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Carnarvon Petroleum to utilise cash war chest to advance North West Shelf assets

Carnarvon has a market cap of circa $90 million, and cash of $50 million.
North West Shelf

Carnarvon Petroleum (ASX:CVN) remains well-funded after it ended the September quarter with $50 million in cash, which will be used to advance its North West Shelf assets.

Carnarvon has wholly-owned assets, and joint ventures with Quadrant Energy.

The North West Shelf is Australia's most prolific oil & gas region, and is located off the coast of Western Australia.

WATCH NOW: Carnarvon Petroleum's Adrian Cook details the company's oil & gas strategy

Carnarvon and Quadrant have secured a rig contract for the Phoenix South-3 well, which is expected to commence before April 2018 and is being designed as a redrill of Phoenix South-2.

The Caley structure is estimated to contain a gross mean recoverable prospective resource of 489 Bscf of gas and 57 million barrels of associated condensate, being 143 million barrels of oil equivalent.

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