Carnarvon Energy (ASX:CVN) Dorado joint venture project has large potential for a future upside when it meets its milestones, according to a Tuesday note by Euroz Hartleys.
On Monday, CVN said that Santos (ASX:STO), the operator of the Dorado joint venture project, has decided not to purchase the floating production storage and offloading vessel for the project's phase 1 development.
The company also said that this decision delays the project's entry into front-end engineering and design, pushing back its final investment decision previously targeted for 2025.
Euroz Hartleys notes that this is a "frustrating delay" for the company, adding further uncertainty and delays for first oil production at the project.
The firm maintained the company's buy rating but decreased its price target to AU$0.18 from AU$0.36.
Shares of the company rose 13% at market close.
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