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Carnarvon Petroleum Limited (CVN) - CY Q4 Results, Scissors, Paper, ROC

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Carnarvon Petroleum Limited (CVN) released its Q4 FY15 results capping off a significant year for the Company. Through the year CVN successfully farmed down its Thai asset for A$55m retaining a US$32m royalty payment, drilled the successful Phoenix South-1 well with an estimated 19 mmbbl of recoverable oil and commenced a significant 3D seismic program covering the entire Phoenix acreage. The latter remains on schedule for completion in the Q3 CY15. In addition, the Company appointed Peter Moore (former Vice President of Exploration for Woodside Petroleum) as non-executive Director.

CVN begins the FY16 with further exploration upside in addition to the two oil prospects found in the 100% owned Cerberus blocks. Gross US$70m carry on the upcoming Roc-1 well (spud date Q4 CY15, Quadrant Energy and JX Nippon) which will test the structure up dip from the Phoenix South-1 oil discovery, a strong cash position of A$97.3m and Nil Debt. In addition, the extensive acreage position in the Phoenix area has numerous follow up prospects with further lead generation expected from the recently acquired seismic data. We believe the stock will rerate as the Roc-1 Spud date draws closer and with the identification of further prospect targets.

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