Carnarvon Energy (ASX:CVN) chief executive Philip Huizenga said the firm was working with joint venture partners regarding a revised timeline for the development of the Dorado oil discovery on Western Australia's North West Shelf, and it was investigating alternative options to accelerate the project, according to a Monday Australian bourse filing.

The firm owns a 10% interest in the discovery, per the filing.

It began capital management initiatives, including an on-market buyback for up to 10% of its issued capital, commencing the process of a class ruling from the Australian Taxation Office to confirm that any capital returns are not treated as a dividend for taxation purposes.

It also began a process to enable the potential return of up to AU$0.07 per share to shareholders.

Its shares fell 5% in recent trade on Monday and earlier reached their lowest point in five years.