Carnarvon Petroleum Ltd (ASX:CVN) has been successful in raising $50 million through the issue of 151.6 million shares priced at 33 cents as part of a share placement.
Funding will be applied to Carnarvon’s appraisal and exploration activities in Australia’s North West Shelf, and to engineering and design studies relating to Dorado.
READ: Carnarvon Petroleum launches $50 million placement
Carnarvon’s managing director Adrian Cook said: “This capital raising received significant interest, which is consistent with the growing investor interest in Carnarvon since the Dorado discovery.
“I want to thank our shareholders for their ongoing support and also welcome a number of new Australian and global institutions onto our register.
“This funding will ensure that Carnarvon is in a robust financial position going into our exciting 2019 program.”
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.