Ann: Unlocking New Bedout Resources, page-15

First 15 Last

Share
Profile

Follow
wishlist

1,261 Posts.

177

31/08/23

13:01

Post #: 69662211
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

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
Funny those figures don’t add up
I would like to claim the change

CVN Price at posting: 15.8¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

Reply

Top Stories

RDN

Raiden Resources jumps 11% as Andover South drilling to kick off with PoW on Minister's desk

TAT

Tartana Minerals firms up producer status with recent 150tn shipment of copper sulphate to the NT

GMD

Genesis set for higher gold production in FY25 and earlier mill start

Is the ASX getting its groove back? Here's 5 IPOs in September to watch

ASX

ASX explains: How 'futures' are predicted

There are more pages in this discussion • 37 more messages in this thread...

First 15 Last

Add CVN (ASX) to my watchlist

(20min delay)
Last 15.5¢		Change 0.000(0.00%)		Mkt cap ! $277.3M

Open	High	Low	Value	Volume
15.5¢	15.5¢	15.0¢	$33.12K	214.3K

Buyers (Bids)

No.	Vol.	Price($)
7	381552	15.0¢

Sellers (Offers)

Price($)	Vol.	No.
15.5¢	1342913	13

View Market Depth

No.	Vol.	Price($)
7	381552	0.150
16	792359	0.145
9	627228	0.140
2	437000	0.135
3	406730	0.130

Price($)	Vol.	No.
0.155	1040072	12
0.160	942254	12
0.165	411155	11
0.170	828942	14
0.175	827154	9

Last trade - 16.10pm 02/09/2024 (20 minute delay)

CVN (ASX) Chart

Ann: Unlocking New Bedout Resources, page-15

Raiden Resources jumps 11% as Andover South drilling to kick off with PoW on Minister's desk

Tartana Minerals firms up producer status with recent 150tn shipment of copper sulphate to the NT

Genesis set for higher gold production in FY25 and earlier mill start

Is the ASX getting its groove back? Here's 5 IPOs in September to watch

ASX explains: How 'futures' are predicted

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Unlocking New Bedout Resources, page-15

Top Stories

Raiden Resources jumps 11% as Andover South drilling to kick off with PoW on Minister's desk

Tartana Minerals firms up producer status with recent 150tn shipment of copper sulphate to the NT

Genesis set for higher gold production in FY25 and earlier mill start

Is the ASX getting its groove back? Here's 5 IPOs in September to watch

ASX explains: How 'futures' are predicted

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News