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Maybe CVN need to ask WDS and STO to merge with them?
CVN - Carnarvon Energy
- Thread starter yogi-in-oz
- Start date
Garpal Gumnut
Ross Island Hotel
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mmmmmm.
I wonder if this most recent hullabaloo around Santos STO and Woodside WDS amerging will impact the sp. of my little monster CVN.
It is rumoured STO may pull out of Dorado.
Coitus interruptus scream ya heart out.
gg
Dona Ferentes
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| 3. | Garpal Gumnut | CVN | 0.16 | 0.015 | 9.38 |
Dona Ferentes
A little bit OC⚡DC
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but a bigger game is being played. From the wire service today;
.
Heavyweight investors are demanding the Carnarvon Energy leadership team quit amid frustration over the handling of a major offshore gas project majority owned by Santos. Russell Delroy’s Nero Resources Fund and Collins St Asset Management are gunning for long-standing Carnarvon chairman Bill Foster, managing director Adrian Cook and the rest of the board, bar one director.
The push for change at Carnarvon comes amid talks between Santos and Woodside about potential merger that could affect Santos’ plans for the Dorado project off the coast of Western Australia.
Nero and Collins St wrote to Carnarvon on Tuesday calling for action on a number of issues, and warning they were willing to spill the board unless their demands were met. Those demands include an immediate restructure of the board that would oust all directors apart from Gavin Ryan.
The letter was sent after Carnarvon announced that Mr Foster and Mr Ryan intended to retire from the board at the company’s annual general meeting in about 12 months’ time.
Mr Foster said the board had decided it was time to start a succession process to ensure the right mix of directors to guide Carnarvon on its “journey from explorer to producer”. He said there would be time during 2024 to “identify and appoint new, high-calibre directors to the board”.
Hot on the heels of that announcement, Nero and Collins St acknowledged in an ASX filing that they were acting in concert in relation to board matters and held a combined 12.75 per cent stake in Carnarvon.
(and this may be why the) Carnavon share price jumped more than 9 per cent to 17.5¢ on Tuesday.
.
Carnarvon Energy board under siege from angry investors
Heavyweight investors are demanding the Carnarvon Energy leadership team quit amid frustration over the handling of a major offshore gas project majority owned by Santos. Russell Delroy’s Nero Resources Fund and Collins St Asset Management are gunning for long-standing Carnarvon chairman Bill Foster, managing director Adrian Cook and the rest of the board, bar one director.
The push for change at Carnarvon comes amid talks between Santos and Woodside about potential merger that could affect Santos’ plans for the Dorado project off the coast of Western Australia.
Nero and Collins St wrote to Carnarvon on Tuesday calling for action on a number of issues, and warning they were willing to spill the board unless their demands were met. Those demands include an immediate restructure of the board that would oust all directors apart from Gavin Ryan.
The letter was sent after Carnarvon announced that Mr Foster and Mr Ryan intended to retire from the board at the company’s annual general meeting in about 12 months’ time.
Mr Foster said the board had decided it was time to start a succession process to ensure the right mix of directors to guide Carnarvon on its “journey from explorer to producer”. He said there would be time during 2024 to “identify and appoint new, high-calibre directors to the board”.
Hot on the heels of that announcement, Nero and Collins St acknowledged in an ASX filing that they were acting in concert in relation to board matters and held a combined 12.75 per cent stake in Carnarvon.
(and this may be why the) Carnavon share price jumped more than 9 per cent to 17.5¢ on Tuesday.
Last edited:
Garpal Gumnut
Ross Island Hotel
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Interesting movement around the board of CVN late last week and this week.
As operating costs in this non operating Oiler have doubled in the past two years two large shareholders are pushing to oust all present board members bar one. The sentiment for change has been accelerated by the proposed WDS and STO merger.
Oh, and Kerry Stokes is on the register.
The sp increased by over 9% today.
Need one wonder why?
A six monthly chart.
gg
As operating costs in this non operating Oiler have doubled in the past two years two large shareholders are pushing to oust all present board members bar one. The sentiment for change has been accelerated by the proposed WDS and STO merger.
