%
Score: KPI partially 
achieved. No award.
1	
The minimum percentage receivable if the hurdle is achieved. 
2	
The maximum percentage receivable if achievement of the hurdle is overperformed. 
STI performance rights issued 
There were no STI performance rights awarded during the year in relation to FY24 performance.

40 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
LONG TERM INCENTIVE (LTI)
What is the LTI?
The LTI is an equity based ‘at risk’ incentive plan which operates through a performance 
rights scheme approved by Carnarvon shareholders. The LTI aims to reward results that 
promote long term growth in shareholder value or total shareholder return (TSR).
Carnarvon offers LTIs to senior executives at the discretion of the Board and offers to 
KMP as outlined in table 4.
How does the LTI link to 
Carnarvon’s key purpose?
The LTI links to Carnarvon’s key purpose by aligning the longer term ‘at risk’ incentive 
rewards with outcomes that match shareholder objectives and interests by:
•	benchmarking shareholder returns against a group of companies considered 
alternative investments to Carnarvon and against absolute target returns 
•	giving share based rather than cash-based rewards to executives. This links their own 
rewards to shareholder expectations of company performance, especially share price 
growth.
How are the number of 
rights issued to senior 
executives calculated?
The award of performance rights is at the absolute discretion of the Board. The number 
of performance rights granted to the executives under the LTI is calculated as fixed 
remuneration at 30 June of the Financial Year multiplied by the relevant percentage 
divided by the market value. The Market Value is the market value of a fully paid ordinary 
share in the Company, calculated using the Company’s closing share price on 30 June.
What equity based grants 
are given and are there 
plan limits?
Carnarvon grants performance rights using the formula set out above. If the performance 
conditions are met, senior executives have the opportunity to acquire one Carnarvon 
share for every vested performance right. There are no plan limits as a whole for the LTI 
due to the style of the plan.
What are the 
performance conditions?
The two performance conditions used by Carnarvon are based on Total Shareholder 
Return (TSR) (1) in absolute terms and (2) relative to the returns of a group of companies 
considered alternative investments to Carnarvon, calculated using the closing share 
prices at a testing date of 30 June. 
The participants must also be employed by the Company over the vesting period and as 
at the vesting date. 
The vesting schedule of 50% of the performance rights is subject to relative TSR testing 
is as follows:
Relative TSR Performance	
Level of vesting
Less than 50th percentile	
Zero
Between 50th and 75th percentile	
Pro rata between 50% and 100%
75th percentile or better	
100%
Peer Group: 88 Energy, Buru Energy, Central Petroleum, Cooper Energy, Elixir Energy, 
Empire Energy, Galilee Energy, Helios Energy, Horizon Oil, Karoon Energy, Strike Energy, 
Tamboran Resources.
The vesting schedule of 50% of the performance rights is subject to absolute TSR testing 
is as follows:
Absolute TSR Performance	
% of performance rights that will vest
10% per annum return	
33%
Between 10% and 20% per annum	
Pro rata between 33% and 100%
Above 20% per annum	
100%

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 41
DIRECTOR’S REPORT
Why choose these 
Performance conditions?
Relative TSR is an appropriate performance hurdle because it ensures a proportion of 
each participants remuneration is linked to the return received by shareholders from 
holding shares in a company in the peer group for the same period.
Absolute TSR is an appropriate performance hurdle because it ensures KMP 
performance is rewarded when a year-on-year improvement in shareholder value is 
achieved.
What happens to LTI 
performance rights on a 
change of control?
The Board reserves the discretion for early vesting in the event of a change of control of 
the Company. Adjustments to a participant’s entitlements may also occur in the event of 
a company reconstruction and certain share issues.
LTI equity awards issued or in operation during the year.
KMP (excluding Managing Director) were granted 3,146,930 LTI performance rights on 1 July 2023, and the Managing 
Director was granted 4,556,620 LTI performance rights on 17 November 2023 following approval at the AGM. 
Subsequently, all of the Managing Director’s performance rights lapsed and were forfeited upon ceasing employment 
on 15 December 2023 (total of 9,629,436 lapsed and cancelled). 
There were 295,273 performance rights that vested on 30 June 2024 relating to the rights granted to KMP in FY2022. 
The vested rights were exercised subsequent to year-end. 
2024 Performance Rights
What are the 2024 
Performance Rights?
The 2024 Performance Rights are an additional equity based ‘at risk’ incentive that 
aims to align Key Management Personnel remuneration with shareholder interests and 
incentivise them to drive higher returns. These were awarded in relation to a reduction of 
KMP fixed remuneration.
How do the 2024 
Performance Rights 
link to Carnarvon’s key 
purpose?
The 2024 Performance Rights links to Carnarvon’s objective of aligning the longer term 
‘at risk’ incentive rewards with outcomes that match shareholder objectives and interests 
by giving share based rather than cash-based rewards. This links their own rewards to 
shareholder expectations of company performance and share price growth.
How are the number of 
rights issued calculated?
The award of performance rights is at the absolute discretion of the Board. The Market 
Value is the market value of a fully paid ordinary share in the Company, calculated using 
the Company’s closing share price on 30 June.
What equity based 
grants are given and are 
there plan limits?
Carnarvon granted the performance rights at the absolute discretion of the Board. If the 
performance conditions are met, Key Management Personnel have the opportunity to 
acquire one Carnarvon share for every vested performance right. There are no plan limits.

42 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
What are the 
performance 
conditions?
The performance rights will vest and become exercisable on the earlier to occur of:
•	the 20-day volume weighted average price (VWAP) of Carnarvon shares exceeding 
$0.30 per share; or
•	a ‘Change in Control’ event, such as where:
	- Carnarvon announces that its shareholders. at a Court convened meeting of 
shareholders voted in favour of a scheme of arrangement and the Court, by order, 
approves the scheme of arrangement;
	- a takeover bid is announced, has become unconditional and the person making the 
takeover bid holds more than 50% of Carnarvon shares;
	- any person acquires a relevant interest in 50.1% or more Carnarvon shares by any 
other means; or
	- Carnarvon announces that a sale or transfer of the whole or substantially the whole 
of the undertaking and business of Carnarvon has been completed
Performance rights granted to executive Key Management Personnel are subject to 
progressive cancellation of all, or some, of any unvested portion of the performance 
rights where they resign from their respective role in the first year following grant of the 
performance rights, as follows:
•	resignation within first three months of the date of grant of the performance rights 
(Grant Date) – all unvested performance rights forfeited and cancelled;
•	resignation in period three – six months after Grant Date – 75% of unvested 
performance rights forfeited and cancelled;
•	resignation in period six – nine months after Grant Date – 50% of unvested 
performance rights forfeited and cancelled;
•	resignation in period nine months – twelve months after Grant Date – 25% of unvested 
performance rights forfeited and cancelled; and
•	resignation in period following one year anniversary of Grant Date – nil unvested 
performance rights forfeited and cancelled.
None of the performance rights held by executive Key Management Personnel: 
•	which have vested prior to resigning from their respective role will be forfeited and 
cancelled; and 
•	will be forfeited and cancelled (whether vested or unvested) if they are made 
redundant from their respective role at any time prior to the one year anniversary of 
the Grant Date.
All vested and unvested performance rights will be forfeited and cancelled where Key 
Management Personnel employment is terminated for cause in accordance with the 
relevant provision of their respective employment contract.
Why choose these 
Performance 
conditions?
The performance conditions better align the interest of the Key Management Personnel 
with shareholder interests, and incentivise them to drive higher returns.
2024 Performance Right equity awards issued or in operation during the year.
Executive KMP were granted a total of 7,500,000 of 2024 performance rights on 26 April 2024. 
Non-executive Directors appointed during the year were granted a total of 3,500,000 of 2024 Performance Rights on 
their appointment to the Board.  

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 43
DIRECTOR’S REPORT
REMUNERATION POLICY FOR NON-EXECUTIVE DIRECTORS:
The fees paid to non-executive directors are determined using the following principles. Fees are:
•	determined by reference to the nature of the role, responsibility and time commitment required for the performance 
of the role including membership of Board Committees;
•	are benchmarked against industry peers on an annual basis; and
•	driven by a need to attract and retain a diverse and well-balanced group of individuals with relevant experience and 
knowledge
•	2024 Performance Rights were issued to align non-executive directors with shareholder interests
The Board made changes to its fee structure in the current year. Following the formal commencement of the Board 
succession process, the base fees payable to non-executive directors were reduced from $100,000 to $60,000 for 
directors appointed after 15 December 2023 and remained the same of directors appointed prior to 15 December 2023. 
Chair fees remained unchanged form FY23 levels. 
Committee Chairs are paid an additional fee of $10,000 for directors appointed prior to 15 December 2023, and Nil for 
directors appointed after 15 December 2023. No additional fees are payable to any director for membership of Board 
Committees. 
The Director’s fees are inclusive of superannuation contributions, which are paid by the Company.
Non-executive directors are entitled to be reimbursed at cost for their reasonable expenses incurred in the performance 
of their directors’ duties.
The aggregate remuneration of Carnarvon non-executive directors remains below the annual limit of $600,000 
approved by shareholders at the 2018 Annual General Meeting.
Details of the fees payable to non-executive directors for Board and committee membership for FY24 are set out in 
Table 6.
Table 6: FY24 non-executive directors’ fees and Board Committee fees per annum:
Board
Board Committees
Date Appointed
Chair 
$
Member 
$
Chair 
Audit 
$
Member 
Audit 
$
Chair 
Remuneration 
and Nomination 
$
Member 
Remuneration 
and Nomination 
$
Chair 
RGS 
$
Member 
RGS 
$
Before 15 December 2023 200,000 100,000
10,000
-
10,000
-
10,000
-
After 15 December 2023
200,000
60,000
-
-
-
-
-

Directors’ and executive officers’ remuneration, Company and consolidated (continued)
Name
Short term benefits
Post-employment
Share-based 
payments
Long term 
benefits
Other benefits
Total 
($)
Total at 
risk 
%
Total issued in 
equity 
%
Salary and 
fees 
($)
Short term cash 
bonus 
($)
Annual Leave 
($)11
Superannuation 
contributions 
($)
Performance 
Rights 
($)12,13
Long service 
leave 
($)11
Termination 
payments 
($)
Directors
Non-Executive
Mr WA Foster (Chairman)
2024
180,180
-
-
19,820
-
-
-
200,000
-
-
2023
171,946
-
-
18,054
-
-
-
190,000
-
-
Mr R Black1
2024
13,514
-
-
1,487
8,773
-
-
23,774
36.9%
-
2023
-
-
-
-
-
-
-
-
-
-
Mr R Delroy2
2024
29,497
-
-
3,245
13,005
-
-
45,747
28.4%
-
2023
-
-
-
-
-
-
-
-
-
-
Mr W Barker3
2024
29,497
-
-
3,245
13,005
-
-
45,747
28.4%
-
2023
-
-
-
-
-
-
-
-
-
-
Dr P Moore4
2024
37,713
-
-
4,148
-
-
-
41,861
-
-
2023
99,548
-
-
10,452
-
-
-
110,000
-
-
Mr SG Ryan5
2024
82,500
-
-
-
-
-
-
82,500
-
-
2023
110,000
-
-
-
-
-
-
110,000
-
-
Ms D Bakker6
2024
45,287
-
-
4,962
-
-
-
50,249
-
-
2023
99,548
-
-
10,452
-
-
-
110,000
-
-
Executive
Mr AC Cook (Chief Executive Officer)7
2024
284,560
83,804
20,830
23,785
(440,370)
2,650
814,078
789,337
-55.8%
-
2023
610,028
-
45,654
28,946
265,992
40,921
-
991,541
26.8%
-
DIRECTOR’S REPORT
44 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED

Name
Short term benefits
Post-employment
Share-based 
payments
Long term 
benefits
Other benefits
Total 
($)
Total at 
risk 
%
Total issued in 
equity 
%
Salary and 
fees 
($)
Short term cash 
bonus 
($)
Annual Leave 
($)11
Superannuation 
contributions 
($)
Performance 
Rights 
($)12,13
Long service 
leave 
($)11
Termination 
payments 
($)
Other Executives
Mr PP Huizenga (Chief Executive Officer)8
2024
537,254
73,313
58,541
35,348
199,355
(3,628)
-
900,183
22.1%
-
2023
544,465
-
49,924
28,148
114,883
23,293
-
760,713
15.1%
-
Mr A Doering (Chief Financial Officer)9
2024
306,845
42,848
26,012
34,963
68,195
5,014
-
483,876
14.1%
-
2023
25,000
-
1,927
2,625
-
-
-
29,552
-
-
Mr TO Naude (Chief Financial Officer)10
2024
-
-
-
-
-
-
-
-
-
-
2023
352,420
-
27,020
25,087
(36,104)
25,181
-
393,604
-9.2%
-
Total compensation: key management  
personnel (Company and consolidated)
2024
1,546,847
199,964
105,383
131,002
(138,037)
4,036
814,078
2,663,274
-5.2%
-
2023
2,012,955
-
124,525
123,764
344,771
89,395
-
2,695,409
12.8%
-
Directors’ fees are paid or payable to the director or a director-related entity.
1	
Mr Black was appointed to the Board on 2 April 2024.
2	
Mr Delroy was appointed to the Board on 15 December 2023.
3	
Mr Barker was appointed to the Board on 15 December 2023.
4	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023.
5	
Mr Ryan retired from the Board on 2 April 2024.
6	
Mrs Bakker retired from the Board on 15 December 2023.
7	
Mr Cook ceased as Managing Director and Chief Executive Officer on 15 December 2023. His remuneration reflects the amounts paid up to this date.   
8	
Mr Huizenga was promoted to Chief Executive Officer on 15 December 2023. His remuneration was reduced to $475,000 (before superannuation) per annum from 1 May 2024 (previously $515,868). He was 
also granted 5,000,000 of 2024 Performance Rights.
9	
Mr A Doering’s 2023 remuneration reflects the remuneration received from the date of his appointment as Chief Financial Officer on 1 June 2023.
10	
Mr TO Naude’s 2023 remuneration reflects the remuneration received up to the date he ceased employment as Chief Financial Officer on 31 May 2023. 
11	
These amounts represent the leave entitlement accrual for the year. 
12	
KMP were granted 7,703,550 LTI performance rights in the for which a combined expense of $235,513 was recognised at 30 June 2024. In addition, 9,629,436 LTI performance rights lapsed and were    
cancelled upon Mr Cook ceasing employment, which resulted in a reversal of expense valued at $440,370 being recognised in the Consolidated Income Statement at 30 June 2024.
13	
KMP were granted 11,000,000 of 2024 Performance Rights during the year for which a combined expense of $66,820 was recognised at 30 June 2024. 
13	
Termination payments include payments under service contracts and accrued annual and long service leave payments.
DIRECTOR’S REPORT
CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 45

