BROKER WATCH - CVN

Hartleys Research has a “speculative buy” on Carnarvon Petroleum and maintains a 12-month price target of 34¢.
“While the market waits for the core analysis from Phoenix South-1 to be complete (estimated to be by the end of this year) we thought we would highlight other potential events / catalysts. These include the confirmation of the forward work program (specifically the drilling of the Roc prospect), the sale of the remaining 20 per cent of the Thai assets and the equalisation of the equity holdings across the four “Phoenix” blocks. We think management will look to divest the remaining 20 per cent stake in the Thai assets.”
CVN has confirmed that its initial cost estimate of $6 million (net to CVN) for Phoenix South-1 has not increased. This leaves CVN with cash close to $44 million.

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