Carnarvon Petroleum

Pan Orient Energy, Carnarvon Petroleum’s joint venture partner in Thailand, has sold its 60% stake in the L44/43, L33/43 and SW1A leases for $170m, valuing Carnarvon’s 40% share of those properties at $113m (16 cents per share). The deal highlights two truths about Carnarvon; its leases are difficult, which is why Pan Orient has decided to throw in the towel, and its assets remain cheap. Compared with the $113m value implied by the transaction, Carnarvon currently trades on an enterprise value of just $77m. The 40% difference between the value of the company and the value implied by the transaction suggests...

Pan Orient Energy, Carnarvon Petroleum’s joint venture partner in Thailand, has sold its 60% stake in the L44/43, L33/43 and SW1A leases for $170m, valuing Carnarvon’s 40% share of those properties at $113m (16 cents per share). The deal highlights two truths about Carnarvon; its leases are difficult, which is why Pan Orient has decided to throw in the towel, and its assets remain cheap.

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