Ann: Investor Presentation, page-17

Gotta,

This is based on my own recollection.

Adrian said at the moment, the JV partners are trying to prove up as many assets as possible because by August 2018, we "might" have to hand back to the Gov, half of our leased territories (in a worst case scenario).

So it was vital to stake as many large claims as possible.

On whether we could become a producer - personally, he reckons companies are running the ruler over CVN, so it likely we would be taken over, once we have proven we have large enough assets.

ROC1 and ROC2 put us in the Minimum Economic threshold - PS2 (PS3) and Dorado should put us into profit territory. He reckons there would be a lot more interests then (refer to page 5 diagram).

I asked whether it could be Quadrant?

His reply was "it could be as it would be a natural fit, but there could be other companies which could find CVN attractive".

That's all the answers I got from him - there was at least 4 to 5 people crowding around him, asking questions - and he only had a few minutes for each before he left for his Sydney tour (which is being held today).

I did not get to ask about our other assets.

DYOR.