Australia's Carnarvon slumps as hydrocarbon exploration fails

Carnarvon Energy

19/04/2022 06:36

** Shares of oil and gas exploration company Carnarvon
Petroleum  CVN.AX  fall as much as 23.88% to A$0.255 - set to
lose most in over 2 years
    ** Says a commercial hydrocarbon pool has not been
discovered at the Apus-1 well in Bedout sub-basin
    ** Says hydrocarbons might not have migrated in sufficient
quantity for a commercial pool to form or sufficient
hydrocarbons were not able to be retained in the closure that
was drilled (https://bit.ly/3JSuwWn)
    ** Stock posts its biggest intraday pct fall since March 23,
2020
    ** 30.9 mln shares change hands, compared with the 30-day
average volume of 9.01 mln
    ** CVN has fallen 1.47% this year as of last close

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))