AUSTRALIA

MPW backs Carnarvon

MACQUARIE Private Wealth has given Carnarvon Petroleum an outperform rating as it explores possible commercialisation paths for a suitable discovery at the looming Phoenix South-1 well it shares with operator Apache in offshore Western Australia.

Blair Price

While MPW gave the Carnarvon shares a valuation of 24c each - made when they were 6c each - its 12-month price target is 15c each, with the price catalyst expected to be the spudding of the Phoenix South-1...

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