46 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Ordinary shares held by key management personnel
The movement during the reporting period in the number of ordinary shares in Carnarvon Energy Limited held, directly, 
indirectly or beneficially, by each key management person, including their related parties, is as follows:
2024
Balance at  
1 July 2023 /  
on appointment
Net acquired/  
(sold) on  
market
Award under  
Employee  
Share Plan
Received  
on exercise  
of options
Held at  
date of  
cessation
Balance at  
30 June  
2024
Directors
WA Foster
1,425,938
-
-
-
-
1,425,938
AC Cook1
15,938,797
-
-
-
(15,938,797)
-
P Moore2
964,232
-
-
-
(964,232)
-
SG Ryan3
305,221
-
-
-
(305,221)
-
D Bakker4
574,774
-
-
-
(574,774)
-
W Barker5
-
-
-
-
-
-
R Black6
-
1,000,000
-
-
-
1,000,000
R Delroy7
91,128,968
-
-
-
-
91,128,968
Other Executives
PP Huizenga
12,326,196
-
-
-
-
12,326,196
A Doering
1,237,001
200,000
-
-
-
1,437,001
1	
Mr Cook ceased as Managing Director and Chief Executive Officer on 15 December 2023. 
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023. Mr Delroy is also the founder and investment 
manager of Nero Resource Fund which holds the 91,128,968 shares
2023
Balance at  
1 July 2022 /  
on appointment
Net acquired/  
(sold) on  
market
Award under 
Employee  
Share Plan
Received  
on exercise  
of options
Held at  
date of  
cessation
Balance at  
30 June  
2023
Directors
WA Foster
1,425,938
-
-
-
-
1,425,938
AC Cook
15,938,797
-
-
-
-
15,938,797
P Moore
964,232
-
-
-
-
964,232
SG Ryan
305,221
-
-
-
-
305,221
D Bakker
574,774
-
-
-
-
574,774
Other Executives
PP Huizenga
12,076,196
250,000
-
-
-
12,326,196
TO Naude
4,019,357
-
-
-
(4,019,357)1
-
A Doering2
1,237,001
-
-
-
-
1,237,001
1	
Mr TO Naude ceased employment as Chief Financial Officer on 31 May 2023.
2	
Mr A Doering was appointed as Chief Financial Officer on 1 June 2023. His balance at 1 July 2022 is representative 
of the number shares he held as an employee (before becoming a KMP). 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 47
DIRECTOR’S REPORT
Performance rights - held by key management personnel
2024
Held at  
1 July 2023
Granted
Exercised 
Lapsed
Held at  
30 June 2024
Vested and  
exercisable at  
30 June 20248
Vested and  
un-exercisable  
at 30 June 2024
Directors
WA Foster
-
-
-
-
-
-
-
AC Cook1
5,072,816
4,556,620
-
(9,629,436)
-
-
-
P Moore2
-
-
-
-
-
-
-
SG Ryan3
-
-
-
-
-
-
-
D Bakker4
-
-
-
-
-
-
-
W Barker5
-
1,000,000
-
-
1,000,000
-
-
R Black6
-
1,500,000
-
-
1,500,000
-
-
R Delroy7
-
1,000,000
-
-
1,000,000
-
-
Other Executives
PP Huizenga
2,329,816
6,993,084
-
-
9,322,900
250,273
750,819
A Doering
426,924
3,653,846
-
-
4,080,770
45,000
135,000
Total
7,829,556
18,703,550
-
(9,629,436)
16,903,670
295,273
885,819
1	
Mr Cook ceased employment as Managing Director and Chief Executive Officer on 15 December 2023. His 
performance rights lapsed on this date.
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023.
8	
On 30 June 2024, 295,273 of the 1,181,092 performance rights issued to Mr Huizenga and Mr Doering on 1 July 2021 
vested and became exercisable upon meeting the required vesting conditions. Both executives elected to exercise 
the vested performance rights subsequent to year end. The un-exercisable performance rights were cancelled 
subsequent to year end.
2023
Held at  
1 July 2022
Granted 
Exercised 
Lapsed
Held at  
30 June 2023
Vested and  
exercisable at  
30 June 2023
Vested and  
un-exercisable  
at 30 June 2023
Directors
WA Foster
-
-
-
-
-
-
-
AC Cook
2,179,724
2,893,092
-
-
5,072,816
-
-
P Moore
-
-
-
-
-
-
-
SG Ryan
-
-
-
-
-
-
-
D Bakker
-
-
-
-
-
-
-
Other Executives
PP Huizenga
1,001,092
1,328,724
-
-
2,329,816
-
-
TO Naude1
585,468
933,986
-
(1,519,454)
-
-
-
A Doering2
180,000
246,924
-
-
426,924
-
-
Total 
3,946,284
5,402,726
-
(1,519,454)
7,829,556
-
-
1	
Mr TO Naude’s performance rights lapsed in June 2023 after he ceased employment as Chief Financial Officer on 
31 May 2023.
2	
Mr A Doering’s performance rights held as at 30 June 2023 include rights issued to him as part of the company’s 
Employee Share Incentive Plan prior to commenting as Chief Financial Officer on 1 June 2023. 

Performance rights - STIP held by key management personnel
There were no performance rights granted under the short-term incentive plan during the year, nor were there any rights held by key management personnel under the plan as at 30 June 
2023. 
Details of performance rights granted to KMP during the year ended 30 June 2024 are:
KMP
Instrument
Grant date
Expiry date
Vesting date
Fair value per 
right 
$
Exercise price
Number of 
performance 
rights granted
Number of 
performance 
rights  
lapsed1
Number of 
performance 
rights vested
Maximum 
value to be 
recognised in 
future periods 
$
Executive KMP
A Cook
PR’s - LTIP
17-Nov-23
01-Jul-33
30-Jun-26
0.135 
-
4,556,620 
(4,556,620)
-
-
P Huizenga
PR’s - LTIP
01-Jul-23
01-Jul-33
30-Jun-26
0.10 
-
1,993,084 
-
-
126,229 
P Huizenga
2024 PR’s
26-Apr-24
26-Apr-29
When conditions 
are met
0.12 
-
5,000,000 
-
-
535,268 
A Doering
PR’s - LTIP
01-Jul-23
01-Jul-33
30-Jun-26
0.10 
-
1,153,846 
-
-
73,077 
A Doering
2024 PR’s
26-Apr-24
26-Apr-29
When conditions 
are met
0.12 
-
2,500,000 
-
-
267,634 
Non-Executive Directors
R Black
2024 PR’s
02-Apr-24
02-Apr-29
When conditions 
are met
0.12 
-
1,500,000 
-
-
160,581 
W Barker
2024 PR’s
15-Dec-23
15-Dec-28
When conditions 
are met
0.12 
-
1,000,000 
-
-
106,995 
R Delroy 
2024 PR’s
15-Dec-23
15-Dec-28
When conditions 
are met
0.12 
-
1,000,000 
-
-
106,995 
Total
18,703,550 
(4,556,620)
-
1,376,779 
1	
Mr Cook ceased employment as Managing Director and Chief Executive Officer on 15 December 2023. His performance rights lapsed on this date.
DIRECTOR’S REPORT
48 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED

Details of performance rights granted to KMP in previous years that are still vesting are:
KMP
Instrument
Grant date
Expiry date
Vesting date
Fair value per 
right  
$
Exercise price
Number of 
performance 
rights granted
Number of 
performance 
rights  
lapsed1
Number of 
performance 
rights vested2
Maximum 
value to be 
recognised in 
future periods 
$
Executive KMP 
A Cook
PR’s - LTIP
12-Nov-21
01-Jul-31
30-Jun-24
0.24 
-
2,179,724
(2,179,724)
-
-
A Cook
PR’s - LTIP
18-Nov-22
01-Jul-32
30-Jun-25
0.10 
-
2,893,092
(2,893,092)
-
-
P Huizenga
PR’s - LTIP
01-Jul-21
01-Jul-31
30-Jun-24
0.19 
-
1,001,092
-
250,273
-
P Huizenga
PR’s - LTIP
01-Jul-22
01-Jul-32
30-Jun-25
0.12 
-
1,328,724
-
-
53,149 
A Doering
PR’s - LTIP
01-Jul-21
01-Jul-31
30-Jun-24
0.19 
-
180,000
-
45,000
-
A Doering
PR’s - LTIP
01-Jul-22
01-Jul-32
30-Jun-25
0.12 
-
246,924
-
-
9,877 
Total
7,829,556
(5,072,816)
295,273
63,026
1	
Mr Cook ceased employment as Managing Director and Chief Executive Officer on 15 December 2023. His performance rights lapsed on this date.
2	
On 30 June 2024, 295,273 of the 1,181,092 performance rights issued to Mr Huizenga and Mr Doering on 1 July 2021 vested and became exercisable upon meeting the required vesting 
conditions. Both executives elected to exercise the un-exercisable performance rights subsequent to year end. The unvested performance rights were cancelled subsequent to year 
end. 
DIRECTOR’S REPORT
49 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED

50 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Plan shares held by key management personnel 
Included in the above table are plan shares held by key management personnel held under the previous ESP loan 
scheme which are accounted for as in substance options (refer to page 76 for further terms). The balance and 
movement during the reporting period in the number of plan shares directly, indirectly or beneficially, by each key 
management person, including their related parties, is as follows:
2024
Held at 
1 July 2023
Granted as 
compensation 
Employee Share  
Plan cancellations
Exercised
Held at date  
of cessation
Held at 
30 June 2024
Directors
WA Foster
-
-
-
-
-
-
AC Cook1
12,945,592
-
-
-
(12,945,592)
-
P Moore2
-
-
-
-
-
-
SG Ryan3
-
-
-
-
-
-
D Bakker4
-
-
-
-
-
-
W Barker5
-
-
-
-
-
-
R Black6
-
-
-
-
-
-
R Delroy7
-
-
-
-
-
-
Other Executives
PP Huizenga
11,976,196
-
-
-
-
11,976,196
A Doering
1,237,001
-
-
-
-
1,237,001
1	
Mr Cook ceased as Managing Director and Chief Executive Officer on 15 December 2023. 
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023.
2023
Held at 
1 July 2022
Granted as 
compensation 
Employee Share  
Plan cancellations
Exercised
Held at date  
of cessation
Held at 
30 June 2023
Directors
WA Foster
-
-
-
-
-
-
AC Cook
12,945,592
-
-
-
-
12,945,592
P Moore
-
-
-
-
-
-
SG Ryan
-
-
-
-
-
-
D Bakker
-
-
-
-
-
-
Other Executives
PP Huizenga
11,976,196
-
-
-
-
11,976,196
TO Naude
3,992,512
-
-
-
(3,992,512)1
-
A Doering2
1,237,001
-
-
-
-
1,237,001
1	
Mr TO Naude ceased employment as Chief Financial Officer on 31 May 2023.
2	
Mr A Doering was appointed as Chief Financial Officer on 1 June 2023. His balance at 1 July 2022 is representative 
of the number shares he held as an employee (before becoming a KMP).
End of Remuneration Report

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 51
DIRECTOR’S REPORT
Non-audit services
The auditors have not performed any non-audit services over and above their statutory duties during the current 
reporting period. 
Directors’ interests
At the date of this report, the relevant interests of the directors in securities of the Company are as follows: 
Name
Ordinary Shares
Performance Rights 
WA Foster
1,425,938
-
W Barker
-
1,000,000
R Black
1,000,000
1,500,000
R Delroy
91,128,968
1,000,000
Diversity
The Board has set the following measurable diversity objectives for the 2024 financial year:
2024 Measurable objectives
Progress
Aim to have not less than 30% of the  
directors of each gender
There was no female Board representation at 30 June 2024. This is 
due to the ongoing Board succession plan.
Dedicated mentoring program for the  
female employees of the Company
The Company provided ongoing training, mentoring and professional 
support in the development of all employees’ careers. 
Maintain flexible work practices
The Company continued to maintain its flexible work practices which 
includes a parental leave policy and provides employees the ability to 
maintain flexible hours and to work from home where required.
Likely developments 
The likely developments for the 2024 financial year are contained in the operating and financial review as set out on 
pages 6 to 26.
Environmental regulation and performance
The Group’s oil and gas exploration and development activities are concentrated in offshore Western Australia. 
Environmental obligations are regulated under both State and Commonwealth law in Western Australia, depending 
on whether a permit sits in State or Commonwealth waters. The Group is not aware of any significant environmental 
breaches during the year ended 30 June 2024.
Dividends
No dividends were paid during the year and the directors do not recommend payment of a dividend in respect of the 
current financial year (2023: Nil).
Auditor’s independence declaration
The auditor’s Independence Declaration under Section 307C of the Corporations Act is set out on page 54 and forms 
part of the directors’ report for the financial year ended 30 June 2024.
Principal activities
During the course of the 2024 financial year the Group’s principal activities continued to be directed towards oil and gas 
exploration, development and production.

52 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
DIRECTOR’S REPORT
Identification of independent directors
The independent directors are identified in the Company’s Corporate Governance Statement. The Corporate 
Governance Statement is available on Carnarvon Energy’s website at: carnarvon.com.au/about-us/corporate-
governance/.
Significant changes in state of affairs
In the opinion of the directors no significant changes in the state of affairs of the Group occurred during the current 
financial year other than as outlined in the operating and financial review as set out on pages 6 to 26.
Indemnification and insurance of directors and officers
During the period the Company paid a premium to insure the directors and officers of the Company and its controlled 
entities. The policy prohibits the disclosure of the nature of the liabilities covered and the amount of the premium paid. 
Deeds of Access and Indemnity have been executed by the Company with each of the directors and Company 
Secretary. The deeds require the Company to indemnify each director and Company Secretary against any legal 
proceedings, to the extent permitted by law, made against, suffered, paid or incurred by the directors or Company 
Secretary pursuant to, or arising from or in any way connected with the director or Company Secretary being an officer 
of the Company.
Proceedings on behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any 
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or 
any part of the proceedings. The Company was not a party to any such proceedings during the year.
Operating and financial review
An operating and financial review of the Group for the financial year ended 30 June 2024 is set out on pages 6 to 26 
and forms part of this report.
Indemnity of auditors
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of 
the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified 
amount). No payment has been made to indemnify Ernst & Young during or since the financial year.
Events subsequent to reporting date 
On 5 July 2024, the Company issued 1,000,000 of the 2024 performance rights to non-KMP staff.
On 5 July 2024, 1,020,819 LTI performance rights from 2021 lapsed and were cancelled due to  not achieving all 
of the relative TSR conditions and none of the absolute TSR conditions. 885,819 of the lapsed rights related to key 
management personnel. 
On 5 July 2024, 340,273 of the 2021 LTI performance rights that vested at 30 June 2024 were exercised and converted 
into ordinary shares pursuant to and in accordance with the Company’s Performance Rights Plan. 295,273 of the rights 
related to key management personnel.
On 5 July 2024, the wholly owned subsidiary Carnarvon Thailand Limited was de-registered.
Other than above, there is no other matters or circumstance has arisen since 30 June 2024 that in the opinion of the 
directors has significantly affected, or may significantly affect in future financial years:
(i)	 The Group’s operations; or
(ii)	 The results of those operations; or
(iii)	The Group’s state of affairs

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 53
DIRECTOR’S REPORT
Rounding off
The Company is an entity of the kind referred to in the Australian Securities and Investments Commission Corporations 
(Rounding in Financial/Directors’ Reports) Instrument 2016/191, dated 24 March 2016. As a result, amounts in the financial 
report and directors’ report have been rounded off to the nearest thousand dollars, unless otherwise stated.
Signed in accordance with a resolution of the directors.
Robert Black
Chair
Perth, 30 August 2024

54 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
AUDITOR’S INDEPENDENCE 
DECLARATION
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
 
Ernst & Young 
11 Mounts Bay Road 
Perth  WA  6000  Australia 
GPO Box M939   Perth  WA  6843 
Tel: +61 8 9429 2222 
Fax: +61 8 9429 2436 
ey.com/au 
Auditor’s independence declaration to the directors of Carnarvon 
Energy Limited 
As lead auditor for the audit of the financial report of Carnarvon Energy Limited for the financial year 
ended 30 June 2024, I declare to the best of my knowledge and belief, there have been: 
a. 
No contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit;  
b. 
No contraventions of any applicable code of professional conduct in relation to the audit; and 
c. 
No non-audit services provided that contravene any applicable code of professional conduct in 
relation to the audit. 
This declaration is in respect of Carnarvon Energy Limited and the entities it controlled during the 
financial year. 
 
