Carnarvon Energy Limited - Successful A$70 million fully underwritten institutional placement

Carnarvon Energy Limited ('Carnarvon') (ASX:CVN) is pleased to announce that the fully underwritten institutional placement ('Placement'), as announced to the market on Monday 28 March 2022, was successful. As a result of the Placement, 234,806,987 new shares will be issued at an offer price of $0.30 per share ('New Shares').

The New Shares are expected to settle on Monday 4 April 2022, with allotment on Tuesday 5 April 2022. The Placement was made under ASX Listing Rule 7.1 and without disclosure in accordance with Chapter 6D.2 of the Corporations Act 2001 (Cth) ('Corporations Act').

The Placement is not subject to shareholder approval and each New Share will rank equally with existing fully paid ordinary shares on issue

Carnarvon Managing Director and CEO, Mr Adrian Cook, said: 'Carnarvon is delighted with the successful outcome of the Placement and the support received from new and existing shareholders. The proceeds will be used to bring the Dorado liquids development to a Final Investment Decision in 2022 and to test the tie-in potential close to the Dorado development, which includes the upcoming Apus-1 well and recent Pavo-1 oil discovery.'

Contact:

Adrian Cook

Managing Director

Carnarvon Energy Limited

Investor

Thomson Naude

Chief Financial Officer

Phone: [phone]

Email: [e-mail]

Media

Luke Derbyshire

Managing Director

Spoke Corporate

Phone: [phone]

Email: [e-mail]

Forward-looking statements

This announcement contains certain 'forward-looking statements', which can generally be identified by the use of words such as 'will', 'may', 'could', 'likely', 'ongoing', 'anticipate', 'estimate', 'expect', 'project', 'intend', 'plan', 'believe', 'target', 'forecast', 'goal', 'objective', 'aim', 'seek' and other words and terms of similar meaning. Carnarvon cannot guarantee that any forward-looking statement will be realised. Achievement of anticipated results is subject to risks, uncertainties and inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements, and you are cautioned not to put undue reliance on any forward-looking statement

(C) 2022 Electronic News Publishing, source ENP Newswire