ASX-listed Carnarvon Petroleum has completed a fully underwritten institutional placement, raising A$79-million to fund ongoing appraisal activities and the initial phases of the Dorado development, offshore Western Australia, including front-end engineering and design (FEED).
More than 202.6-million new Carnarvon shares will now be issued, at a price of 39c each, to professional and institutional investors under the company’s existing placement capacity.