Australia's Carnarvon Energy at over 2-yr high after Santos oil discovery

Carnarvon Energy

23/03/2022 24:52

** Shares of Oil and gas explorer Carnarvon Energy  CVN.AX 
rise as much as 35% to A$0.4
    ** Santos Ltd  STO.AX  says its Pavo-1 exploration well has
confirmed a significant oil discovery near its Dorado facility,
offshore Western Australia  urn:newsml:reuters.com:*:nL3N2VP4NE
    ** Carnarvon Energy holds a 30% interest in Pavo-1
    ** CVN rises to its highest level since Sept 23, 2019
    ** Santos CEO Kevin Gallagher described the Pavo-1 discovery
as a "great result" that could add further material value to the
project through a potential low-cost tie-back to the proposed
Dorado development plan
    ** Santos shares are down 0.6%

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))