Carnarvon Petroleum

Carnarvon Petroleum owns 20% of the Dorado Oil Field, which, at 162 million barrels in 2C resources, is one of the largest oil discoveries on the North West Shelf in the last 30 years. Dorado, operated by Santos, is currently in the Front-End Engineering Design (FEED) stage with a Final Investment Decision (FID) expected in 2022. The company recently farmed out a 50% interest in the  Buffalo oil field in the Timor Sea.

We see Carnarvon benefiting from the rising oil price environment as well as progress on the Dorado development, helped by potential success with the forthcoming Buffalo-10 well, expected to spud in November. We think the market is undervaluing the FY24 payoff from Dorado.

Read the most recent article on CVN here