CVN the Big Picture, page-14

Hopefully the company should release an update to the market when they sign the PSC. Good to know things were progressing well as per the qtrly.

This time around though revenue should b taxed fully over there. The last oilfield JV's revenue was split 90-10 betwn TL & Oz for PSC 06-105 for Kitan from 2011-2015 (ie 51 months). Terms for Kitan with ENI et al were 5% royalty, 95% cost recovery, 60-40 profit split betw the JV & TL and respective Country taxes alongwith emphasis on local content training etc. 

CVN should set up a clear work commitment with a plan to Production, after which the cashflow comes into the coffers. Before that though they'll need to drill & confirm the 'movable' (not residual) oil column in Buffalo East 10 &11 alongwith a farm-in partner.