Oz Carnarvon Seeks Dorado Funds

Australian explorer Carnarvon Petroleum is issuing shares to raise funds for its discoveries in North West Shelf, it said February 12. Carnarvon plans to raise A$40mn ($28mn) selling 151.6mn new Carnarvon shares at A$0.33/share. That is about 13% of the ordinary shares on issue, it said.

The capital raised will fund a number of activities which include drilling two wells in April to appraise the Dorado discovery; engineering and design studies to develop the Dorado field; potential development focused 3D seismic over the Dorado and Roc fields; the prospective Roc South-1 exploration well between the Roc and Dorado fields; and potential 3D seismic acquisition over prospective exploration acreage which includes the Pavo and Apus prospects.

Last year, Carnarvon said the Dorado discovery in the North-West Shelf offshore Western Australia holds 283mn barrels of oil equivalent of proven and probable contingent resources. The total is made up of 171mn barrels of oil, 16mn barrels of condensate and 552bn ft³ of gas, the company said. Carnarvon holds a 20% interest in the project while Quadrant Energy (operator) has the remaining 80%. Australian oil and gas independent Santos in August 2018 acquired 100% of Quadrant Energy for $2.15bn.