** Shares of Carnarvon Energy CVN.AX fall 2% to A$0.1225
** Brokerage Maquarie cuts target price for stock to A$0.22 from A$0.29
** Energy major Santos STO.AX, which owns 80% of the Dorado project in which Carnarvon holds a 10% share, stalled plans on the Western Australian oil and gas project worth over A$3 bln ($1.87 bln) earlier this month
** We believe significant value exists in CVN's Bedout basin position, most significantly in Dorado/Pavo liquids - Macquarie
** Brokerage says further dilution could arise if Dorado capex costs rise significantly
** Stock down 18.3% this month, including the day's moves
($1 = 1.6049 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com;))
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