Ann: Corporate Presentation, page-19

IMO there's 100% probability of oil being at Buffalo. The previous operator stopped producing at 4,000 bpd. The risk is the new attic oil may not be there or it may not be in commercial quantities or recoverability may an issue. If it is there then more production wells will need to be drilled (say USD20m each as per B10) and capex to get production started was estimated by CVN at USD150m. Hopefully Advance and banks will fund this so CVN can keep its current limited cash resources for Apus, Pavo and Dorado preliminaries. Drilling Condor and Eagle will likely also need some cash. IMO if Buffalo is a goer its cash flow from 2023 could dovetail nicely into funding CAPEX for Dorado production from say 2024/5 and some tasty dividends for we patient shareholders.

Hopefully once the snowball of cash starts rolling downhill from Buffalo onwards momentum will build and CVN can become an ASX300 again or even ASX200 company. We are allowed to dream.