CVN – Macquarie rates the stock as Neutral

Carnarvon Petroleum is increasing drilling activity as Buffalo, Apus and Parvo are all expected to commence in the next six months.

Dorado is also progressing and with a net capital commitment of $550m, Macquarie suspects the company may need to sell down its stake (20%) and raise project debt to participate in the final investment decision.

The broker retains a Neutral rating and $0.33 target.

Sector: Energy.


Target price is $0.33.Current Price is $0.33. Difference: $0.00 – (brackets indicate current price is over target). If CVN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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