Carnarvon Energy’s Bedout divestment a ‘crucial funding milestone’
August 17, 2023 at 01:36 pm EDT
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Carnarvon Energy Ltd (ASX:CVN) MD Adrian Cook tells Proactive the company has completed divesting a 10% portion of its Bedout assets to OPIC Australia Pty Limited, a subsidiary of Taiwan’s national oil and gas company CPC Corporation. Divesting these assets means that Carnarvon is now holding approximately $319 million in financial liquidity comprising ~$181 million in cash and ~$138 million future contribution to its Dorado Project development costs. He says completion of the transaction positions the company to realise the value of its high-quality portfolio, including the development of the world-class Dorado and Pavo fields as well as unlocking the considerable exploration potential across its Bedout assets.
Cook said, "Critically, the deal with CPC provides Carnarvon with substantive funding for development of the world-class Dorado and Pavo fields, the largest undeveloped oil field offshore Australia.”
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Carnarvon Energy Limited is an Australia-based independent oil and gas explorer. The Companyâs principal activities are oil and gas exploration, development and production. The Company secured its interests in the Bedout Sub-Basin permits, WA-435-P, WA-436-P, WA-437-P and WA-438-P. The offshore permits cover an area of 21,652 square kilometers (km2), which is located approximately 110 kilometers (km) from the coast, offshore of Port Hedland in Western Australia. The Pavo North oil discovery was made with the Pavo-1 well intersecting reservoirs and confirming net oil pay across a zone of 46 meters. Pavo lies in offshore permit WA-438-P, where Carnarvon holds a 20% interest. The Companyâs core exploration portfolio offshore Western Australia contains more than 100 prospects, providing plenty of running room in the emerging Bedout sub-basin. It holds a 10% interest in WA-435-p and WA-437-P.