Carnarvon Petroleum launches equity raising

Company News

by Rachael Jones

Carnarvon Petroleum (ASX:CVN) is looking to raise $79 million in a placement of new shares.

Proceeds will fund Carnarvon's share of upcoming Dorado project costs as it progresses to development stage.

Results from the Dorado-2 in appraisal well in WA confirm the presence of a major oil, gas and condensate resource – Carnarvon holds 20 per cent interest.

Brokers are seeking buyers for 202.6 million new shares at 39 cents each.

The brokers were calling for bids by 4.30pm Sydney time on Wednesday.

Shares in Carnarvon Petroleum (ASX:CVN) last traded at 42 cents.

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.