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Carnarvon Petroleum director shows faith in oil & gas strategy with on-market purchase

Carnarvon’s Dorado is this century’s largest liquids discovery in the North West Shelf of Western Australia.

Carnarvon Petroleum Ltd - Carnarvon Petroleums' director Peter Moore shows faith in the company’s strategy with the purchase of shares
The company has this year successfully appraised the Dorado discovery

Carnarvon Petroleum Ltd (ASX:CVN) non-executive director Peter Moore has demonstrated his faith in the company's oil & gas strategy through an on-market purchase of shares.

On November 26, Moore purchased 44,000 shares on-market with a value of almost $15,000.

This takes his overall holding in the oil & gas increasing his securities to 500,000 unlisted options exercisable at 15 cents expiring on November 20, 2020, and 464,232 ordinary shares.

Chairman’s address at AGM

On November 15 the company conducted its annual general meeting in Perth where chairman Peter Leonhardt shared his views on what he said had been a ‘great year’.

He spoke about the Dorado discovery in 2018 which, to date, is this century’s largest liquids discovery in the North West Shelf of Western Australia.

The importance of the Dorado discovery led the company and its joint venture partner Santos to move quickly to confirm and appraise it in 2019.

This project now has had two appraisal wells completed and two successful flow tests over the Caley and Baxter reservoirs with the partners working towards the first phase of development.

Quick facts: Carnarvon Petroleum Ltd

Price: 0.19 AUD

Market: ASX
Market Cap: $297.23 m

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