 
 
 
Ernst & Young 
 
 
 
 
T S Hammond 
Partner 
30 August 2024 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 55
CORPORATE GOVERNANCE STATEMENT
The Board is committed to achieving and demonstrating the highest standards of corporate governance. As such, 
Carnarvon Energy Limited and its Controlled Entities (‘the Group’) have adopted the fourth edition of the Corporate 
Governance Principles and Recommendations which was released by the ASX Corporate Governance Council in 
February 2019 and became effective for financial years commencing on or after 1 January 2020. 
The Group’s Corporate Governance Statement for the financial year ending 30 June 2024 is dated as at 30 June 2024 
and was approved by the Board on 30 August 2024. The Corporate Governance Statement is available on Carnarvon 
Energy’s website at carnarvon.com.au/about-us/corporate-governance/.

56 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
CONSOLIDATED INCOME STATEMENT 
AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2024
Consolidated
Notes
2024 
$000
2023 
$000
Other income
2
8,744
3,390
Gain on remeasurement of fair value assets
8
12
32
Administrative expenses
(1,934)
(2,634)
Directors’ fees
(455)
(520)
Employee benefits expense
21(a)
(2,907)
(3,356)
New venture and advisory costs
(1,396)
(1,737)
Exploration expenditure written off
12
(222)
-
Loss on disposal of financial assets
(61)
-
Share of gain/(loss) of Joint venture 
14
124
(792)
Impairment of investment in joint venture
(1,305)
-
Foreign exchange (loss)/gain
(1,256)
1,521
Loss before income tax
(656)
(4,096)
Taxes
Current income tax expense
6(a)
-
-
Loss for the year
(656)
(4,096)
Other comprehensive income/(expense)
Items may be reclassified to profit or loss in subsequent periods  
(net of tax):
Exchange differences arising on translation of foreign operations
-
(22)
Total comprehensive loss for the year
(656)
(4,118)
Total comprehensive loss for the period attributable to members of 
the entity
(656)
(4,118)
Loss /Earnings per share:
Basic (loss)/earnings per share (cents per share)
5
(0.04)
(0.23)
Diluted (loss) /earnings per share (cents per share)
5
(0.04)
(0.23)
The above consolidated income statement and other comprehensive income should be read in conjunction with the 
accompanying notes to the financial statements.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 57
CONSOLIDATED STATEMENT OF 
FINANCIAL POSITION
As at 30 June 2024
Notes
Consolidated
2024 
$000
2023 
$000
Current assets
Cash and cash equivalents
18(b)
179,551
95,301
Other receivables
7
974
1,070
Other assets
10
290
642
Total current assets
180,815
97,013
Non-current assets
Property, plant and equipment
9
9
37
Financial assets
8
-
667
Exploration and evaluation expenditure
12
85,552
169,382
Right-of-use assets
11
599
186
Intangible Assets
17
616
-
Investment in Joint Venture
14
-
1,287
Total non-current assets
86,776
171,559
Total assets
267,591
268,572
Current liabilities
Trade and other payables
15
287
1,187
Employee benefits
21(b)
305
663
Lease liabilities
11
190
220
Total current liabilities
782
2,070
Non-current liabilities
Employee benefits
21(b)
64
147
Lease liabilities
11
411
-
Total non-current liabilities
475
147
Total liabilities
1,257
2,217
Net assets
266,334
266,355
Equity
Contributed equity 
16
311,135
314,176
Reserves
16
5,080
1,404
(Accumulated losses)/retained profit
(49,881)
(49,225)
Total equity
266,334
266,355
The above consolidated statement of financial position should be read in conjunction with the accompanying notes to 
the financial statements.

58 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
CONSOLIDATED STATEMENT OF 
CHANGES IN EQUITY
For the year ended 30 June 2024
Issued 
capital 
$000
Reserve 
shares 
$000
(Accumulated 
losses) / 
retained profit 
$000
Translation 
reserve 
$000
Share based  
payments 
reserve 
$000
Total 
$000
Balance at 1 July 2022
314,096
(6,875)
(45,129)
152
7,734
269,978
Comprehensive Income
Loss for the year
-
-
(4,096)
(22)
(4,118)
Total comprehensive loss  
for the year
-
-
(4,096)
(22)
(4,118)
Transactions with owners  
and other transfers
Share based payments
-
-
-
-
503
503
Cash settlement of  
STI performance rights
-
-
-
-
(185)
(185)
Exercise of ESP shares
80
97
-
-
-
177
Total transactions with  
owners and other transfers
80
97
-
-
318
495
Balance at 30 June 2023
314,176
(6,778)
(49,225)
130
8,052
266,355
Balance at 1 July 2023
314,176
(6,778)
(49,225)
130
8,052
266,355
Comprehensive Income
Loss for the year
-
-
(656)
-
-
(656)
Total comprehensive loss  
for the year
-
-
(656)
-
-
(656)
Transactions with owners  
and other transfers
Share based payments
-
-
-
-
(73)
(73)
Minimum holding buy-back 
(384)
-
-
-
-
(384)
Cancellation of ESP shares
(3,429)
3,429
-
-
-
-
Exercise of ESP shares
772
320
-
-
-
1,092
Total transactions with  
owners and other transfers
(3,041)
3,749
-
-
(73)
635
Balance at 30 June 2024
311,135
(3,029)
(49,881)
130
7,979
266,334
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes to 
the financial statements.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 59
CONSOLIDATED STATEMENT OF  
CASH FLOWS
For the year ended 30 June 2024
Notes
Consolidated
2024 
$000
2023 
$000
Cash flows from operating activities
 
 
Payments to suppliers and employees
(7,205)
(7,570)
Interest received 
8,219
2,930
R&D refund
245
-
Net cash provided by / (used in) operating activities
18(a)
1,259
(4,640)
Cash flows from investing activities
Exploration and development expenditure
(2,593)
(13,628)
Payments on other financial assets
8
(45)
(100)
Proceeds from sale of other financial assets
916
-
Acquisition of property, plant and equipment
-
(10)
Investment in joint ventures 
-
(55)
Acquisition of intangible assets
17
(616)
-
Proceeds from sale of joint venture
14
106
-
Proceeds sale of exploration and evaluation assets
12
86,000
-
Net cash provided by / (used in) investing activities
83,768
(13,793)
Cash flows from financing activities
Proceeds from repayment of Employee Share Plan loans
1,092
177
Minimum holding share buy-back
(384)
-
Payment of principal portion of lease
11
(241)
(235)
Net cash provided by / (used in) financing activities
467
(58)
Net increase / (decrease) in cash and cash equivalents held
85,494
(18,491)
Cash and cash equivalents at the beginning of the financial year
95,301
112,424
Effect of exchange rate fluctuations on cash and cash equivalents
(1,244)
1,368
Cash and cash equivalents at the end of the financial year
18(b)
179,551
95,301
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes to the 
financial statements.

60 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
1.	
REPORTING ENTITY 
The consolidated financial report of Carnarvon Energy Limited (‘Company’) for the financial year ended 30 
June 2024 comprises the Company and its controlled entities (the “Group”).
Carnarvon Energy Limited is a for profit oil, gas and energy exploration and production company limited by 
shares incorporated in Australia at the registered office of Level 2, 76 Kings Park Road, West Perth, Western 
Australia, whose shares are publicly traded on the Australian Stock Exchange.
The financial report was authorised for issue by the directors on 30 August 2024. 
The basis for the preparation of the following notes can be found in note 30 and the material accounting 
policies used in the preparation can be found in note 31.
2.	
OTHER INCOME
Consolidated
2024 
$000
2023 
$000
Interest revenue1
8,499
3,390
R&D refund
245
-
8,744
3,390
1	
Interest revenue is calculated using the effective interest rate method.
3.	
OTHER EXPENSES
Consolidated
2024 
$000
2023 
$000
The following expenses are included in administrative and  
employee benefit expenses in the consolidated income statement:
Depreciation – property, plant and equipment
(28)
(53)
Depreciation – right-of-use assets
(203)
(203)
Defined contribution – superannuation expense
(272)
(284)

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 61
NOTES TO THE FINANCIAL STATEMENTS
4.	
AUDITORS’ REMUNERATION
As a result of work in relation to and required for the 30 June 2024 period, the auditor of the Group, Ernst & 
Young, has charged the following fees:
2024 
$
2023 
$
Fees to Ernst & Young Australia:
Fees for auditing statutory financial report of the parent covering the 
group and auditing the statutory financial report of any controlled entities
(79,998)
(77,311)
5.	
(LOSS)/ EARNINGS PER SHARE 
The calculation of basic and diluted earnings per share was based on a weighted average number of shares 
calculated as follows:
2024
2023
Number of shares
Issued ordinary shares at 1 July 
1,800,186,904
1,800,186,904
Effect of shares issued/cancelled
(4,842,684)
-
Weighted average number of ordinary shares 30 June (basic)
1,795,344,220
1,800,186,904
Weighted average number of ordinary shares 30 June (diluted)
1,795,344,220
1,800,186,904
2024 
$
2023 
$
Loss used in calculating basic and diluted loss per share
(656,000)
(4,096,000)
As the consolidated entity incurred a loss for the year ended 30 June 2024, the effect of 17,536,288  
performance rights on issue is considered to be antidilutive and therefore not factored in determining the 
diluted earnings per share for the year. 
As at 30 June 2024, the Group has 21,900,777 reserve shares on issue under the employee share plan (refer 
Note 16). Based on the weighted average exercise price of these in substance options, they are considered to 
be anti-dilutive and therefore have not impacted the calculation of diluted loss per share. 

62 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
6.	
TAXES
Consolidated
2024 
$000
2023 
$000
(a) Income tax expense
Current Income tax expense
Current Income tax (benefit) / expense
-
-
Adjustment for prior period
(1,514)
(70)
(1,514)
(70)
Deferred tax (income)
Origination and Reversal of temporary differences – current
Adjustment for prior period
1,514
70
1,514
70
Total income tax (benefit) / expense
-
-
Numerical reconciliation between pre-tax profit and income tax expense:
Loss for the period
(656)
(4,096)
Income tax using the statutory rate of 30% (2023: 30%)
(197)
(1,229)
Share based payment expense
(22)
151
Tax gain on divestment
16,680
-
Accounting (gain) / loss on Joint Venture agreement
(37)
238
Impairment – Investment in Joint Venture	
	
	
391
-
Revaluation/impairment of financial assets
-
6
Impairment of assets
67
5
Other permanent adjustment
(54)
4
Benefit of Tax losses (brought to account) / not brought to account
(16,828)
825
-
-
Under(over) provision in prior years
-
-
Income tax (benefit) / expense
-
-

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 63
NOTES TO THE FINANCIAL STATEMENTS
6.	
TAXES (CONTINUED)
(b) Current tax liability
-
-
The current tax liability of nil (2023: nil) represents the amount of income tax payable in respect of current and 
prior financial periods.
Tax Consolidation
Effective 1 July 2003, for the purposes of Australian income taxation, Carnarvon and its 100%-owned Australian 
controlled entities formed a tax consolidated group. The head entity of the tax consolidated group is 
Carnarvon. 
The impact of consolidating for tax purposes is that Carnarvon’s Australian controlled entities are treated as 
divisions of Carnarvon rather than as separate entities for tax purposes. At the date of this report, the members 
of the group have not entered into a tax sharing arrangement.
(c) Deferred tax assets and liabilities
Consolidated
2024 
$000
2023 
$000
Deferred tax liabilities
Capitalised exploration deducted immediately
24,738
47,495
Prepayments
77
-
Unrealised foreign exchange gains
-
474
Gross deferred tax liabilities
24,815
47,969
2024 
$000
2023 
$000
Deferred tax assets
Carry forward revenue tax losses
23,401
63,881
Unrealised foreign exchange loss
697
-
Property, plant and equipment
81
102
Business capital expenditure
485
-
Share issue costs
609
609
Provisions
111
243
Accruals
29
21
Lease liability and right-of-use-assets
1
10
Gross deferred tax assets
25,414
64,866
Set-off of deferred tax liabilities pursuant to set-off provisions
(24,815)
(47,969)
Unrecognised deferred tax asset
(599)
(16,897)
Net deferred tax assets
-
-

64 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
6.	
TAXES (CONTINUED)
(d) Partially unrecognised tax losses and PRRT credits (not tax effected)
2024 
$000
2023 
$000
Total Australian tax losses
78,003
212,938
Unaugmented PRRT losses
123,381
205,670
7.	
OTHER RECEIVABLES
Consolidated
2024 
$000
2023 
$000
Current
Other receivables
756
852
Cash held as security
218
218
974
1,070
The Group’s exposure to credit and currency risks is disclosed in Note 26.
8.	
FINANCIAL ASSETS
2024 
$000
2023 
$000
Financial assets at FVTPL
-
667
Reconciliation
Reconciliation of the fair values at the beginning and end of the  
current financial year are set out below:
Investment in CWX Shares
Beginning balance
501
491
Gain on remeasurement of fair value assets
12
32
Disposal of financial assets
513
(22)
Closing balance
-
501
Other Financial Assets – Land Option 
Beginning balance
166
66
Option payments
45
100
Disposal of other financial assets
(150)
-
Loss on disposal of other financial assets
(61)
-
Closing balance
-
166
Carrying value at the end of period
-
667

