Ann: Divestment of Thailand Assets, page-48

If you look at a comparison between CVN and FAR.

Both discovered oil.

FAR discovered oil in both FAN 1 and SNE 1, in deep water - FAR holds 15% interest.

CVN discovered oil in PS1 and likely PS, in shallow water - CVN holds 20% interest.

Cash and receivables in FAR is about $68 M AUD.

Cash and receivables in CVN is about $150 M AUD.

FAR market value is around $300M AUD.

CVN market value is around $175M AUD.

I hold shares in both companies, and I personally believe CVN is undervalued.

CVN is almost valued at its cash and receivables position - as if they did not discover about 300M barrels of oil at PS1.

Even if only half of it was recoverable at PS1 (150 M barrels), and not considering PS at the moment, our 20% share means we get at least 30M barrels.

IMHO, CVN market value should be around $300M, should be about the same as FAR.