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Carnarvon Petroleum launches $50 million placement

The placement will be conducted via a bookbuild to institutional and sophisticated investors.
capital raising concept
The trading halt is expected to be lifted on Thursday 14 February 2019

Carnarvon Petroleum Ltd (ASX:CVN) has entered a trading halt and revealed a share placement aiming to raise $50 million at an issue price of 33 cents.

Funds raised will be put towards appraisal and exploration opportunities in order to continue to commercialise world-class discoveries in Australia’s North West Shelf, and to fund further exploration.

The appraisal program for the Dorado-2 and Dorado-3 wells is budgeted at $40-55 million and the exploration program targeting the Roc South-1 well is budgeted at $10-15 million.

Portfolio map in North West Shelf

READ: Carnarvon Petroleum adds third well to 2019 program at Dorado oil, gas and condensate discovery

More specifically, the placement will fund:

• Appraisal of the world class Dorado discovery by drilling the Dorado-2 and Dorado-3 wells commencing in April 2019;
• Engineering and design studies to develop the Dorado field;
• Potential development focused 3D seismic over the Dorado and Roc fields;
• Capital to fund the prospective Roc South-1 exploration well which is located between the Roc and Dorado fields; and
• Potential 3D seismic acquisition over prospective exploration acreage which includes the Pavo and Apus prospects.

2019 activities

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Carnarvon Petroleum Ltd Timeline

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