Carnarvon Petroleum (ASX:CVN) has released their quarterly report for June showing the company's cash holdings at the end of the quarter were down - $73.8 million, compared to $93.3 million at the end of the previous quarter.
During the quarter, $18.9 million was spent on exploration activities in the North-West Shelf which primarily included Dorado-2 and Roc South-1 drilling costs.
The expenditure also included technical work performed on the Buffalo project and Carnarvon’s other exploration activities.
The Company spent $1.8 million on business development and corporate costs and received $0.6 million in interest during the quarter.
Shares in Carnarvon Petroleum (ASX:CVN) are trading 5.62 per cent higher at $0.47.