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.