Caravel Energy (ASX:CRJ) will renew its focus on its existing Olympic Dam copper assets following the sale of its 25% interest in PetroMad Mauritius Limited that holds the Bezaha Oil Project concession in southern Madagascar to Tellus Resources (ASX:TLU).
Tellus paid 85 million shares for the stake, which includes an option to acquire the remaining 75% in PetroMad.
Caravel plans to shift its focus to an existing portfolio of highly prospective copper licences in the South Australia’s Olympic Dam copper province.
It holds about 2,300 square kilometres of granted licences and a number of drill ready targets have been identified.
The company plans to build up these targets further.
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