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Carnarvon Energy Limited ( (AU:CVN) ) has shared an update.
Carnarvon Energy Limited is making a strategic investment of up to A$88 million in Strike Energy Limited to acquire a 19.9% interest through a two-tranche placement. This investment will fund the development of Strike’s core assets, including West Erregulla and South Erregulla, supporting Western Australia’s energy transition. The strategic placement provides Strike with financial flexibility and strengthens its capacity to deliver its tier-1 portfolio, ensuring funding certainty and access to existing financing facilities.
The most recent analyst rating on (AU:CVN) stock is a Buy with a A$0.26 price target. To see the full list of analyst forecasts on Carnarvon Energy Limited stock, see the AU:CVN Stock Forecast page.
More about Carnarvon Energy Limited
Carnarvon Energy Limited is an Australian oil and gas exploration company with interests in the country’s largest undeveloped offshore oil resources, including the Dorado and Pavo fields in the Bedout sub-basin, located offshore Western Australia. The company is actively exploring one of Australia’s most promising oil and gas basins.
YTD Price Performance: -23.33%
Average Trading Volume: 2,003,917
Technical Sentiment Signal: Sell
Current Market Cap: A$205.7M
Learn more about CVN stock on TipRanks’ Stock Analysis page.