The Carnarvon Energy Ltd (ASX: CVN) share price won't be going anywhere on Monday. This comes as the company requested that its shares be placed in a trading halt.
At the time of writing, the energy producer's shares are frozen at 32 cents apiece.
Image source: Getty Images
Why is the Carnarvon share price halted?
Prior to the market opening, the company requested the Carnarvon share price be halted while it prepares an announcement.
According to the release, the company is planning to make an announcement in relation to the Pavo-1 well result.
Carnarvon has requested that the trading halt remains in place until Wednesday 23 March or following the release of the announcement, whichever comes first.
More on Pavo-1 well
Located around 160 kilometres north-east of Port Hedland in Western Australia, the offshore platform made news in recent times.
After spudding in early February, operations were halted due to cyclone activity in the region.
At the time, the Pavo-1 well drilled around 3,282 metres of measured depth (MD) before suspending works.
However, just over a week ago, the rig returned to full-manning levels with drilling and logging operations set to re-commence.
The Pavo-1 well is targeting a resource of 82 million barrels of liquid hydrocarbons in the Caley Formation sands.
Santos Ltd (ASX: STO) holds a 70% stake in Pavo-1, while Carnarvon retains the remaining 30%.
Carnarvon share price summary
Over the past 12 months, the Carnarvon share price has moved in circles ranging from 21.3 cents to 36 cents.
Particularly, since the start of the year, its shares have recorded wild swings of more than 50% in either direction.
The company's shares are down 5% in 2022.
Based on valuation grounds, Carnarvon has a market capitalisation of roughly $500.92 million, with approximately 1.57 billion shares outstanding.
