Carnarvon’s entitlement offer

With Carnarvon Petroleum’s fortunes in Thailand seeing little improvement, the company is sensibly looking elsewhere to find more conventional, and certain, cash flows. Part of this effort involves drilling the Phoenix South exploration well off the coast of Western Australia. Carnarvon’s drilling partner, Apache, will pay the first US$50m of exploration expenses, which should cover the cost of the initial well. Yet Apache seem to think there is a prospective zone deeper than the original target and may wish to drill deeper, potentially taking well costs beyond the US$50m threshold and requiring Carnarvon to tip in cash. Drilling is...

With Carnarvon Petroleum’s fortunes in Thailand seeing little improvement, the company is sensibly looking elsewhere to find more conventional, and certain, cash flows. Part of this effort involves drilling the Phoenix South exploration well off the coast of Western Australia.

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