Carnarvon Energy (ASX:CVN) said its board approved an on-market buyback program for up to 10% of its issued capital, according to a Thursday Australian bourse filing.
The company will fund the program from its existing cash balance, and it will start on or around Feb. 14. It will be undertaken over 12 months unless terminated earlier.
The size, timing, and price of the buyback will be subject to market conditions, among other factors.
The firm's shares rose almost 2% in recent trading on Thursday.
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