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Carnarvon Petroleum Managing Director Buys Shares On-Market

Carnarvon Petroleum (ASX:CVN) managing director Adrian Cook has acquired 110,000 shares in the company through an on-market trade.

He paid a total of $13,200, or an average of $0.12 each, for the shares. He now has a total shareholding of 8 million shares.

Cook also holds 640,000 listed options exercisable at $0.10 and expiring 29 December 2015.

Last week, the company received confirmation from Apache Corporation (NYSE:APA) that oil sampled from Phoenix South-1 in the North West Shelf is exceptionally good quality light black oil with highly favourable mobilities.

Carnarvon is cash backed at about $0.10 per share following the agreement to sell the remaining interest in its onshore Thailand production assets.

The joint venture, including JX Nippon and Finder Exploration, also expects the follow-up Roc well to be drilled in the middle of 2015.

Like Phoenix South-1, Roc-1 will be free carried by Apache and JX Nippon to a cap of US$70 million.

Carnarvon is fully funded to meet any additional costs for the well.

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