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Carnarvon Petroleum ends 2015 with $100M cash at bank

Carnarvon Petroleum (ASX:CVN) is very well-funded, ending 2015 with A$100 million in cash.

Carnarvon also has future cash flows due of up to US$31.3 million (A$44 million), yet the company is currently capitalised at just $80 million based on the latest $0.079 share price.

Adding interest, there is also a A$30 million to A$40 million (gross) farm out carry that remains available for any Roc-2 well.

The company has achieved two important discoveries at its Phoenix project, being the Roc-1 condensate rich gas discovery in the December 2015 quarter, and the Phoenix South-1 light oil discovery in 2014.

Carnarvon is focused on building a North West Shelf oil and gas business.

Adrian Cook, managing director, commented:

"Once the joint venture partners have had the opportunity to consider the results of the Roc-1 well, I expect a meeting will be arranged to discuss the timing and location of follow up wells to further explore and appraise this resource."

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