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Carnarvon Energy Limited ( (AU:CVN) ) has provided an update.
Carnarvon Energy Limited has reported a solid financial position with A$187 million in cash and no debt, despite a setback in the Dorado project as Santos Limited, the joint venture operator, decided not to proceed with the FPSO acquisition or FEED activities. While disappointed by the delay in the Dorado Phase 1 liquids development, Carnarvon remains optimistic about the potential of the Bedout Sub-basin, having secured a five-year renewal of exploration permits, allowing for future drilling plans aimed at significant resource development. This strategic focus underscores Carnarvon’s commitment to leveraging its strong balance sheet to make informed decisions for shareholder value.
More about Carnarvon Energy Limited
Carnarvon Energy Limited is an energy company focused on oil and gas exploration and development, primarily in the offshore regions of Western Australia. The company participates in joint ventures to explore and potentially develop significant resources in the Bedout Sub-basin, aiming to unlock substantial oil and gas deposits.
YTD Price Performance: -24.30%
Average Trading Volume: 22,142
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $140.6M
For a thorough assessment of CVN stock, go to TipRanks’ Stock Analysis page.
