Ann: Trading Halt, page-31

Just to add to the intrigue...
-We just cleaned house of non Bedout acreage.
-Adrian confirmed we are in good position for cash and debt funding of production development costs, therefore reduced pressure to sell down.
-Oil futures are well distanced from production costs. Margin high and therefore payback period short.
-Bedout Permit licenses extended to 14yrs (I believe I read this)
-Adrian's business model was to have a pipeline of projects in graduated stages of maturity. Whilst retaining 20% of assets making it to production phase. That has changed in the last few days....single basin focus or packaged to sell?
- The proactive interview .... AC had a few smirks that were poorly contained, particularly around Bedout prospectivity and comparisons to other Aussie basins.
-Share price signal was indicating something....???

My guess is, as others have surmised we are being offered a price for CVN that CPC believe presents better value than what they would have to pay Santos. My points above show me that CVN hasn't been sitting on it's hands but has put us in a position of strength to bargain hard or drive through to "first oil".

The risk of getting taken out cheaply is now minimal.
The risk of FID delay is reducing rapidly. STO was looking to farm down to 40%. Any company handing over that amount to Santos would want a short time commitment to FID.