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Carnarvon Energy Limited ( (AU:CVN) ) has provided an update.
Carnarvon Energy Limited has announced plans to return capital to shareholders, proposing a potential distribution of up to $0.07 per share, amounting to A$125 million. This decision follows delays in the Dorado project and the absence of alternative opportunities. The capital return is contingent on shareholder approval, tax treatment confirmation, and the identification of better capital uses. Despite this, Carnarvon plans to retain sufficient cash to fund future drilling and advance the Dorado project, ensuring continued investment in its core assets.
More about Carnarvon Energy Limited
Carnarvon Energy Limited operates in the energy sector, focusing on oil and gas exploration and development. The company is involved in projects such as the Dorado liquids project and has a market focus on advancing its core assets in the Bedout Sub-basin.
YTD Price Performance: -29.91%
Average Trading Volume: 37,471
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $124.6M
For detailed information about CVN stock, go to TipRanks’ Stock Analysis page.