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 65
NOTES TO THE FINANCIAL STATEMENTS
8.	
FINANCIAL ASSETS (CONTINUED)
On 6 September 2017, CWX Global Limited (formerly Loyz Energy Limited) (“CWX”) issued 331,653,000 shares 
to Carnarvon. The shares were received as settlement for a deferred consideration asset relating to the sale 
of Carnarvon’s share in oil producing Concessions in Thailand to CWX in 2014. As part of the settlement, 
Carnarvon is also entitled to 12% of any sale proceeds over US$45m, should CWX sell the Concessions.
During the reporting period, Carnarvon disposed of 225,441,900 shares at average of S$0.002/share. 
(AU$0.0022).
Other financial assets:
On 4 March 2022, Carnarvon entered into a 12-month call option (Call Option) to purchase a 65Ha site in the 
Shire of Narrogin, approximately 200kms southeast of Perth, Western Australia, for its proposed biorefinery 
project. The option fee payable under the Call Option was $70,000. On 28 February 2023, the parties agreed 
to extend the Call Option by 6 months to 4 September 2023, with an additional option fee payable of $80,000. 
On 25 July 2023, the parties agreed to further extend the Call Option by 9 months to 4 June 2024, with an 
additional option fee payable of $45,000. 
On 25 March 2024, the company entered into a sale and purchase agreement with Harlin Land Company Pty 
Ltd to sell the land option for $150,000. The sale was completed on 5 April 2024. 
9.	
PROPERTY, PLANT AND EQUIPMENT 
Consolidated
2024 
$000
2023 
$000
Fixtures and fittings
Gross carrying amount at cost:
Balance at beginning of financial year
757
747
Additions
-
10
Balance at end of financial year
757
757
Depreciation and impairment losses:
Balance at beginning of financial year
720
667
Depreciation charge for year
28
53
Balance at end of financial year
748
720
Carrying amount opening
37
80
Carrying amount closing
9
37

66 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
10.	
OTHER ASSETS 
Consolidated
2024 
$000
2023 
$000
Current
Prepayments
290
642
11.	
RIGHTS-OF-USE ASSETS AND LEASE LIABILITIES
The Group has leases which predominantly relate to office premise and office car bays. Amounts recognised 
in the statement of financial position and the carrying amounts of the Group’s right-of-use assets and lease 
liabilities and the movement during the period are as follows:
Rights-of-use asset
Consolidated
2024 
$000
2023 
$000
Balance at beginning of financial year
186
389
Additions
616
-
Depreciation expense
(203)
(203)
Balance at end of financial year
599
186
Lease liabilities
Consolidated
2024 
$000
2023 
$000
Balance at beginning of financial year
220
441
Additions
616
-
Interest expense
6
14
Lease payments
(241)
(235)
Balance at end of financial year
601
220
Current lease
190
220
Non-current lease
411
-
Balance at end of financial year
601
220
The following are the amounts recognised in profit or loss: 
Consolidated
2024 
$000
2023 
$000
Depreciation – right-of-use assets
(203)
(203)
Interest expense – lease liabilities
(6)
(14)

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 67
NOTES TO THE FINANCIAL STATEMENTS
12.	
EXPLORATION AND EVALUATION EXPENDITURE
Consolidated
2024 
$000
2023 
$000
Cost:
Balance at beginning of financial year
169,382
157,263
Additions
2,392
12,119
Exploration expenditure written off
(222)
-
Divestment
(86,000)
Balance at end of financial year
85,552
169,382
Recoverability
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful 
development and commercial exploitation, or alternatively, sale of the respective areas of interest.
The Company performed an assessment on whether the carry value of the exploration and evaluation 
expenditure is recoverable at 30 June 2024. Following the assessment, an impairment expense of $222,000 
was recognised in relation to the exploration costs capitalised to permits EP509 and TP29, for which an 
application to surrender has been submitted to the regulator in June 2024. 
All other caplitalised expenditure is fully recoverable at 30 June 2024. 
Divestment
On 21 February 2023, the Company entered into a binding agreement to divest a 10% interest in its Bedout 
assets to OPIC Australia Pty Limited, a wholly owned subsidiary of CPC Corporation, Taiwan (CPC), Taiwan’s 
national oil and gas company. 
The divestment was completed on 15 August 2023 upon all conditions associated with the transaction, being 
satisfied. Under the agreement, the Company will receive total cash consideration of up to US$148,072,097 
from the divestment. This comprises an upfront back costs payment of US$58,072,097 (AU$88,809,122) 
before transaction cost on completion of the transaction (received 11 August 2023), and a further carry of 
US$90,000,000 of forward capital expenditure in the Bedout permits once a Final Investment Decision (FID) is 
taken on the Dorado development. 
The carry of US$90,000,000 has not been recognised as at 30 June 2024, in line with the Company’s 
accounting policy (refer to note 31). 
13.	
JOINT OPERATIONS
The Group has the following interests in joint operations:
Joint operation
Principal activities
Ownership interest %
Western Australia
2024
2023
WA-435-P, WA-437-P, Roebuck Basin
Exploration for hydrocarbons
10%1
20%
WA-436-P, WA-438-P, Roebuck Basin
Exploration for hydrocarbons
20%1
30%
WA-64-L, Roebuck Basin
Exploration for hydrocarbons
10%1
20%
1	
Ownership interest reduced during the year due to the completion of the 10% divestment to OPIC Australia 
Pty Ltd a wholly owned subsidiary of CPC Corporation, Taiwan, Taiwan’s national oil and gas company. 
Carnarvon has accounted for its interest in the above Concessions as Joint Operations as the company has 
joint control. Joint control is derived from the voting rights assigned by the Joint Operating Agreements for 
each permit.

68 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
14.	
INVESTMENT IN JOINT VENTURE – FUTUREENERGY
On 27 June 2024, Carnarvon entered a Sale and Purchase Agreement to divest its entire interest in Future 
Energy Australia Pty Ltd (“FEA”) to Frontier Impact Group (FIG). In accordance with the agreement, Carnarvon 
received a payment $106,202 from FIG. 
Prior to the termination date of 27 June 2024, the arrangement was classified as a Joint Venture and 
Carnarvon recognised its interest in the Joint Venture using the equity method. As such, Carnarvon accounted 
for its 50% share of loss for the period up to the termination date. 
Summarised financial information of FEA:
Identifiable assets and liabilities, as at 27 June 2024, of FEA are as follows:
30 June 2024 
$000
Cash and cash equivalents
106
Total Assets
106
Trade and other payables
106
Total Liabilities
106
Net Assets 
-
As indicated above, the fair value of the net assets of FEA at 27 June 2024 is nil.
Reconciliation of interest in FEA:
30 June 2024 
$000
30 June 2023 
$000
Investment in joint venture beginning balance
1,287
2,079
Share of profit/(loss)  for the period (50%)
124
(792)
Impairment of investment in joint venture1
(1,305)
-
Divestment of joint venture interest
(106)
-
Investment in joint venture closing balance
-
1,287
1	
The Company performed an impairment assessment during the year, and concluded that the preferred 
technology had not matured to a level required to allow the Company to recover its initial investment. The 
Company has therefore recognised an impairment of $1,305,000 in the Consolidated Income Statement. 
Summarised statement of profit or loss of FEA for the period from 1 July 2023 to 27 June 2024:
30 June 2024 
$000
30 June 2023 
$000
Other Income
444
409
Administrative expenses
(158)
(1,576)
Employee benefits
(38)
(417)
Profit / (Loss) for the period
248
(1,584)
Group’s share of profit/ (loss) for the period (50%)
124
(792)

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 69
NOTES TO THE FINANCIAL STATEMENTS
15.	
TRADE AND OTHER PAYABLES
Consolidated
2024 
$000
2023 
$000
Current
Trade payables 
180
1,045
Director fees payable
9
74
Non-trade payables and accrued expenses
98
68
 
287
1,187
The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 26. 
16.	
CAPITAL AND RESERVES
Consolidated
2024
2023
Number of shares
Contributed equity
Balance at beginning of financial year
1,800,186,904
1,800,186,904
Minimum holding buy-back
(2,477,524)
-
Employee share plan shares cancelled
(10,185,079)
-
Performance rights vested 
1,222,308
-
Balance at end of financial year
1,788,746,609
1,800,186,904
Consolidated
2024 
$000
2023 
$000
Issued capital
Balance at beginning of financial year
314,176
314,096
Exercise of employee shares
772
80
Minimum holding buy-back
(384)
-
Employee share plan shares cancelled
(3,429)
-
Balance at end of financial year
311,135
314,176

70 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
16.	
CAPITAL AND RESERVES (CONTINUED)
Ordinary shares have the right to one vote per share at meetings of Carnarvon, to receive dividends as 
declared and, in the event of a winding-up of Carnarvon, to participate in the proceeds from the sale of all 
surplus assets in proportion to the number of, and amounts paid up on, shares held. 
2024
2023
Number of shares
Reserve shares (plan shares)
Balance at beginning of financial year
40,790,892
42,062,668
Employee share plan shares cancelled
(10,185,079)
-
Employee share plan repaid
(8,705,036)
(1,271,776)
Balance at end of financial year
21,900,777
40,790,892
Consolidated
2024 
$000
2023 
$000
Reserve shares (plan shares)
Balance at beginning of financial year
(6,778)
(6,875)
Employee share plan shares cancelled
3,429
-
Repayment of Employee Share Plan Loans
320
97
Balance at end of financial year
(3,029)
(6,778)
Translation reserve
Movements in the translation reserve are set out in the Statement of Changes in Equity on page 58.
The translation reserve comprises all foreign exchange differences arising from the translation of the financial 
statements of foreign operations where their functional currency is different to the presentation currency of the 
reporting entity.
Share based payments reserve
Movements in the share-based payments reserve are set out in the Statements of Changes in Equity on page 
58. This reserve represents the fair value of shares and rights issued under the previous Employee Share Plan 
the current Employee Share Incentive Plan and the additional 2024 Performance Rights issue.
17.	
INTANGIBLE ASSETS
During the period, the Company acquired 20,240 Australian Carbon Credit Units (ACCUs) on market, which will 
be utilised to offset the company’s head office and future Dorado facilities emissions. 
The ACCUs have been accounted for as an intangible asset under AASB 138: Intangible Assets. Refer to note 
31(q) for the groups accounting policy on Intangible Assets. 
Consolidated
2024 
$000
2023 
$000
Intangible Assets
616
-

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 71
NOTES TO THE FINANCIAL STATEMENTS
18.	
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated
2024 
$000
2023 
$000
(a) Cash flows from operating activities
Loss for the year
(656)
(4,096)
Adjustments for:
Depreciation on property, plant and equipment
28
53
Depreciation on right-of-use assets
203
203
Share based payment
(73)
503
Fair value movement of financial asset
(12)
(32)
Loss on sale of other financial assets
61
-
Foreign exchange movement
1,257
(1,521)
Exploration expenditure write-off
222
-
Interest accrued
(741)
(461)
Employee benefit accrual adjustments
-
352
Share of (profit)/loss on Joint Venture
(124)
792
Impairment of Investment in joint ventures
1,305
-
Operating profit/(loss) before changes in working capital and provisions:
1,470
(4,207)
Changes in assets and liabilities:
(Increase)/Decrease in other receivables
923
(422)
Decrease in other assets
-
14
(Decrease)/Increase in trade and other payables
(693)
403
Decrease in provisions and employee benefits
(441)
(243)
Decrease in ESP reserve
-
(185)
Net cash flows used in operating activities
1,259
(4,640)
(b) Reconciliation of cash and cash equivalents
Cash at bank and at call
11,201
8,308
Cash on deposit
168,350
86,993
179,551
95,301
The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities is 
disclosed in Note 26.
Restricted cash of $218,000 relating to security deposits for corporate credit cards and rental of the 
Company’s head office is included under other receivables (2023: $218,000 consolidated), see Note 7.

72 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
19.	
CAPITAL AND OTHER COMMITMENTS
(a) Exploration expenditure commitments
Due to the nature of the Group’s operations in exploring and evaluating areas of interest it is necessary 
to incur expenditure in order to retain the Group’s present permit interests. Expenditure commitments on 
exploration permits can be reduced by selective relinquishment of exploration tenure, by the renegotiation of 
expenditure commitments, or by farming out portions of the Group’s equity. Failure to meet Joint Operation 
cash requirements may result in a reduction in equity in that particular Joint Operation.
Exploration expenditure commitments forecast but not provided for in the financial statements are as follows:
Consolidated
2024 
$000
2023 
$000
Less than one year
-
250
Between one and five years
-
-
-
250
(b) Capital expenditure commitments
Data licence commitments
52
104
(c) Leases
Lease information for the current reporting period is outlined in Note 11.
20.	
CONTINGENCIES 
In accordance with normal petroleum industry practice, the Group has entered into joint operations and farm-
in agreements with other parties for the purpose of exploring and developing its petroleum permit interests. 
If a party to a joint operation defaults and does not contribute its share of joint operation obligations, then 
the other joint operators are liable to meet those obligations. In this event, the interest in the permit held by 
the defaulting party may be redistributed to the remaining joint operators. As at 30 June 2024, there are no 
liabilities owing by the Group as a result of a joint operating party defaulting on their contributions to the joint 
operation. 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 73
NOTES TO THE FINANCIAL STATEMENTS
21.	
EMPLOYEE BENEFITS 
Consolidated
2024 
$000
2023 
$000
(a) Employee benefits charged to P&L
Salary and wages (including super)
4,096
4,176
Staff costs allocated to projects
(1,431)
(1,323)
Short term cash bonus
315
-
Share based payment expense
529
575
Share based payment expense reversal1
(602)
(72)
Total Employee benefits
2,907
3,356
1	
The Company’s share-based payment expense is in credit for the year ending 30 June 2024 due to 
employee terminations. The terminated employee’s performance rights and employee share plan shares 
were forfeited on termination and subsequently cancelled, with the company recognising an adjustment in 
the Consolidated Income Statement in line with AASB 2: Share-based payment. 
Consolidated
2024 
$000
2023 
$000
(b) Employee benefits liabilities 
Current:
Liability for annual leave and long service leave
305
663
Non-Current:
Provision for long service leave
64
147
Total Employee benefits
369
810

