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Carnarvon Energy (ASX:CVN) is regarded by value-focused fund managers as a deeply discounted energy explorer whose value hinges on the Dorado oil and gas project. In August 2026, Collins St Asset Management said the shares remained significantly undervalued even after rising around 9% during the month, as cash, a listed stake in Strike Energy and a contingent payment right imply a negative value for the rest of the business. Other managers are less convinced, noting Carnarvon does not control the timing of Dorado. Carnarvon Energy operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 18 comments from 5 fund managers, including Collins St, Datt Capital, Acorn Capital and NGE Capital. Founded in 1983 and based in Perth, Carnarvon explores for and develops oil and gas assets offshore Western Australia.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Collins St Asset Management, Endeavor Asset Management, NGE Capital, Datt Capital and Acorn Capital have invested in Carnarvon Energy Ltd (ASX:CVN).
Collins St and NGE Capital argue Carnarvon trades below its cash backing once its Strike Energy shareholding, cash and a contingent payment of around US$90 million are included, effectively ascribing no value to its 10% stake in the large Dorado discovery. Australia's east coast energy shortage and higher energy prices could prompt operator Santos to prioritise Dorado, and Collins St believes elevated energy prices increase the prospect of M&A.
Datt Capital and Acorn Capital highlight that Carnarvon does not control its own destiny, as majority owner Santos is directing capital to other projects and has delayed Dorado due to development cost pressures, leaving the asset effectively stranded for now. NGE Capital noted the shares fell around 17% below its purchase price during 2025.
Carnarvon Energy Ltd. is a Perth-based oil and gas exploration company founded on December 14, 1983. The company focuses on energy exploration projects, including Phoenix, Buffalo, Eagle, Condor, Labyrinth, Maracas, Outtrim, Santa Cruz, and Cerberus. Headquartered in Australia, Carnarvon Energy operates as an exploration specialist within the global oil and gas sector.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.