CVN: the standout emerging oil and gas company on ASXCarnarvon Petroleum Limited (
Letter to shareholders
Dear Fellow Shareholder,
Given the activity around and focus on our drilling results, it is timely to present and remind shareholders of the broader context and value proposition of the Company. To this end we have prepared and attach a succinct Shareholder Update for your consideration.
The Dorado discovery is the break through result Carnarvon was seeking. It is a large and exciting outcome that is expected to be central to the commercialisation of the oil and gas resources in this region.
The Dorado discovery also proves a play type that has a number of follow on targets to consider. We're refining these and look forward to presenting them to you shortly.
Santos recently announced their proposed acquisition of Quadrant Energy. We welcome them to the joint venture and look forward to working with their team, whom we know well.
We expect to be considering our forward program and development options around Dorado very soon. We're clearly keen to advance this work and intend to provide you with regular progress updates.
While the Dorado and Phoenix South wells have been the focus recently, our team has also been advancing our 100% held Buffalo oil field redevelopment project.
A central piece to this is the progression of the new Production Sharing Contract. Teams from Carnarvon and the Australian and Timor-Leste Governments have been working diligently on this task and appear to be making solid progress.
In addition to keeping you all informed of our progress across each of our projects, I also look forward to meeting as many of you as I am able, especially at our Annual General Meeting in November.
To view Shareholder Update Presentation, please visit:
About Carnarvon Petroleum Limited
Carnarvon Petroleum Limited is an oil and gas exploration company, listed on the Australian stock exchange (ASX:CVN), Frankfurt (FRA:CJB) and US OTC (OTCMKTS:CVONF). Carnarvon has an extensive acreage position in the North West Shelf of Western Australia that is designed to offer investors high alpha leverage to the energy sector. The company's near term focus is on maturing oil, gas and condensate discovered in its Phoenix project, with partner Quadrant Energy, and on bringing into production oil from the Buffalo field.
Managing Director, Spoke Corporate
Link: Shareholder Update