RBC cuts PT on Australia's Carnarvon, but hopeful on future exploration prospects

Carnarvon Energy

25/01/2022 24:49

** Shares of Carnarvon Energy Ltd  CVN.AX  fall as much as
3.9% to A$0.250, their lowest since Sept. 22
    ** CVN extends decline into a fifth session, a day after it
said oil column at its Buffalo-10 https://www.carnarvon.com.au/wp-content/uploads/2022/01/B10drill.pdf
 well offshore Timor-Leste was deemed "residual and
uncommercial"
    ** RBC cuts price target on CVN to A$0.30 from A$0.40, rates
it "outperform"
    ** "View CVN's participation in Buffalo-10 well as a
zero-cost option, mainly because CVN did not have to pay for
this well" - RBC
    ** Brokerage views CVN's upcoming drilling programs at Apus
and Pavo – two material exploration targets near the Dorado
discovery, offshore Australia – as "attractive"
    ** CVN down for fifth straight session; about 3.0 mln shares
change hands vs the 30-day average of 2.3 mln shares
    ** CVN down 23.5% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))