Australia's Carnarvon Energy slips as Macquarie cuts TP over Dorado project delay

Carnarvon Energy

29/01/2025 04:31

** Shares of Carnarvon Energy  CVN.AX  fall 2% to A$0.1225
    ** Brokerage Maquarie cuts target price for stock to A$0.22
from A$0.29
    ** Energy major Santos  STO.AX , which owns 80% of the
Dorado project in which Carnarvon holds a 10% share, stalled
plans on the Western Australian oil and gas project worth over
A$3 bln ($1.87 bln) earlier this month
    ** We believe significant value exists in CVN's Bedout basin
position, most significantly in Dorado/Pavo liquids - Macquarie
    ** Brokerage says further dilution could arise if Dorado
capex costs rise significantly
    ** Stock down 18.3% this month, including the day's moves

   ($1 = 1.6049 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com;))