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Carnarvon Energy updates on Dorado development and funding

–News Direct–

Carnarvon Energy Ltd managing director and CEO Adrian Cook talks Proactive through the companys June quarter highlights. He says the majority of conditions associated with CVNs divestment of a 10% interest in its Bedout assets to CPC Corporation, Taiwan, for US$146 million have been satisfied with the final condition progressing well. The company maintains a strong balance sheet with A$95 million cash and no debt.

During the quarter, the key area of focus on the Dorado development pertained to maturing the scope of work for integrating Pavo into the proposed Dorado production facilities, with this work now well advanced, Cook said in his quarterly statement.

Another area of focus during the quarter was the planning for environmental approvals required for post FID activities. New procedures for these approvals were established following court action by a Tiwi Islands group in respect of Santos Barossa project. In short these now require more extensive stakeholder engagement procedures which we will factor into the Dorado development process.

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Proactive Investors

Jonathan Jackson

+61 413 713 744

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