Carnarvon Petroleum show cash holdings down on previous quarter

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.