News: CVN Carnarvon Energy Will Issue 234.8 Million New Shares At A$0.30 Per Share, page-46

The Australian newspaper today says, Santos will sell down either part off, or all off it’s 80% of the Dorado field later this year. They put the costs of capital required for development as the reason. So, by then Apus will be a known and the costs of the initial production. This should give us a market price for Carnarvon and thus what SP should be around. It would be a good time for Carnarvon to sell some equity to assist to have the capital for the initial development of Dorado. In addition, this might be the time to have frank discussions with whoever is the government about purchasing the oil to meet the sovereign oil reserves that many countries see as 30 day supply. Petrol companies from July will have to have 30 days of supply in the country. They could also be included in the discussions with Santos, Carnarvon and the Federal govt. if we have not been taken over, then we should see what our SP should be.