Carnarvon Petroleum’s (ASX: CVN) Thailand assets have been valued about 35% higher than a previous independent estimate after partner Pan Orient Energy (TSX: POE) sold its 60% stake for US$170 million (A$174.3 million).
It said this worked out to about US$113 million, or US$0.16 per share. This compares with Gaffney, Cline & Associates assessed value for the proved (1P) reserves net to Carnarvon of US$84 million.
The valuation is also above the company’s current share price of about A$0.13, up 18.18% since opening this morning.
While the buyer for Concessions L44/43, L33/43 and SW1 has not been disclosed, Pan Orient said sale agreement provides for an orderly hand over of technical and field operations over the next six months.
Carnarvon holds certified 1P reserves of 3.8 million barrels (MMbbl) of oil with upside probable and possible reserves of 8.3MMbbl and 10.5MMbbl respectively.
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