Ann: Board and Management Changes, page-58

Taking stock for doing nothing? Dorado was only discovered because of Adrian. It was under AC that CVN sold those Thai assets and AC that took the decision to sell those Thai assets to pursue an exploration strategy in the bedout basin.

It was AC that convinced Apache to farm in and drill the first well at Phoenix South-1. At every step of the way, it has been AC that has been driving the exploration plans, and if you didn't notice, his most recent efforts have been focused on securing the funding required for CVN's share of development costs.

Yes there have unfortunately been a series of external events that have occurred which set back timelines but this is through one's fault at CVN. First was the acquisition/merger of Apache by Quadrant, then it was the takeover of Quadrant by Santos, and in between somewhere the whole sector lost about two years due to the covid pandemic. Now there is obviously the potential transaction between Santos and Woodside. None of this is AC's fault and if we are realistic about it, there is nothing anything any junior partner in a similar situation can do about it.

The suggestion that AC has done 'nothing' is just ludicrous when it has been clear AC's most recent efforts has been to put CVN in a position ready to fund its share of costs. You don't have to look too hard across the sector to see how incredibly difficult it is for a junior explorer to get as close AC has put CVN at the moment. Just go and as those guys at Far Limited for example.