Carnarvon Petroleum Limited (Carnarvon) CVN

[penn]

Carnarvon Petroleum Limited is a Perth based company listed on the Australian stock exchange (ASX: CVN). The company’s principal activity is oil and gas exploration and production. Carnarvon’s objective is to create material returns on its shareholder’s investments, through delivering profitable and sustainable growth.Carnarvon in strong position with cash of A$97.3 million, up to US$32 million future cash
flow from oil receipts, important Roc-1 well funded to US$70 million (gross) by Quadrant
Energy and JX Nippon; with no debt.
Market Cap today A$124million.
Carnarvon has exploration interests on the North Western Shelf (NWS) of Western Australia, these include a large 20,000 km² holding over the recent Phoenix South-1 oil discovery, which includes the Roc prospect being drilled Nov 2015. Other assets in the region include the 100% held contiguous blocks TP 27, EP 490 and 491.
All that cash, and no debt, drilling rig on the water - could be a nice Christmas if ROc turns out to be a gusher!

Dyor Ihaniwiata. :p

[Crackity]

Carnarvon Petroleum Limited is a Perth based company listed on the Australian stock exchange (ASX: CVN). The company’s principal activity is oil and gas exploration and production. Carnarvon’s objective is to create material returns on its shareholder’s investments, through delivering profitable and sustainable growth.Carnarvon in strong position with cash of A$97.3 million, up to US$32 million future cash
flow from oil receipts, important Roc-1 well funded to US$70 million (gross) by Quadrant
Energy and JX Nippon; with no debt.
Market Cap today A$124million.
Carnarvon has exploration interests on the North Western Shelf (NWS) of Western Australia, these include a large 20,000 km² holding over the recent Phoenix South-1 oil discovery, which includes the Roc prospect being drilled Nov 2015. Other assets in the region include the 100% held contiguous blocks TP 27, EP 490 and 491.
All that cash, and no debt, drilling rig on the water - could be a nice Christmas if ROc turns out to be a gusher!

Dyor Ihaniwiata. :p

My research sayS O & G is so deeply out of favor in Oz that if you can find a company that looks good and has directors you can 'trust' it should be worth a punt. However look at FAR before you leap to deeply - huge discovery - worth less now than before Senegal well was confirmed as a discovery....

[Joshuatree]

Yes consensus(?) seems to think O & G will stay cheap for a while yet so one would maybe need to invest with a longer term time frame. However always exceptions; look at CTP with its stranded assetts; s/p jumping on news of pipeline to be built etc.So maybe s/p's have overrun, down. Horizon (HZN) was the other "bargain", penn but its been pinned down by its debt.

[penn]

This may or may not be a link to the quarterly!

file:///C:/Users/OEM/Downloads/1455444%20(1).pdf

Carnarvon in strong position with cash of A$97.3 million, up to US$32 million future cashflow from oil receipts, important Roc-1 well funded to US$70 million (gross) by QuadrantEnergy and JX Nippon; with no debt.

[Joshuatree]

Double bagger on unexpected oil strike!.Any lucky holders here?

Dorado-1 Oil Discovery (https://hotcopper.com.au/threads/4310658/)

[Pintboy568]

Double bagger on unexpected oil strike!.Any lucky holders here?

Dorado-1 Oil Discovery (https://hotcopper.com.au/threads/4310658/)


Tee hee, yes me. Was looking around for a couple of pure gambles earlier this year and there are not many out there with enough cash to keep going without regularly asking for more. CVN had plenty and seemingly good management.
They've not yet confirmed the size of the strike but will do in the next 3 weeks. I'm picking (or dreaming) a little profit taking before heading up closer to 50c.