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).
