Carnarvon Energy’s Bedout divestment a ‘crucial funding milestone’
Melbourne, Victoria
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August 17, 2023 01:35 PM Eastern Daylight Time
Carnarvon Energy Ltd (ASX:CVN) MD Adrian Cook tells Proactive the company has completed divesting a 10% portion of its Bedout assets to OPIC Australia Pty Limited, a subsidiary of Taiwan’s national oil and gas company CPC Corporation. Divesting these assets means that Carnarvon is now holding approximately $319 million in financial liquidity comprising ~$181 million in cash and ~$138 million future contribution to its Dorado Project development costs. He says completion of the transaction positions the company to realise the value of its high-quality portfolio, including the development of the world-class Dorado and Pavo fields as well as unlocking the considerable exploration potential across its Bedout assets.
Cook said, "Critically, the deal with CPC provides Carnarvon with substantive funding for development of the world-class Dorado and Pavo fields, the largest undeveloped oil field offshore Australia.”
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