Carnarvon Energy (CVN:AX) - Strategic Review - 60% Upside

Carnarvon Energy is a deep value, forgotten equity, trading just slightly above its cash + capex carry. The company owns a substantial stake in the Dorado discovery, the most meaningful O&G discovery in Australia in the last 30 years. A group of activists have recently overhauled the board and are shopping the company and its assets. The author believes there is a clear shot to at least 30c in total value, representing a 60%+ upside from the current price. The downside is well protected with cash and carry backing the majority of the share price.