CVN – Macquarie rates the stock as Restricted

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Carnarvon has announced a 1-5 entitlement offer at 6.4c to raise $12m ahead of the spudding of the Phoenix exploration well. A call option will also be granted. The broker assumes full take-up, and has cut FY14 earnings by 27%.

The broker is advising and hence cannot presently make a recommendation.

Sector: Energy.

Current Price is $0.07. Target price not assessed.

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