(NewsDirect)
Carnarvon Energy Ltd(ASX:CVN) MD Adrian Cook tells Proactive the company has completeddivesting a 10% portion of its Bedout assets to OPIC Australia PtyLimited, a subsidiary of Taiwan’s national oil and gas company CPCCorporation. Divesting these assets means that Carnarvon is nowholding approximately $319 million in financial liquidity comprising~$181 million in cash and ~$138 million future contribution to itsDorado Project development costs. He says completion of thetransaction positions the company to realise the value of itshigh-quality portfolio, including the development of the world-classDorado and Pavo fields as well as unlocking the considerableexploration potential across its Bedout assets.
Cook said, "Critically, the deal withCPC provides Carnarvon with substantive funding for development of theworld-class Dorado and Pavo fields, the largest undeveloped oil fieldoffshore Australia.”
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Proactive Investors
JonathanJackson
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jonathan@proactiveinvestors.com
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