The Australian oil company Carnarvon Energy has named Alex Doering its Chief Financial Officer (CFO), effective June 1, 2023.
Doering is the current Financial Controller at Carnarvon and Joint Company Secretary, and has been with the company, which is working to reach FID on the Dorado offshore oil field development with operator Santos.
He is a qualified Chartered Accountant, an Associate of the Governance Institute of Australia, and has a Graduate Diploma in Corporate Finance.
The appointment of Doering follows the decision of the incumbent CFO, Thomson Naude, to depart Carnarvon in mid-2023 after 13 years of service.
Adrian Cook, Managing Director and CEO of Carnarvon, a company working with Santos to reach an FID on Dorado offshore oil development, said: "I would like to welcome Alex to the role of CFO. He has amply demonstrated his ability to undertake this role over the past few years, and it is exciting to see the next phase of his career progression within the business.
"On behalf of the entire Carnarvon team, my gratitude goes to Thomson for his excellent record of service to the business over the past 13 years. He leaves Carnarvon with great financial strength and well equipped to meet its funding requirements upon targeted FID of the Dorado development.”
Departing Carnarvon CFO Thomson Naude said: “I am pleased to be leaving Carnarvon in such a strong position. Together with securing the partial Bedout divestment with CPC Corporation, Taiwan, and with a strong level of interest from traditional lenders and alternative funding sources for the Dorado development, the business is in excellent financial shape. I look forward to remaining a close friend and strong supporter of Carnarvon into the future.”
Carnarvon Energy in February said it would sell a 10% interest in each of its Bedout Basin offshore blocks, including in the Dorado offshore oil field, off Western Australia, to a subsidiary of Taiwan’s national oil and gas company, CPC.
Carnarvon’s Bedout assets consist of the WA-64-L Production Licence (containing the Dorado field), and the WA-435-P, WA-436-P, WA-437-P and WA-438-P Exploration Permits.
Dorado is one of the largest offshore oil discoveries in W. Australia. Carnarvon, with operator Santos, has been working to reach a final investment decision to proceed with the field development.
Under the deal with CPC, Carnarvon will receive total cash consideration of $146 million from the divestment.
The consideration comprises an upfront payment of $56 million on completion of the transaction, and a further carry of $90 million of Carnarvon’s forward expenditure in the Bedout permits once a final investment decision (FID) is taken on the Dorado development.
"The proceeds from the divestment, together with prospective debt finance and Carnarvon’s existing cash, will be used to fund Carnarvon’s share of the Dorado development costs along with further activities that include exploration in the Bedout Sub-basin and appraisal of the recent Pavo discovery," Carnarvon said.
The company said last month it had been progressing a broad range of potential sources of capital to part fund its share of the Dorado development.
These include traditional reserve-based, non-recourse senior debt facilities; and alternative funding options (including junior or subordinated debt, offtake prepayment and royalties).