Oh, and Kerry Stokes is on the register.
The sp increased by over 9% today.
Need one wonder why?
A six monthly chart.
gg
Garpal Gumnut
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From Zero to Nero.
Quite a significant board reshuffle announced this morning at CVN.
Long overdue.
gg
Quite a significant board reshuffle announced this morning at CVN.
Long overdue.
gg
UMike
Klutzing in Thai
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With over 10 mil of shares traded it must of made up some peoples mind.
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Board spilled, CVN now drilling for new CEO and Chairman. Investors have new reason to hope.
Garpal Gumnut
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Indeed @peter2
New board members will also be closer to talking with big hitters such as WDS and STO, and vice versa.
The cash on hand with better management of cash and costs will be attractive to others now that it is more available.
gg
New board members will also be closer to talking with big hitters such as WDS and STO, and vice versa.
The cash on hand with better management of cash and costs will be attractive to others now that it is more available.
gg
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The new guys want to reduce the number of activities. Keep the cream and work with Santos to develop Dorados while selling the cash/time wasters. Seems reasonable to me.
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Picked CVN in the yearly competition. The board renewal appears to be more than cost cutting. I’m sure the for sale sign is now painted, ready for display and will be erected in the new year.
I remember talking to someone in M&A’s when dorado was proven up and his words were “ will get taken out before production “
Seems likely now
I remember talking to someone in M&A’s when dorado was proven up and his words were “ will get taken out before production “
Seems likely now
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I feel like a mushroom in a field of mushrooms with this stock. After the successful coup, where is the outline for the new direction from the board. Nothing but crickets. Why the need for change. Why not just vote down any excessive performance rights payments. What can they do better. Give us something. Why must we wait for the quarterly for an update.
Hope they are fitting neon lights to the for sale sign.
Rant over
Hope they are fitting neon lights to the for sale sign.
Rant over
UMike
Klutzing in Thai
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What else is there to do?
They don't operate anything.
Maybe an announcement on there saving of costs.
Apart for Santos. Who'd buy them anyway
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Exactly my point. They don’t have anything to do, so where is the outline for cost savings. As for who would buy them, I think there are many companies who would like a piece of the basin the leases sit in. The drilling success speaks for it self
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Interesting trading today. Appears the accumulation has begun again. Nice push into the close. Would be nice to see it continue at a steady pace throughout the year and some forward plans to drill end of year or early next.
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I thought I'd throw up a weekly chart update of CVN.
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Not much to say here this month. Macquarie has raised their target price to 28c today but I’m not expecting anything till end of year, news wise of any substance that is. Maybe something about drilling might pop up this year to get excited about.
It is also worth remembering that there are overhead gaps that could cause a problem going forward.
Cheers, Rob
Dorado Project Update
29 April 2024
Optimisation of Dorado Phase 1 liquids development expected to deliver a material uplift in the project’s value
Dorado continues progress towards being FID-ready by end of 2024
The key optimisation opportunities that are being pursued centre around re-shaping the production rates between 60,000 and 100,000 bopd Re-shaping of production rates allows for phasing of development wells which would reduce up-front CAPEX and time to first oil
Joint Venture has identified several idle FPSOs that could be re-purposed for the project, which would further reduce the overall cost of the project and time to first oil.
Carnarvon anticipates that overall CAPEX prior to first oil will be below previous guidance of ~US$2 billion (gross)
29 April 2024
Optimisation of Dorado Phase 1 liquids development expected to deliver a material uplift in the project’s value
Dorado continues progress towards being FID-ready by end of 2024
The key optimisation opportunities that are being pursued centre around re-shaping the production rates between 60,000 and 100,000 bopd Re-shaping of production rates allows for phasing of development wells which would reduce up-front CAPEX and time to first oil
Joint Venture has identified several idle FPSOs that could be re-purposed for the project, which would further reduce the overall cost of the project and time to first oil.
Carnarvon anticipates that overall CAPEX prior to first oil will be below previous guidance of ~US$2 billion (gross)
