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Carnarvon Energy Limited (ASX:CVN)

ALERT: Price-sensitive ASX Announcement for CVN
Current share price for CVN : $0.110 -0.02 (-15.38%)+
Announcement
Release
1 Jun 2026 8:22AM
Price at Release
$0.130
Full Release
download
Summary
Carnarvon Energy Limited has contracted the Transocean Equinox semi-submersible mobile offshore drilling unit for a 2027 drilling campaign in the Bedout Sub-basin. This campaign aims to explore the resource potential of the basin, targeting major prospects such as Ara, Yuma, Goats Eye, and Hutton. The project is set to begin in April 2027, with a firm well and a contingent well planned. The estimated cost for Carnarvon, should both wells be drilled, is A$20 million, which is expected to be covered by Carnarvon's existing cash reserves. The signing of the rig contract is considered a significant step for Carnarvon as they resume regular drilling activities. The campaign is expected to expand on previous discoveries and explore new, untested play types in the basin.
Key Points
  • Transocean Equinox contracted for 2027 Bedout drilling campaign
  • Campaign includes wells in Bedout Sub-basin exploration permits
  • Objective to define Bedout Sub-basin's resource potential
  • Planned commencement from April 2027 with one firm and one contingent well
  • Estimated cost to Carnarvon approximately A$20 million
  • Cost to be funded from Carnarvon's cash balance
  • Significant milestone for Carnarvon's return to regular drilling
  • Focus on major prospects identified on Bedout MegaMerge 3D seismic survey
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.