74 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
21.	
EMPLOYEE BENEFITS (CONTINUED)
Employee Performance Rights 
The following table illustrates the balance and valuation of performance rights using Monte Carlo Simulation 
model as at 30 June 2024:
Instrument
Held at 
1 July 
2023
Share 
price at 
grant 
date
Date 
granted
Vesting 
period 
(years)
Exercise 
price
Share 
price 
volatility
Risk 
free 
rate
Dividend 
yield
Rights 
granted
Rights 
forfeited
Rights 
lapsed
Rights 
vested
Weighted 
fair value 
at grant 
date
Held at 
30 June 
2024 
(unvested)
PR-LTIP
2,131,092
0.26
01/07/2021
3
-
50%
0.1%
-
-
(560,000)
(1,020,819)
(550,273)
0.19
-
PR-LTIP
2,179,724
0.33
12/11/2021
3
-
50%
0.1%
-
-
(2,179,724)
-
-
0.24
-
PR-LTIP
3,478,194
0.19
01/07/2022
3
-
64%
0.85%
-
-
(1,090,403)
-
(301,539)
0.12
2,086,252
PR-LTIP
53,106
0.16
05/10/2022
3
-
64%
2.6%
-
-
-
-
-
0.10
53,106
PR-LTIP
2,893,092
0.15
18/11/2022
3
-
64%
2.85%
-
-
(2,893,092)
-
-
0.10
-
PR-LTIP
-
0.13
01/07/2023
3
-
63%
4.1%
-
6,868,468
(1,760,769)
-
(710,769)
0.10
4,396,930
PR-LTIP
-
0.18
17/11/2023
3
-
63%
4.35%
-
4,556,620
(4,556,620)
-
-
0.14
-
2024 PR’s
-
0.19
26/04/2024
5
-
54%
4.35%
-
7,500,000
-
-
-
0.12
7,500,000
Total
10,735,208
18,925,088
(13,040,608)
(1,020,819) (1,562,581)
14,036,288
Under the terms of the Employee Share Incentive Plan (Plan) which was last approved by shareholders 
of the Company on 11 November 2020, performance rights can be granted to eligible employees for no 
consideration. Entitlements under these awards vest as soon as the associated vesting conditions have been 
met. Awards can be settled in cash at the absolute discretion of the Company. Awards under the Plan carry 
dividends and voting rights.
Performance rights awarded under the STIP are granted for a 12-month period. The vesting condition requires 
the employee to remain employed by the Company over the vesting period and as at the vesting date. 
Performance rights awarded under the LTIP are granted for a 3-year period. The vesting conditions are based 
on Carnarvon’s Total Shareholder Return (TSR) (1) in absolute terms and (2) relative to the returns of a group of 
companies considered alternative investments to Carnarvon. 
The participants must also be employed by the Company over the vesting period and as at the vesting date.
The vesting schedule of 50% of the LTIP performance rights will be subject to relative TSR testing is as follows:
Relative TSR Performance	
Level of vesting
Less than 50th percentile	
Zero
Between 50th and 75th percentile	
Pro rata between 50% and 100%
75th percentile or better	
100%
Peer Group: 88 Energy, Buru Energy, Central Petroleum, Cooper Energy, Elixir Energy, Empire Energy, Galilee 
Energy, Helios Energy, Horizon Oil, Karoon Energy, Strike Energy, Tamboran Resources.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 75
NOTES TO THE FINANCIAL STATEMENTS
21.	
EMPLOYEE BENEFITS (CONTINUED)
The vesting schedule of 50% of the LTIP performance rights will be subject to absolute TSR testing is as 
follows:
Absolute TSR Performance	
% of performance rights that will vest
10% per annum return	
33%
Between 10% and 20% per annum	
Pro rata between 33% and 100%
Above 20% per annum	
100%
There is an expiration date of 10 years and an exercise period of 90 days from the vesting dates for both STIP 
and LTIP performance rights.
The additional award of 2024 Performance Rights have different conditions to the above. They were granted 
for a 5-year period and will vest and become exercisable on the earlier to occur of:
•	the 20-day volume weighted average price (VWAP) of Carnarvon shares exceeding $0.30 per share; or
•	a ‘Change in Control’ event, such as where:
	- Carnarvon announces that its shareholders. at a Court convened meeting of shareholders voted in 
favour of a scheme of arrangement and the Court, by order, approves the scheme of arrangement;
	- a takeover bid is announced, has become unconditional and the person making the takeover bid holds 
more than 50% of Carnarvon shares;
	- any person acquires a relevant interest in 50.1% or more Carnarvon shares by any other means; or
	- Carnarvon announces that a sale or transfer of the whole or substantially the whole of the undertaking 
and business of Carnarvon has been completed
2024 Performance Rights granted to executive Key Management Personnel are subject to progressive 
cancellation of all, or some, of any unvested portion of the performance rights where they resign from their 
respective role in the first year following grant of the performance rights, as follows:
•	resignation within first three months of the date of grant of the performance rights (Grant Date) – all 
unvested performance rights forfeited and cancelled;
•	resignation in period three – six months after Grant Date – 75% of unvested performance rights forfeited 
and cancelled;
•	resignation in period six – nine months after Grant Date – 50% of unvested performance rights forfeited 
and cancelled;
•	resignation in period nine months – twelve months after Grant Date – 25% of unvested performance rights 
forfeited and cancelled; and
•	resignation in period following one year anniversary of Grant Date – nil unvested performance rights 
forfeited and cancelled.
None of the performance rights held by executive Key Management Personnel: 
•	which have vested prior to resigning from their respective role will be forfeited and cancelled; and 
•	will be forfeited and cancelled (whether vested or unvested) if they are made redundant from their 
respective role at any time prior to the one-year anniversary of the Grant Date.
All vested and unvested performance rights will be forfeited and cancelled where Key Management Personnel 
employment is terminated for cause in accordance with the relevant provision of their respective employment 
contract.

76 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
21.	
EMPLOYEE BENEFITS (CONTINUED)
Employee Share Plan
Under the terms of the Carnarvon’s previous Employee Share Plan (“ESP”), as approved by shareholders, 
Carnarvon may, in its absolute discretion, make an offer of ordinary fully paid shares in Carnarvon to any 
Eligible Person, to be funded by a limited recourse interest free loan granted by the Company.
The issue price is determined by the directors and is not to be less than the weighted average market price 
of the Carnarvon’s shares on the five trading days prior to the date of offer. Eligible Persons use the above-
mentioned loan to acquire plan shares. 
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in 
plan shares during the year:
Number 
2024
WAEP 
2024
Number 
2023
WAEP 
2023
Outstanding at beginning of year
40,790,892
0.31
42,062,668
0.30
Forfeited during the year
(10,185,079)
0.52
-
-
Exercised during the year
(8,705,036)
0.13
(1,271,776)
0.14
Outstanding at end of year
21,900,777
0.28
40,790,892
0.31
Exercisable at end of year
21,900,777
0.28
40,790,892
0.31
Shares previously granted under the ESP are accounted for as “in-substance” options due to the limited 
recourse nature of the loan between the employees and Carnarvon to finance the purchase of ordinary 
shares. There were no ESP shares issued during the period. 
22.	
RELATED PARTY DISCLOSURES 
Ultimate parent
Carnarvon Energy Limited is the ultimate parent company.
During the reporting period, the Company provided accounting and administrative services to its other 
controlled entities for which it did not charge a management fee (2023: nil fees charged).
The carrying value of loans to Carnarvon Petroleum Timor Unipessoal LDA (CPT) was $4,604,962 as at 30 
June 2024 (2023: $4,604,962). This amount is unsecured, interest-free and is only repayable out of the after-
tax profits and has been recorded at a fair value of nil in the Group’s statement of financial position as it is only 
repayable out of after-tax profits of CPT noting that the entity is in the process of being wound-up.
Other related party balances and transactions
At 30 June 2024, an amount of $ 9,000 (2023: $74,000) is included in the Group’s trade and other payables 
balance for outstanding director fees and expenses.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 77
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES
(a) Key management personnel compensation
There were no performance rights granted under the short-term incentive plan during the current year, nor 
were there any rights held by key management personnel under the plan at 30 June 2023.  
Consolidated
2024 
$000
2023 
$000
Short term benefits
1,852
2,013
Post employment benefits
131
124
Share based payments
(138)
345
Long term benefits
4
214
Other benefits
814
2,663
2,696
Information regarding individual directors and executives’ compensation and some equity instruments 
disclosures, as permitted by Corporations Regulation 2M.3.03, are provided in the Remuneration Report 
section of the directors’ report as set out on pages 33 to 50. 
Apart from the details disclosed in this note, no director has entered into a material contract with the Company 
or the Group since the end of the previous financial year and there were no material contracts involving 
directors’ interests existing at year end.
(b) Other key management personnel transactions 
Amounts payable to key management personnel or their related parties at reporting date in respect of 
outstanding director fees and expenses are as follows:
Consolidated
2024 
$000
2023 
$000
Current
Director’s fee payable
9
74

78 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
(c) Ordinary shares held by key management personnel
The movement during the reporting period in the number of ordinary shares in Carnarvon Energy Limited held, 
directly, indirectly or beneficially, by each key management person, including their related parties, is as follows:
2024
Balance at  
1 July 2023 /  
on appointment
Net acquired/  
(sold) on  
market
Award under  
Employee  
Share Plan
Received  
on exercise  
of options
Held at  
date of  
cessation
Balance at  
30 June  
2024
Directors
WA Foster
1,425,938
-
-
-
-
1,425,938
AC Cook1
15,938,797
-
-
-
(15,938,797)
-
P Moore2
964,232
-
-
-
(964,232)
-
SG Ryan3
305,221
-
-
-
(305,221)
-
D Bakker4
574,774
-
-
-
(574,774)
-
W Barker5
-
-
-
-
-
-
R Black6
-
1,000,000
-
-
-
1,000,000
R Delroy7
91,128,968
-
-
-
-
91,128,968
Other Executives
PP Huizenga
12,326,196
-
-
-
-
12,326,196
A Doering
1,237,001
200,000
-
-
-
1,437,001
1	
Mr Cook ceased as Managing Director and Chief Executive Officer on 15 December 2023. 
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023. Mr Delroy is also the founder and 
investment manager of Nero Resource Fund which holds the 91,128,968 shares

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 79
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
2023
Balance at  
1 July 2022 /  
on appointment
Net acquired/  
(sold) on  
market
Award under  
Employee  
Share Plan
Received  
on exercise  
of options
Held at  
date of  
cessation
Balance at  
30 June  
2023
Directors
WA Foster
1,425,938
-
-
-
-
1,425,938
AC Cook
15,938,797
-
-
-
-
15,938,797
P Moore
964,232
-
-
-
-
964,232
SG Ryan
305,221
-
-
-
-
305,221
D Bakker
574,774
-
-
-
-
574,774
Other Executives
PP Huizenga
12,076,196
250,000
-
-
-
12,326,196
TO Naude
4,019,357
-
-
-
(4,019,357)1
-
A Doering2
1,237,001
-
-
-
-
1,237,001
1	
Mr TO Naude ceased employment as Chief Financial Officer on 31 May 2023.
2	
Mr A Doering was appointed as Chief Financial Officer on 1 June 2023. His balance at 1 July 2022 is 
representative of the number shares he held as an employee (before becoming a KMP). 

80 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
(d) Performance rights - held by key management personnel
2024
Held at  
1 July 2023
Granted
Exercised 
Lapsed
Held at  
30 June 2024
Vested and  
exercisable  
at 30 June  
20248
Vested and  
unexercisable  
at 30 June  
20248
Directors
WA Foster
-
-
-
-
-
-
-
AC Cook1
5,072,816
4,556,620
-
(9,629,436)
-
-
-
P Moore2
-
-
-
-
-
-
-
SG Ryan3
-
-
-
-
-
-
-
D Bakker4
-
-
-
-
-
-
-
W Barker5
-
1,000,000
-
-
1,000,000
-
-
R Black6
-
1,500,000
-
-
1,500,000
-
-
R Delroy7
-
1,000,000
-
-
1,000,000
-
-
Other Executives
PP Huizenga
2,329,816
6,993,084
-
-
9,322,900
250,273
750,819
A Doering
426,924
3,653,846
-
-
4,080,770
45,000
135,000
Total 
7,829,556
18,703,550
-
(9,629,436)
16,903,670
295,273
885,819
1	
Mr Cook ceased employment as Managing Director and Chief Executive Officer on 15 December 2023. 
His performance rights lapsed on this date.
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023.
8	
On 30 June 2024, 295,273 of the 1,181,092 performance rights issued to Mr Huizenga and Mr Doering 
on 1 July 2021 vested and became exercisable upon meeting the required vesting conditions. Both 
executives elected to exercise the vested performance rights subsequent to year end. The un-exercisable  
performance rights were cancelled subsequent to year end.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 81
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
2023
Held at  
1 July 2022
Granted 
Exercised 
Lapsed
Held at  
30 June 2023
Vested and  
exercisable  
at 30 June  
2023
Vested and  
unexercisable  
at 30 June  
2023
Directors
WA Foster
-
-
-
-
-
-
-
AC Cook
2,179,724
2,893,092
-
-
5,072,816
-
-
P Moore
-
-
-
-
-
-
-
SG Ryan
-
-
-
-
-
-
-
D Bakker
-
-
-
-
-
-
-
Other Executives
PP Huizenga
1,001,092
1,328,724
-
-
2,329,816
-
-
TO Naude1
585,468
933,986
-
(1,519,454)
-
-
-
A Doering2
180,000
246,924
-
-
426,924
-
-
Total 
3,946,284
5,402,726
-
(1,519,454)
7,829,556
-
-
1	
Mr TO Naude’s performance rights lapsed in June 2023 after he ceased employment as Chief Financial 
Officer on 31 May 2023.
2	
Mr A Doering’s performance rights held as at 30 June 2023 include rights issued to him as part of the 
company’s Employee Share Incentive Plan prior to commenting as Chief Financial Officer on 1 June 2023. 
(e) Performance rights- STIP held by key management personnel
There were no performance rights granted under the short-term incentive plan during the year, nor were there 
any rights held by key management personnel under the plan as at 30 June 2023. 

