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Carnarvon Petroleum enters trading halt ahead of capital raising

Broker Hartleys recently forecast a 12-month share price target of 25 cents.
capital raising concept
Shares in the company last traded at 17.5 cents before being halted

Carnarvon Petroleum Ltd (ASX:CVN) has been granted a trading halt by the ASX pending the release of information regarding a proposed capital raising.

Shares of the company will remain halted until either the information is released to the market or the commencement of trading next Monday, whichever occurs first.

READ: Carnarvon Petroleum moves closer to oil production at Buffalo with preparations for first well

Carnarvon is progressing redevelopment plans for the Buffalo Oil Field in the Timor Sea with preparations underway for the first production well.

Buffalo-10 will be the first of three proposed production wells at the project which is covered by the recently signed Maritime Boundary Treaty between Australia and Timor-Leste.

The wells are expected to produce an estimated 31 million barrels of oil over five years and revenue has been estimated at around US$2.2 billion.

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