This is what I currently have, not sure if the end of my solution is correct though.
$f_x=4x-4$ and $f_y=6y$
$4x-4=0$ therefore $x=1$
$6y=0$ therefore $y=0$
$f(1,0) = -7$ which is the critical point.
We now need to look at the boundary,
$$x^2+y^2=16$$
Rearranging, $$y^2=16-x^2$$
$$g(x)=-x^2-4x+43$$
We will need to find the absolute extrema of this function on the range $-4\leq x \leq 4$
$g'(x)=-2x-4$ implyng $x=-2$ when $-2x-4=0$
The value of this function at the critical point and the endpoints are,
$g(-4)=43$ $g(4)=11$ $g(1)=38$
We then need to find the y values which correspond
$x=-4: y^2=16-16=9$ so $x=0$
$x=4: y^2 = 16-16$ so $x=0$
$x=1: y^2=16-1=15$ so $y=\pm\sqrt{15}=\pm3.87$
The function values for $g(x)$ then correspond to the following function values for $f(x,y)$
...
So, comparing these values to the value of the function at the critical point of $f(x,y)$ that we found earlier we can see that the absolute minimum occurs at $(1,0)$ while the absolute maximum occurs at $(-4,0)$
$$f(x,y)\leq2x^2+3(16-x^2)-4x-5=-(x+2)^2+47\leq47.$$ The equality occurs for $x=-2$ and $y=\sqrt{12}$, which says that $47$ is a maximal value.
In another hand, $$f(x,y)\geq2x^2-4x-5=2(x-1)^2-7\geq-7.$$ The equality occurs for $x=1$ and $y=0$, which says that $-7$ is a minimal value.