82 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
(f) Plan shares held by key management personnel 
Included in the above table are plan shares held by key management personnel held under the previous ESP 
loan scheme which are accounted for as in substance options (refer to page 76 for further terms). The balance 
and movement during the reporting period in the number of plan shares directly, indirectly or beneficially, by 
each key management person, including their related parties, is as follows:
2024
Held at  
1 July 2023
Granted as  
compensation 
Employee Share  
Plan cancellations
Exercised
Held at date  
of cessation
Held at  
30 June 2024
Directors
WA Foster
-
-
-
-
-
-
AC Cook1
12,945,592
-
-
-
(12,945,592)
-
P Moore2
-
-
-
-
-
-
SG Ryan3
-
-
-
-
-
-
D Bakker4
-
-
-
-
-
-
W Barker5
-
-
-
-
-
-
R Black6
-
-
-
-
-
-
R Delroy7
-
-
-
-
-
-
Other Executives
PP Huizenga
11,976,196
-
-
-
-
11,976,196
A Doering
1,237,001
-
-
-
-
1,237,001
1	
Mr Cook ceased as Managing Director and Chief Executive Officer on 15 December 2023. 
2	
Dr Moore retired from the Board at the Company’s Annual General Meeting held on 17 November 2023. 
3	
Mr Ryan retired from the Board on 2 April 2024.
4	
Mrs Bakker retired from the Board on 15 December 2023.
5	
Mr Barker was appointed to the Board on 15 December 2023.
6	
Mr Black was appointed to the Board on 2 April 2024.
7	
Mr Delroy was appointed to the Board on 15 December 2023.
2023
Held at  
1 July 2022
Granted as  
compensation 
Employee Share  
Plan cancellations
Exercised
Held at date  
of cessation
Held at  
30 June 2023
Directors
WA Foster
-
-
-
-
-
-
AC Cook
12,945,592
-
-
-
-
12,945,592
P Moore
-
-
-
-
-
-
SG Ryan
-
-
-
-
-
-
D Bakker
-
-
-
-
-
-
Other Executives
PP Huizenga
11,976,196
-
-
-
-
11,976,196
TO Naude
3,992,512
-
-
-
(3,992,512)1
-
A Doering2
1,237,001
-
-
-
-
1,237,001
1	
Mr TO Naude ceased employment as Chief Financial Officer on 31 May 2023.
2	
Mr A Doering was appointed as Chief Financial Officer on 1 June 2023. His balance at 1 July 2022 is 
representative of the number shares he held as an employee (before becoming a KMP). 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 83
NOTES TO THE FINANCIAL STATEMENTS
23.	
KEY MANAGEMENT PERSONNEL DISCLOSURES (CONTINUED)
(g) Options over equity instruments held by key management personnel
There were no options on issue that were still to vest at the end of the reporting period. 
24.	
CONSOLIDATED ENTITIES AND JOINT VENTURE
Name
Country of Incorporation
Ownership interest
2024
2023
Company
Carnarvon Energy Ltd
Australia
Controlled entities
Carnarvon Thailand Ltd
British Virgin Islands
100%
100%
Timor-Leste Petroleum Pty Ltd
Australia
100%
100%
Dorado Petroleum Pty Ltd
Australia
100%
100%
Carnarvon Bedout 1 Pty Ltd
Australia
100%
100%
Carnarvon Petroleum Timor Unip LDA
Timor-Leste
100%
100%
Carnarvon Future Energy Pty Ltd
Australia
100%
100%
FutureEnergy Australia Pty Ltd
Australia
-
50%
25.	
SUBSEQUENT EVENTS
On 5 July 2024, the Company issued 1,000,000 of the 2024 performance rights to non-KMP staff.
On 5 July 2024, 1,020,819 LTI performance rights from 2021 lapsed and were cancelled due to not achieving 
all of the relative TSR conditions and none of the absolute TSR conditions. 885,819 of the lapsed rights related 
to key management personnel. 
On 5 July 2024, 340,273 of the 2021 LTI performance rights that vested at 30 June 2024 were exercised and 
converted into ordinary shares pursuant to and in accordance with the Company’s Performance Rights Plan. 
295,273 of the rights related to key management personnel.
On 5 July 2024, the wholly owned subsidiary Carnarvon Thailand Limited was de-registered.
Other than above, there is no other matters or circumstance which have arisen since 30 June 2024 that in the 
opinion of the directors has significantly affected, or may significantly affect in future financial years:
(i)	 The Group’s operations; or
(ii)	 The results of those operations; or
(iii)	The Group’s state of affairs

84 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
26.	
FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and 
liquidity risk. This note presents qualitative and quantitative information about the Group’s exposure to each of 
the above risks, their objectives, policies and procedures for managing risk, and the management of capital. 
The Board of Directors has overall responsibility for the establishment and oversight of the risk management 
framework.
The Group’s overall risk management approach focuses on the unpredictability of financial markets and seeks 
to minimize the potential adverse effects on the financial performance of the Group. The Group does not 
currently use derivative financial instruments to hedge financial risk exposures and therefore it is exposed to 
daily movements in the international oil prices, exchange rates, and interest rates.
The Group uses various methods to measure different types of risk to which it is exposed. These methods 
include sensitivity analysis in the case of interest rate, foreign exchange, and commodity price risk and ageing 
analysis for credit risk.
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor, and market 
confidence and to sustain future development of the business. Given the stage of the Group’s development 
there are no formal targets set for return on capital. There were no changes to the Group’s approach to capital 
management during the year. Neither the Company nor any of its controlled entities are subject to externally 
imposed capital requirements.
(a) Interest rate risk
The significance and management of the risks to the Group is dependent on a number of factors including:
•	Interest rates (current and forward) and the currencies that are held;
•	Level of cash and liquid investments and their term;
•	Maturity dates of investments;
•	Proportion of investments that are fixed rate or floating rate.
The Group manages the risk by maintaining an appropriate mix between fixed and floating rate investments. 
At the reporting date, the effective interest rates of variable rate interest bearing financial instruments of the 
Group were as follows. 
Consolidated
2024
2023
Carrying amount (A$000)
Financial assets – cash and cash equivalents
179,551
95,301
Weighted average interest rate (%)
Financial assets – cash and cash equivalents
4.75%
4.42%
All other financial assets and liabilities are non-interest bearing.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 85
NOTES TO THE FINANCIAL STATEMENTS
26.	
FINANCIAL RISK MANAGEMENT (CONTINUED)
Sensitivity analysis
An increase in 100 basis points from the weighted average year-end interest rates at 30 June 2024 would 
have increased equity and profit and loss by the amounts shown below. This analysis assumes that all other 
variables remain constant. The analysis was performed on 100 basis points for 2023:
Consolidated
Equity 
$000
Profit and loss 
$000
30 June 2024
1,798
1,798
30 June 2023
955
955
A decrease in 100 basis points from the weighted average year-end interest rates at 30 June 2024 would 
have decreased equity and profit and loss by the amounts shown below. This analysis assumes that all other 
variables remain constant. The analysis was performed on 100 basis points for 2024:
Consolidated
Equity 
$000
Profit and loss 
$000
30 June 2024
(1,798)
(1,798)
30 June 2023
(955)
(955)
(b) Credit risk 
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in a financial 
loss to the Group and arises principally from the Group’s receivables from customers and cash deposits. 
The Group’s receivables are deposits. There were no receivables at 30 June 2024 or 30 June 2023 that were 
past due.
Cash transactions are limited to financial institutions considered to have a suitable credit rating.
Exposure to credit risk is monitored on an ongoing basis. The maximum exposure to credit risk is represented 
by the carrying amount of each financial asset in the statement of financial position.
The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s 
maximum exposure to credit risk at the reporting date was:
 
Consolidated
2024 
$000
2023 
$000
Carrying amount:
Cash and cash equivalents
179,551
95,301
Other receivables
974
1,070
180,525
96,371
All cash held by the Group is deposited with investment grade banks and any expected credit loss is 
immaterial.

86 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
26.	
FINANCIAL RISK MANAGEMENT (CONTINUED)
The aging of the Group’s other receivables at reporting date was:
Gross 2024 
$000
Impairment 2024 
$000
Gross 2023 
$000
Impairment 2023 
$000
Not past due
974
-
1,070
-
974
-
1,070
The Group trades only with recognised creditworthy third parties and the exposure to credit risk as at balance 
date is not significant. The Group believes that no impairment allowance is necessary in respect of other 
receivables.
(c) Currency risk 
Currency risk arises from assets and liabilities that are denominated in a currency other than the functional 
currencies of the entities within the Group, being the A$ and US$.
The Group does not currently use derivative financial instruments to hedge foreign currency risk and therefore 
is exposed to daily movements in exchange rates. However, the Group intends to maintain sufficient USD cash 
balances to meet its USD obligations.
The Group’s exposure to foreign currency risk at balance date was as follows, based on carrying amounts.
USD 
A$000
30 June 2024
Cash and cash equivalents
55,869
Trade payables and accruals
-
Gross balance sheet exposure
55,869
30 June 2023
Cash and cash equivalents
25,739
Trade payables and accruals
198
Gross balance sheet exposure
25,937
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
AUD to:
2024
2023
2024
2023
1 USD
1.525
1.485
1.499
1.506

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 87
NOTES TO THE FINANCIAL STATEMENTS
26.	
FINANCIAL RISK MANAGEMENT (CONTINUED)
Sensitivity analysis
A 5% strengthening of the AUD against the USD for the 12 months to 30 June 2024 and 30 June 2023 would 
have decreased equity and pre-tax profit and loss by the amounts shown below. This analysis assumes that all 
other variables, in particular interest rates, remain constant:
Consolidated
Equity 
$000
Profit and loss 
$000
30 June 2024
USD
(3,989)
(3,989)
30 June 2023
USD
(1,846)
(1,846)
A 5% weakening of the AUD against the USD for the 12 months to 30 June 2024 and 30 June 2023 would 
have increased equity and pre-tax profit and loss by the amounts shown below. This analysis assumes that all 
other variables, in particular interest rates, remain constant:
Consolidated
Equity 
$000
Profit and loss 
$000
30 June 2024
USD
4,409
4,409
30 June 2023
USD
2,041
2,041
(e) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when they 
fall due. The Group’s approach to managing this risk is to ensure, as far as possible, that it will always have 
sufficient liquidity to meet its liabilities when due under a range of financial conditions. The Group’s significant 
balance of cash and cash equivalents are considered to be adequately address this risk.
The Group currently does not have any available lines of credit.
The following are the contractual maturities of financial liabilities, including estimated interest payments and 
excluding the impact of any netting agreements:
Carrying 
amount 
$000
Contractual  
cash flows 
$000
6 months  
or less 
$000
6 to 12  
months  
$000
30 June 2024
Non-derivative financial liabilities
Trade and other payables
180
180
180
-
30 June 2023
Non-derivative financial liabilities
Trade and other payables
1,045
1,045
1,045
-

88 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
27.	
FAIR VALUE MEASUREMENT 
Fair value hierarchy
The following tables detail the consolidated entity’s assets and liabilities, measured or disclosed at fair value, 
using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value 
measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is 
directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is 
unobservable
30 June 2024
Level 1 
$’000
Level 2 
$’000
Level 3 
$’000
Total 
$’000
Assets
Other financial assets
-
-
-
-
Total assets
-
-
-
-
30 June 2023
Level 1 
$’000
Level 2 
$’000
Level 3 
$’000
Total 
$’000
Assets
Other financial assets
501
-
-
501
Total assets
501
-
-
501
There were no transfers between levels during the financial year.
The carrying amounts of cash and cash equivalents, other receivables and trade and other payables 
approximate their fair values due to their short-term nature.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 89
NOTES TO THE FINANCIAL STATEMENTS
28.	
PARENT INFORMATION
The following information has been extracted from the books and records of the parent and has been 
prepared in accordance with the Australian accounting standards:
2024 
$000
2023 
$000
Statement of financial position
Current Assets
180,815
97,013
Non-current assets
86,776
171,058
Total assets
267,591
268,071
Current liabilities
1,192
2,070
Non-current liabilities
65
147
Total liabilities
1,257
2,217
Equity
Issued Capital
311,135
314,176
Accumulated loss
(49,750)
(49,596)
Reserves
4,949
1,273
Total equity
266,334
265,853
Statement of comprehensive income
Total loss
(656)
(5,618)
Total comprehensive loss
(656)
(5,618)
Parent Contingencies
In accordance with normal petroleum industry practice, Carnarvon has entered into joint arrangements 
and farmin agreements with other parties for the purpose of exploring and developing its petroleum 
permit interests. If a party to a joint operation defaults and does not contribute its share of joint operation’s 
obligations, then the other joint operators may be liable to meet those obligations. In this event, the interest in 
the permit held by the defaulting party may be redistributed to the remaining joint operators.
(a) Exploration expenditure commitments
Due to the nature of Carnarvon’s operations in exploring and evaluating areas of interest it is necessary 
to incur expenditure in order to retain Carnarvon’s present permit interests. Expenditure commitments on 
exploration permits can be reduced by selective relinquishment of exploration tenure, by the renegotiation of 
expenditure commitments, or by farming out portions of Carnarvon’s equity. Failure to meet Joint Operation 
cash requirements may result in a reduction in equity in that particular Joint Operation.

90 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
28.	
PARENT INFORMATION (CONTINUED)
Exploration expenditure commitments forecast but not provided for in the financial statements are as follows:
2024 
$000
2023 
$000
Less than one year
-
250
Between one and five years
-
-
-
250
(b) Capital expenditure commitments
Data licence commitments
52
104
29.	
CONTINGENT ASSETS AND LIABILITIES
There were no contingent assets and liabilities as at 30 June 2024 (2023: nil).
30.	
BASIS OF PREPARATION OF THE FINANCIAL REPORT
(a) Statement of compliance
The financial report is a general purpose financial report prepared in accordance with Australian Accounting 
Standards (“AASBs”), including Interpretations and other authoritative pronouncements of the Australian 
Accounting Standards Board (“AASB”), and the Corporations Act 2001. 
Compliance with Australian Accounting Standards ensures that the financial statements and notes also 
comply with International Financial Reporting Standards (“IFRSs”). Material accounting policies adopted in the 
preparation of this financial report are presented below. 
(b) Adoption of new and amended Accounting Standards
The accounting policies adopted are consistent with those of the previous financial year.
The consolidated entity has adopted all the new, revised or amended Accounting Standards and 
Interpretations issued by the AASB that are mandatory for the current reporting period. Any new, revised or 
amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
(c) Basis of measurement
The financial report is prepared on a historical cost basis, except for financial assets which are measured at fair 
value.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 91
NOTES TO THE FINANCIAL STATEMENTS
30.	
BASIS OF PREPARATION OF THE FINANCIAL REPORT (CONTINUED)
(d) Functional currency
The functional currency of each of the group’s entities is measured using the currency of the primary economic 
environment in which that entity operates (the “functional” currency). The consolidated financial statements are 
presented in Australian dollars which is the Company’s functional and presentation currency.
(e) Use of estimates and judgements
The preparation of the financial report requires management to make judgements, estimates and assumptions 
that affect the application of accounting policies and the reported amounts of assets and liabilities, income and 
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognised in the period in which the estimate is revised and in any future periods affected.
Exploration and evaluation expenditures
The application of the Company’s accounting policy for exploration and evaluation expenditure requires 
judgement to determine whether it is likely that future economic benefits are likely, from future either 
exploitation or sale, or whether activities have not reached a stage which permits a reasonable assessment 
of the existence of reserves. This requires management to make certain estimates and assumptions as to 
future events and circumstances, in particular, whether an economically viable extraction operation can be 
established. Any such estimates and assumptions may change as new information becomes available.
If, after expenditure is capitalised, information becomes available suggesting that the recovery of the 
expenditure is unlikely, the relevant capitalised amount is written off in profit or loss in the period when the new 
information becomes available.
Key judgement – functional currency
The determination of the functional currency of the Company’s controlled entities requires consideration of a 
number of factors. These factors include the currencies that primarily influence their costs and the economic 
environment in which the entities operate.
Key judgement – joint control
The determination of whether the Company has joint control, in relation to a joint arrangement, requires 
consideration of contractual arrangements. The Company must determine if there is a contractually agreed 
sharing of control, which only exists when decisions about the relevant activities require the unanimous 
consent of the parties sharing control.
(f) Rounding Off
The Company is an entity of the kind referred to in the Australian Securities and Investments Commission 
Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, dated 24 March 2016. As a result, 
amounts in the financial report and directors’ report have been rounded off to the nearest thousand dollars, 
unless otherwise stated.

