CVN

0.00%

16.5¢ carnarvon energy limited

Ann: Unlocking New Bedout Resources, page-14

First 14 Last

Share
Profile

Follow
kkw

7,171 Posts.

703

31/08/23

11:05

Post #: 69658012
Share

Originally posted by peter63 ↑

From today's West Australian newspaper:

Carnarvon cites Santos over delays on project

JORDAN MURRAY
Carnarvon Energy chairman Bill Foster has taken Dorado project partner Santos to task for development delays he believes has led to the gas explorer’s “disappointing” share price in recent months.
Those comments — in the company’s end-of-financialyear report released on Wednesday — come after Carnarvon earlier in August sold half its stake in its Bedout assets to CPC Taiwan for $US146m ($225m).
Santos owns 80 per cent of Dorado, located within the Bedout sub-basin off Port Hedland, with the remaining 20 per cent evenly split between Carnarvon and CPC.
Project delays were flagged as early as August 2022, when Carnarvon cited inflationary pressure and supply chain uncertainties as a reason to push back a final investment decision.
And while a decision is now slated for 2024, Mr Foster used Wednesday’s report to air “personal frustration” with the project’s partners, implying Santos was to blame for delays.
“Our partner and operator of the Dorado development has not progressed development activity at a pace that Carnarvon wishes, despite best efforts by Carnarvon,” he said.
“This delay to FID had a knock-on impact to Carnarvon’s share price which was particularly disappointing for shareholders.
“Strategically, we had been running multiple funding options that enabled us to secure capital for the Dorado development from an asset sell-down rather than an equity raising.”
Managing director Adrian Cook similarly said Dorado had been “technically ready” for FID in the past year. “Disappointingly, at the end of the period, the FID for the Dorado development is yet to be realised, with the joint venture planning for FID in 2024,” he said.
A spokesperson for Santos declined to address the matter when sought for comment.
The financial results showed Carnarvon reported a loss of $4.1m in the year to June.
The explorer’s cash position fell from $112.4m to $95.3m in that time, however, those figures were reported before Carnarvon finalised the sell down in its Dorado stake.

Expand

We all guessed that STO was the one delaying the FID. Now it's in the open that even CVN is not happy with the on going push back to 2024 and 2H at that, which could mean Dec 2024.

The question remain as to what CVN could do to rectify that SP value situation, short of finding and buyer and dump the project or company; a bit like cutting our nose to spite our face. I am sure CVN would not do that though.

CVN Price at posting: 15.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

1 Great analysis

Reply

Top Stories

Nine's staff strike as Paris Olympic coverage begins

NVA

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

ASX Market Open: ASX200 to rise for Friday session | July 26

MND

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

TRP

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

HRZ

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

RHK

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

IGO

IGO kicks off earn-in copper drilling on-site Encounter's Yeneena play as it adopts new identity

MIN

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

There are more pages in this discussion • 38 more messages in this thread...

First 14 Last

Add CVN (ASX) to my watchlist

(20min delay)
Last 16.5¢		Change 0.000(0.00%)		Mkt cap ! $295.1M

Open	High	Low	Value	Volume
16.0¢	16.5¢	15.5¢	$478.3K	3.010M

Buyers (Bids)

No.	Vol.	Price($)
1	6210	16.0¢

Sellers (Offers)

Price($)	Vol.	No.
16.5¢	482885	6

View Market Depth

No.	Vol.	Price($)
1	6210	0.160
5	400986	0.155
16	1260527	0.150
9	789088	0.145
6	641706	0.140

Price($)	Vol.	No.
0.165	482885	6
0.170	1073194	9
0.175	421485	8
0.180	1316600	10
0.185	1036265	11

Last trade - 16.10pm 26/07/2024 (20 minute delay)

CVN (ASX) Chart

Ann: Unlocking New Bedout Resources, page-14

Nine's staff strike as Paris Olympic coverage begins

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

ASX Market Open: ASX200 to rise for Friday session | July 26

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

IGO kicks off earn-in copper drilling on-site Encounter's Yeneena play as it adopts new identity

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Unlocking New Bedout Resources, page-14

Top Stories

Nine's staff strike as Paris Olympic coverage begins

Nova locks in NASDAQ US market listing at a value of only US$3.3M as ASX gets quieter and quieter

ASX Market Open: ASX200 to rise for Friday session | July 26

Monadelphous inks $200M contract with Woodside to help build Pluto LNG – but will it make Scarborough cheaper?

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Horizon firms up ore reserve for Boorara ahead of FY25 Q1 development decision

Red Hawk upgrades Blacksmith with DSO mineral resource at the Eagle Deposit

IGO kicks off earn-in copper drilling on-site Encounter's Yeneena play as it adopts new identity

MinRes jumps 5% as the company meets production guidance – depressed iron ore prices be damned

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News