Carnarvon Petroleum

Carnarvon Petroleum announced it would raise $15m from an institutional capital raising and a retail share purchase plan, issuing 183m new shares at 8.3c, a 15% discount to the pre-announcement price. The capital raising is a damning verdict on the company’s performance over the past two years as it struggles to come to grips with the technical complexity of oil bearing reservoirs in Thailand. Variable output from those reservoirs has seen oil production plummet. To correct the decline, Carnarvon is implementing a new production strategy, moving production away from complex volcanic reservoirs to conventional sandstone reservoirs. In order to...

Carnarvon Petroleum announced it would raise $15m from an institutional capital raising and a retail share purchase plan, issuing 183m new shares at 8.3c, a 15% discount to the pre-announcement price. The capital raising is a damning verdict on the company’s performance over the past two years as it struggles to come to grips with the technical complexity of oil bearing reservoirs in Thailand.

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