We initiate research on Carnarvon Petroleum (CVN) with a Speculative Buy recommendation and a price target of $0.68. CVN has 20% of the play opening oil discovery, Dorado, as well as 100% of the Buffalo oil field that it is planning to redevelop. CVN with its partner Santos (STO) is going to drill 2 appraisal wells and 1 exploration well this year. We expect that the appraisal wells will lead to an upgrade in resources and expand the size of the Dorado discovery. The exploration well is going to test a promising target on trend with the Dorado field. CVN is also going to be drilling a well into the Buffalo field in preparation for the redevelopment of the field. This well will help validate CVNs thesis on the volumes of unswept and attic oil that can be produced.
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