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The latest update is out from Carnarvon Energy Limited ( (AU:CVN) ).
Carnarvon Energy Limited has completed a strategic review resulting in a significant investment in Strike Energy Limited, acquiring up to 19.9% of its issued capital for A$89 million. This move positions Carnarvon to benefit from Strike’s gas assets and the growing energy demand in Western Australia. Despite this investment, Carnarvon remains committed to its core projects, including the Dorado development and Bedout exploration, ensuring financial stability to advance these initiatives. The company is also monitoring potential corporate changes in the Bedout Joint Venture that may affect the Dorado project’s timeline.
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 operates in the energy sector, focusing on oil and gas exploration and development. The company is primarily involved in projects in the Bedout Sub-basin and the Dorado oil and gas field, with a strategic interest in Western Australia’s energy market.
YTD Price Performance: -23.33%
Average Trading Volume: 2,291,700
Technical Sentiment Signal: Sell
Current Market Cap: A$205.7M
For a thorough assessment of CVN stock, go to TipRanks’ Stock Analysis page.