Ann: Dorado Project Update, page-181

Great post. Well said. STO are playing this to suit themselves. Forget the BS about 'inflation' for the reason you articulated- I did the same on this thread earlier along with the FPSO administration (there's many others that could take its place) & the now STO requirement for 'more gas to improve returns'. STO's aim is for CVN to bleed cash until FID (which is when?), compel it to raise at lower lows destroying the capital structure for current holders. STO have CVN over a barrel (sorry for the pun) & will own the entire project eventually for far less than it's actually worth because STO have time & optionality on their side. CVN have neither.

CVN is cheap by any measure but it's stranded indefinitely by STO.....effectively a checkmate scenario. It could still get a lot cheaper for that reason.