Back To Top

 Carnarvon raises $52.7m as FID eyed for Dorado offshore Australia
September 12, 2022

Carnarvon raises $52.7m as FID eyed for Dorado offshore Australia

  • 0

Australian-listed Carnarvon Vitality (ASX:CVN) mentioned right now that it has raised A$70 million (US$52.7 million) by way of an institutional placement to assist convey the massive Dorado liquids improvement offshore Australia to a last funding choice (FID) this 12 months.

There may be additionally a major quantity of tie-in potential near the Santos-operated Dorado improvement. The funds may even be used to check this potential, together with the upcoming Apus-1 effectively, which can start drilling subsequent month, added Carnarvon. Along with the latest Pavo-1 discovery, this effectively has the potential to materially add worth to the Dorado challenge.

The institutional placement, along with Carnarvon’s present money, will present funding for numerous essential actions which embody:

• Contribution in the direction of the fairness part of Part 1 (liquids) of the Dorado improvement;
• Entrance Finish Engineering Design (FEED) work for the Dorado improvement;
• Drilling of the excessive impression Apus-1 exploration effectively;
• Appraisal of the latest Pavo-1 oil discovery, and research to determine the subsequent excessive impression drilling targets within the Bedout Sub-basin; and
• Basic company functions, overhead bills, working capital necessities and contingencies, together with prices.

Prev Post

KM Birla affords at hand over Vodafone Thought stake to…

Next Post

What Sort of Automotive Rental Is Proper for You?

post-bars

Leave a Comment

Related post