92 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in the 
consolidated financial report. The accounting policies have been applied consistently by all entities in the 
Group.
(a) Basis of consolidation
Controlled entities
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as 
at 30 June 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its 
involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
•	Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of 
the investee)
•	Exposure, or rights, to variable returns from its involvement with the investee
•	The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption 
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers 
all relevant facts and circumstances in assessing whether it has power over an investee, including:
•	The contractual arrangement(s) with the other vote holders of the investee
•	Rights arising from other contractual arrangements
•	The Group’s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there 
are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the 
Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, 
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the 
consolidated financial statements from the date the Group gains control until the date the Group ceases to 
control the subsidiary.
Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to 
the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When 
necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies 
into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses 
and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity 
transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, 
non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit 
or loss. Any investment retained is recognised at fair value.
Joint Operations
The Group’s share of the assets including its share of any assets held jointly, liabilities including its share of 
any liabilities incurred jointly, revenue from the sale of its share of the output arising from the joint operation 
and share of revenue from the sale of output by the joint operation and expenses, including its share of any 
expenses incurred jointly, have been included in the appropriate line items of the consolidated financial 
statements. Details of the Group’s interests are provided in Note 13.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 93
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
Joint Ventures
The Group’s investments in joint ventures are accounted for using the equity method. Details of the Group’s 
interests in joint ventures are provided in Note 14.
Impairment of Joint Ventures 
At each reporting date, the Group assesses whether there is any indication that an investment in joint venture 
may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of recoverable 
amount. Where the carrying amount of an investment in joint venture exceeds its recoverable amount the 
investment is considered impaired and is written down to its recoverable amount.
(b) Income tax
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to 
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or 
substantively enacted at the reporting date in the countries where the Group operates and generates taxable 
income.
Current income tax relating to items recognised directly in equity is recognised in equity and not in the Income 
Statement. Management periodically evaluates positions taken in the tax returns with respect to situations in 
which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets 
and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax 
liabilities are recognised for all taxable temporary differences, except:
•	When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a 
transaction that is not a business combination and, at the time of the transaction, affects neither the 
accounting profit nor taxable profit or loss
•	In respect of taxable temporary differences associated with investments in subsidiaries, associates and 
interests in joint arrangements, when the timing of the reversal of the temporary differences can be 
controlled and it is probable that the temporary differences will not reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax 
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that 
taxable profit will be available against which the deductible temporary differences, and the carry forward of 
unused tax credits and unused tax losses can be utilised, except:
•	When the deferred tax asset relating to the deductible temporary difference arises from the initial 
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the 
transaction, affects neither the accounting profit nor taxable profit or loss
•	In respect of deductible temporary differences associated with investments in subsidiaries, associates and 
interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that 
the temporary differences will reverse in the foreseeable future and taxable profit will be available against 
which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it 
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset 
to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised 
to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be 
recovered.

94 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when 
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or 
substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred 
tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current 
tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same 
taxation authority.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition 
at that date, are recognised subsequently if new information about facts and circumstances change. The 
adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred 
during the measurement period or recognised in profit or loss.
Tax consolidation
Carnarvon Energy Limited and its wholly-owned Australian-resident controlled entities formed a tax-
consolidated group with effect from 1 July 2003 and are therefore taxed as a single entity from that date. 
Carnarvon Energy Limited is the head entity of the tax-consolidated group. 
(c) Property, plant and equipment
Recognition and measurement
All property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. The 
cost of an item also includes the initial estimate of the costs of dismantling and removing an item and restoring 
the site on which it is located. Such amounts are determined based on current costs.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as 
appropriate, only when it is probable that future economic benefits associated with the item will flow to the 
group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the 
income statement during the financial period in which they are incurred.
Impairment
The carrying amount of property, plant and equipment is reviewed at each balance date to determine whether 
there are any objective indicators of impairment that may indicate the carrying values may not be recoverable 
in whole or in part. 
Where an asset does not generate cash flows that are largely independent it is assigned to a cash generating 
unit and the recoverable amount test applied to the cash generating unit as a whole. 
If the carrying value of the asset is determined to be in excess of its recoverable amount, the asset or cash 
generating unit is written down to its recoverable amount.
Depreciation
Depreciation on property, plant and equipment is calculated on a straight-line basis over expected useful life 
to the economic entity commencing from the time the asset is held ready for use. The major depreciation rates 
used for all classes of depreciable assets are:
Property, plant and equipment:	
10% to 33%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at least annually.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying 
amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains 
and losses are included in the income statement.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 95
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(d) Exploration and evaluation
Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. 
These costs are only carried forward to the extent that the Group’s rights of tenure to the area are current 
and that the costs are expected to be recouped through the successful development of the area, or where 
activities in the area have not yet reached a stage that permits reasonable assessment of the existence of 
economically recoverable reserves.
Each area of interest is assessed for impairment to determine the appropriateness of continuing to carry 
forward costs in relation to that area of interest. Impairment testing is carried out in accordance with Note 31(e).
Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the 
decision to abandon the area is made.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of 
interest are demonstrable, exploration and evaluation costs attributable to that area of interest are first tested 
for impairment and then reclassified from exploration and evaluation to oil and gas assets.
The Company does not record any expenditure made by the farmee on its account. It also does not recognise 
any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously 
capitalised in relation to the whole interest as relating to the partial interest retained. Any cash consideration 
received directly from the farmee is credited against costs previously capitalised in relation to the whole 
interest with any excess accounted for by the farmor as a gain on disposal.
Divestment
Where an ownership interest in an exploration and evaluation asset is disposed of, the transaction is 
recognised by reference to the carrying value of the original interest. Any cash consideration paid, including 
transaction costs, is accounted for as an acquisition of exploration and evaluation assets. Any cash 
consideration received, net of transaction costs, is treated as a recoupment of costs previously capitalised with 
any excess accounted for as a gain on disposal of non-current assets. 
Deferred consideration is accounted for if it is probable that future economic benefits will flow to the entity.
(e) Recoverable amount of non-financial assets and impairment testing
Assets that are subject to depreciation are reviewed annually to determine whether there is any indication of 
impairment. Where such an indicator exists, a formal assessment of recoverable amount is then made. Where 
this is less than carrying amount, the asset is written down to its recoverable amount.
Recoverable amount is the greater of fair value less costs to sell and value in use. Value in use is the present 
value of the future cash flows expected to be derived from the asset or cash generating unit. In estimating 
value in use, a pre-tax discount rate is used which reflects the current market assessments of the time value 
of money and the risks specific to the asset. Any resulting impairment loss is recognised immediately in the 
income statement.
For the purposes of impairment testing assets are grouped together into the smallest group of assets that 
generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or 
groups of assets.
(f) Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for 
which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. 
Provisions are determined by discounting the expected future cash flows at a pre-tax discount rate that reflects 
current market assessments of the time value of money and, where appropriate, the risks specific to the 
liability. 

96 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(g) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or 
equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value 
through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow 
characteristics and the Group’s business model for managing them. The Group initially measures a financial 
asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction 
costs.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs 
to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount 
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial assets in 
order to generate cash flows. The business model determines whether cash flows will result from collecting 
contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
•	Financial assets at amortised cost (debt instruments)
•	Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
•	Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
•	derecognition (equity instruments)
•	Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments) 
This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both 
of the following conditions are met:
•	The financial asset is held within a business model with the objective to hold financial assets in order to 
collect contractual cash flows and
•	The contractual terms of the financial asset give rise on specified dates to cash flows that are solely 
payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and 
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, 
modified or impaired.
The Group’s financial assets at amortised cost includes other receivables.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 97
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets 
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required 
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the 
purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, 
are also classified as held for trading unless they are designated as effective hedging instruments. Financial 
assets with cash flows that are not solely payments of principal and interest are classified and measured 
at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for 
debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt 
instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or 
significantly reduces, an accounting mismatch.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value 
with net changes in fair value recognised in the Income Statement .
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is 
primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:
•	The rights to receive cash flows from the asset have expired or 
•	The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation 
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ 
arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or 
(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has 
transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. 
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor 
transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its 
continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset 
and the associated liability are measured on a basis that reflects the rights and obligations that the Group has 
retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower 
of the original carrying amount of the asset and the maximum amount of consideration that the Group could be 
required to repay.

98 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
Impairment of financial assets
Expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss will be 
recognised through an allowance. ECLs are based on the difference between the contractual cash flows due 
in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an 
approximation of the original effective interest rate. The expected cash flows will include cash flows from the 
sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in 
credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are 
possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a 
significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected 
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
The Group considers a financial asset in default when contractual payments are 90 days past due. However, 
in certain cases, the Group may also consider a financial asset to be in default when internal or external 
information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before 
taking into account any credit enhancements held by the Group. A financial asset is written off when there is 
no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, 
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as 
appropriate.
The Group’s financial liabilities include trade and other payables.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. 
When an existing financial liability is replaced by another from the same lender on substantially different terms, 
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as 
the derecognition of the original liability and the recognition of a new liability. The difference in the respective 
carrying amounts is recognised in the Income Statement.
iii) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement 
of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is 
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 99
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(h) Segment reporting
The Group reports one segment, oil and gas exploration, development and production, to the chief operating 
decision maker, being the Board of Carnarvon Energy Limited, in assessing performance and determining 
the allocation of resources. The segment operations and results are the same as those reported in the Group 
financial statements.
Unless otherwise stated, all amounts reported to the chief operating decision maker are determined in 
accordance with accounting policies that are consistent to those adopted in the annual financial statements of 
the Group.
From management purposes, the Group has identified only one reportable segment, being offshore 
exploration activities undertaken in Australia. This segment includes activities associated with the 
determination and assessment of the existence of commercial resources, from the Group’s permits in this 
geographic location.
(i) Foreign currency 
Functional and presentation currency
The functional currency of each of the group’s entities is measured using the currency of the primary economic 
environment in which that entity operates (the “functional” currency). The consolidated financial statements are 
presented in Australian dollars which is the Company’s functional and presentation currency. 
Transactions and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the 
date of the transaction. Foreign currency monetary assets and liabilities are translated at the exchange rate at 
balance date. Non-monetary items measured at historical cost continue to be carried at the exchange rate at 
the date of the transaction. 
Exchange differences arising on the translation of monetary items are recognised in the income statement, 
except where deferred in equity as a qualifying cash flow or net investment hedge. 
Foreign operations
The financial performance and position of foreign operations whose functional currency is different from the 
Group’s presentation currency are translated as follows:
•	assets and liabilities are translated at exchange rates prevailing at balance date
•	income and expenses are translated at average exchange rates for the period 
Exchange differences arising on translation of foreign operations are transferred directly to the group’s foreign 
currency translation reserve as a separate component of equity. These differences are recognised in the 
income statement upon disposal of the foreign operation.
(j) Share capital
Incremental costs directly attributable to an equity transaction are shown as a deduction from equity, net of any 
recognised income tax benefit. 

100 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(k) Employee benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by employees 
to balance date. Employee benefits that are expected to be settled within one year have been measured at 
the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable 
later than one year are determined using the projected unit credit method.
Share based payments
Share based compensation has been provided to eligible persons via the Carnarvon current Employee Share 
Plan (“ESIP”), by the award of performance rights. Share based compensation has also been provided under 
the former Employee Share Plan (“ESP”), financed by means of interest-free limited recourse loans. Under 
AASB 2 “Share-based Payments”, the both ESIP and ESP shares are deemed to be equity settled, share-based 
remuneration.
The fair values of the performance rights granted under the ESIP are recognised as an employee benefit 
expense with a corresponding increase in equity. The fair value is measured at the grant date and recognised 
over the period during which the employee becomes unconditionally entitled to the performance rights.
Under the ESP, for limited recourse loans and share options issued to eligible persons, the Group is required 
to recognise within the income statement a remuneration expense measured at the fair value of the shares 
inherent in the issue to the eligible person, with a corresponding increase to a share-based payments 
reserve in equity. The fair value is measured at grant date and recognised when the eligible person become 
unconditionally entitled to the shares, effectively on grant. A loan receivable is not recognised in respect of 
plan shares issued. Upon cancellation or forfeiture of the shares issued under ESPs, transfer is made from 
issued capital to reserve shares.
The fair value at grant date under the Former and Current ESP is determined using pricing models that factors 
in the share price at grant date, the expected price volatility of the underlying share, the expected dividend 
yield, and the risk free rate for the assumed term of the plan. With respect to plan shares under the Former 
ESP, upon repayment of the ESP loans, the balance of the share-based payments reserve relating to the loan 
repaid is transferred to issued capital.
(l) Earnings per share
The Group presents basic and diluted earnings per share (“EPS”) for its ordinary shares.
Basic EPS is calculated by dividing the profit attributable to equity holders of the Company by the weighted 
number of shares outstanding during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted 
average number of ordinary shares outstanding for the effects of all potential ordinary shares, which comprise 
share options issued.

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 101
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(m) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and deposits held at call with banks. 
(n) Goods and services tax 
Revenues, expenses and assets are recognised net of the amount of goods and services tax (“GST”), except 
where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances 
the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and 
payables in the statement of financial position are shown inclusive of GST. 
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of 
investing and financing activities, which are disclosed as operating cash flows.
(o) Finance income and expenses
Interest revenue on funds invested is recognised as it accrues, using the effective interest rate method.
Finance expenses comprise interest expense on borrowings and the unwinding of the discount on provisions.
(p) Investment in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement 
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of 
an arrangement, which exists only when decisions about the relevant activities require the unanimous consent 
of the parties sharing control.
The considerations made in determining significant influence or joint control are similar to those necessary 
to determine control over subsidiaries. The Group’s investment in its joint venture is accounted for using the 
equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of 
the joint venture since the acquisition date.
(q) Intangible assets – ACCU’s
The Group only recognises intangible assets if it is probable that the expected future economic benefits that 
are attributable to the asset will flow to the entity, and if the cost can be reliably measured. 
Intangible assets of the Group are initially measured at cost and subsequently measured at cost less any 
accumulated impairment losses, in line with AASB 138 “Intangible Assets”.
The intangible assets are not amortised but will be assessed at least annually for impairment and more 
frequently if events or changes in circumstances indicate that it might be impaired.

