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 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

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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.

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