102 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
31.	
MATERIAL ACCOUNTING POLICIES (CONTINUED)
(r) New Accounting Standards for Application in Future Periods
Australian Accounting Standards and Interpretations that have recently been issued or amended but are 
not yet mandatory, and have not been early adopted by the consolidated entity for the annual reporting 
period ended 30 June 2024. The consolidated entity’s assessment of the impact of these new or amended 
Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below:
Reference
Title
Summary
Impact 
on the 
Company
Application 
date of 
standard
Application 
date for 
Group
AASB 101 
Amendments 
to Australian 
Accounting 
Standards 
Classification 
of Liabilities 
as Current or 
Non-current
The amendments clarify that liabilities are classified as either 
current or non-current depending on the rights that exist at 
the end of the reporting period. The amendments also clarify 
what it means when it refers to the ‘settlement’ of a liability.
The 
Company is 
still assessing 
the impact.
1 July  
2024
1 July  
2024
AASB 18 
Amendments 
to Australian 
Accounting 
Standards 
Presentation 
and 
Disclosure 
in Financial 
Statements
AASB 18 has been issued to improve how entities 
communicate in their financial statements, with a particular 
focus on information about financial performance in the 
statement of profit or loss. The key presentation and 
disclosure requirements established by AASB 18 are: 
•	
The presentation of newly defined subtotals in the 
statement of profit or loss
•	
The disclosure of management-defined performance 
measures (MPM)
•	
Enhanced requirements for grouping information (i.e. 
aggregation and disaggregation) 
AASB 18 is accompanied with limited consequential 
amendments to the requirements in other accounting 
standards, including AASB 107 Statement of Cash Flows. 
AASB 18 introduces three new categories for classification 
of all income and expenses in the statement of profit or loss: 
operating, investing and financing.  Additionally, entities will 
be required to present subtotals for ‘operating profit or loss’, 
‘profit or loss before financing and income taxes’ and ‘profit 
or loss’. 
For the purposes of classifying income and expenses into one 
of the three new categories, entities will need to assess their 
main business activity, which will require judgement. There 
may be more than one main business activity.
AASB 18 also requires several disclosures in relation to MPMs, 
such as how the measure is calculated, how it provides useful 
information and a reconciliation to the most comparable 
subtotal specified by AASB 18 or another standard. 
AASB 18 will replace AASB 101 Presentation of Financial 
Statements.  
 
The 
Company is 
still assessing 
the impact.
1 January 
2027
1 January  
2027

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 103
CONSOLIDATED ENTITY  
DISCLOSURE STATEMENT
Entity Name
Entity Type
Body corporate 
country of 
incorporation
Body 
corporate 
% share of 
capital held
Country of tax 
residence
Carnarvon Energy Ltd 
Body corporate 
Australia
100%
Australia
Carnarvon Thailand Ltd
Body corporate
British Virgin Islands
100%
Australia
Timor-Leste Petroleum Pty Ltd
Body corporate 
Australia
100%
Australia
Dorado Petroleum Pty Ltd
Body corporate 
Australia
100%
Australia
Carnarvon Bedout 1 Pty Ltd
Body corporate 
Australia
100%
Australia
Carnarvon Petroleum Timor Unip LDA
Body corporate 
Timor-Leste
100%
Australia 
Carnarvon Future Energy Pty Ltd
Body corporate 
Australia
100%
Australia
FutureEnergy Australia Pty Ltd
Joint Venture 
Australia
-
Australia

104 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
(1)	
In the opinion of the directors of Carnarvon Energy Limited: 
	
(a)	 the financial statements and notes of the Group set out on Pages 56 to 102 are in accordance with 
the Corporations Act 2001, including:
	
	
(i)	
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its 
performance for the year ended on that date; and
	
	
(ii)	
Complying with Accounting Standards and the Corporations Regulations 2001; and
	
(b)	 The financial statements and notes comply with International Financial Reporting Standards as set 
out in Note 31; 
	
(c)	 There are reasonable grounds to believe that the Company will be able to pay its debts as and 
when they become due and payable
	
(d) 	 The consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is  
	
	
true and correct.
(2)	 This declaration has been made after receiving the declarations required to be made to the directors by 
the chief executive officer and chief financial officer in accordance with section 295A of the Corporations 
Act 2001 for the financial year ended 30 June 2024.
Signed in accordance with a resolution of the directors.
Robert Black
Chair
Perth, 30 August 2024
DIRECTORS’ DECLARATION

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 105
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
Ernst & Young 
11 Mounts Bay Road 
Perth  WA  6000  Australia 
GPO Box M939   Perth  WA  6843 
 Tel: +61 8 9429 2222 
Fax: +61 8 9429 2436 
ey.com/au 
Independent auditor’s report to the members of Carnarvon Energy Limited 
Report on the audit of the financial report 
Opinion 
We have audited the financial report of Carnarvon Energy Limited (the Company) and its subsidiaries 
(collectively the Group), which comprises the consolidated statement of financial position as at 30 
June 2024, the consolidated income statement and other comprehensive income, consolidated 
statement of changes in equity and consolidated statement of cash flows for the year then ended, 
notes to the financial statements, including material accounting policy information, the consolidated 
entity disclosure statement and the directors declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including: 
a. 
Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 
and of its consolidated financial performance for the year ended on that date; and 
b. 
Complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in 
our audit of the financial report of the current year. These matters were addressed in the context of 
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide 
a separate opinion on these matters. For each matter below, our description of how our audit 
addressed the matter is provided in that context. 
 
 

106 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
financial report section of our report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the financial report. The results of our audit procedures, including the 
procedures performed to address the matters below, provide the basis for our audit opinion on the 
accompanying financial report. 
1. 
Carrying value of capitalised exploration and evaluation assets 
 
 
Why significant 
How our audit addressed the key audit matter 
The Group held exploration and evaluation 
assets (“E&E assets”) of $85,552,000 as at 30 
June 2024. 
The carrying value of exploration and evaluation 
assets is assessed for impairment by the Group 
when facts and circumstances indicate that the 
exploration and evaluation assets may exceed 
their recoverable amount. 
The determination as to whether there are any 
indicators to require an exploration and 
evaluation asset to be assessed for impairment, 
involves a number of judgements including 
whether the Group has tenure, will be able to 
perform ongoing expenditure and whether there 
is sufficient information for a decision to be 
made that the area of interest is not 
commercially viable. The Group did not identify 
any impairment indicators as at 30 June 2024. 
Refer to Note 12 in the financial report for 
capitalised exploration and evaluation asset 
balances and related disclosures. 
Our audit procedures included the following: 
• 
We considered the Group’s right to explore 
in the relevant exploration area which 
included obtaining and assessing 
supporting documentation such as license 
agreements.  
• 
We considered the Group’s intention to 
carry out significant exploration and 
evaluation activity in the relevant 
exploration area which included an 
assessment of the Group's future cash flow 
forecasts and enquiries of management and 
the Board of Directors as to the intentions 
and strategy of the Group. 
• 
We assessed whether data existed to 
indicate that the carrying value of 
capitalised E&E assets was unlikely to be 
recovered through development or sale. 
• 
We considered management’s assessment 
of the carrying value of exploration and 
evaluation assets.  
• 
We assessed the adequacy of the 
disclosures contained in Note 12 of the 
financial report. 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 107
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
2. 
Accounting for Bedout Partial Divestment 
Information other than the financial report and auditor’s report thereon 
The directors are responsible for the other information. The other information comprises the 
information included in the Company’s 2024 annual report but does not include the financial report 
and our auditor’s report thereon. 
Our opinion on the financial report does not cover the other information and accordingly we do not 
express any form of assurance conclusion thereon, with the exception of the Remuneration Report 
and our related assurance opinion.  
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of: 
► 
The financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view in accordance with Australian Accounting Standards and the Corporations Act 
2001; and 
Why significant 
How our audit addressed the key audit matter 
As disclosed in Note 12 to the financial report, 
the Group completed the divestment of a 10% 
interest in its Bedout assets to OPIC Australia 
Pty Limited, a wholly owned subsidiary of CPC 
Corporation, Taiwan (“CPC”), on 15 August 
2023. The Group received an upfront payment 
of US$58.7 million (A$86 million) relating to 
back costs, and is entitled to a further carry of 
US$90 million of future capital expenditure in 
the Bedout permits once a Final Investment 
Decision (FID) is taken on the Dorado 
development.  
The Group accounted for the back cost payment 
by reducing their E&E asset and recognising 
cash in accordance with its accounting policy. 
 
This was considered to be a key audit matter 
due to the significance of the amounts involved 
and the judgment applied in determining the 
accounting treatment for the partial divestment, 
including the carry of future capital expenditure. 
Our audit procedures included the following: 
► 
We read the Sale and Purchase Deed with 
CPC in order to understand the nature and 
terms of the divestment transaction. 
► 
We assessed the Group’s accounting 
treatment relating to the back cost 
payment received and future carry in 
accordance with the requirements of AASB 
6 Exploration for and Evaluation of Mineral 
Resources and the Group’s accounting 
policy. 
• 
With the involvement of our tax specialists, 
evaluated the reasonableness of the tax 
calculations and disclosures applicable to 
the divestment. 
• 
We assessed the adequacy of the disclosure 
included in the Note 12 to the financial 
report. 
 

108 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
► 
The consolidated entity disclosure statement that is true and correct in accordance with the 
Corporations Act 2001; and 
for such internal control as the directors determine is necessary to enable the preparation of: 
► 
The financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view and is free from material misstatement, whether due to fraud or error; and 
► 
The consolidated entity disclosure statement that is true and correct and is free of misstatement, 
whether due to fraud or error. 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgment and maintain professional scepticism throughout the audit. We also: 
► 
Identify and assess the risks of material misstatement of the financial report, whether due to 
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
► 
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.  
► 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors. 
 
 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 109
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
► 
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
► 
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events 
in a manner that achieves fair presentation. 
► 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the financial report. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely 
responsible for our audit opinion. 
We communicate with the directors regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current year and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matte 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
 
 

110 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
INDEPENDENT AUDIT REPORT
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
Report on the audit of the Remuneration Report 
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in pages 33 to 50 of the directors’ report for the 
year ended 30 June 2024. 
In our opinion, the Remuneration Report of Carnarvon Energy Limited for the year ended 30 June 
2024, complies with section 300A of the Corporations Act 2001. 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our 
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in 
accordance with Australian Auditing Standards. 
 
 
 
 
Ernst & Young 
 
 
 
 
T S Hammond 
Partner 
Perth 
30 August 2024 

CARNARVON ENERGY LIMITED ANNUAL REPORT 2024 | 111
ADDITIONAL SHAREHOLDER 
INFORMATION
Additional information required by the ASX Limited (“ASX”) Listing Rules and not disclosed elsewhere in this report is set 
out below.
a)	
Shareholdings as at 28 August 2024
Substantial shareholders
Name of Shareholder
Number of Shares
Date of last Notice
Collins St Asset Management ATF Collins St Value Fund
174,809,463
 30 April 2024
Nero Resources Fund Pty Ltd
91,128,968
18 December 2023
Unmarketable Parcels
Minimum Parcel Size
Holders
Units
Minimum $500.00 parcel at $0.155 per unit
3,226
419
674,751
Voting Rights
The voting rights attaching to Ordinary Shares are governed by the Constitution. On a show of hands every 
person present who is a member or representative of a member shall have one vote and on a poll, every member 
present in person or by proxy or by attorney or duly authorised representative shall have one vote for each share 
held. No options have any voting rights.
Twenty Largest Shareholders
Name of Shareholder
Number of Shares
% held
Sandhurst Trustees Ltd 
174,809,463
9.77
J P Morgan Nominees Australia Pty Limited 
130,337,361
7.29
Treasury Services Group Pty Ltd 
91,128,968
5.09
Citicorp Nominees Pty Limited 
84,804,943
4.74
BNP Paribas Nominees Pty Ltd 
65,217,910
3.65
HSBC Custody Nominees (Australia) Limited 
51,081,952
2.86
Perpetual Corporate Trust Ltd 
20,000,000
1.12
Havannah Investments Pty Ltd 
16,710,037
0.93
Brixia Investments Ltd 
14,244,750
0.80
Prettejohn Projects Pty Ltd 
13,500,000
0.75
Kinabalu Australia Pty Ltd 
12,969,842
0.72
Mr Philip Paul Huizenga 
12,126,469
0.68
Pullington Investments Pty Ltd 
10,853,481
0.61
Est Edward Patrick Jacobson 
9,522,482
0.53
Jacobson Geophysical Services Pty Ltd 
8,754,068
0.49
47 Eton Pty Ltd 
8,690,000
0.49
Warbont Nominees Pty Ltd 
7,949,845
0.44
BNP Paribas Noms Pty Ltd 
7,914,019
0.44
Cosmetics Pty Ltd 
7,200,000
0.40
Kemast Investments Pty Ltd 
7,000,000
0.39
Pierce & Pierce Pty Ltd 
7,000,000
0.39
761,815,590
42.58

112 | ANNUAL REPORT 2024 CARNARVON ENERGY LIMITED
ADDITIONAL SHAREHOLDER 
INFORMATION
Distribution of equity security holders
Size of Holding
Number of shareholders
Number of fully paid shares
1 
To
1,000
144
37,384
1,001
To
5,000
1,221
4,747,774
5,001
To
10,000
1,718
14,102,680
10,001
To
100,000
4,676
186,342,120
100,001
and over
1,692
1,561,956,148
9,451
1,767,186,106
b)	
Option holdings as at 28 August 2024
There are no current option holdings.
c)	
On-market buyback
There is no current on-market buyback.
d)	
Schedule of permits (post-divestment)
Permit
Basin
Equity
Joint Venture 
Partner(s)
Partner Interest
Indicative  
Forward Program
Santos
OPIC
Australia 
EP509
Carnarvon
100%
-
-
-
Relinquishment
TP29
Carnarvon
100%
-
-
-
Relinquishment
WA-435-P
Roebuck
10%
Santos Limited,  
and OPIC Australia 
80%
10%
G & G studies
WA-436-P
Roebuck
20%
Santos Limited,  
and OPIC Australia
70%
10%
G & G studies
WA-437-P
Roebuck
10%
Santos Limited,  
and OPIC Australia
80%
10%
G & G studies
WA-438-P
Roebuck
20%
Santos Limited,  
and OPIC Australia
70%
10%
G & G studies, 
appraisal
WA-64-L
Roebuck
10%
Santos Limited,  
and OPIC Australia
80%
10%
Development and 
production

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