Ann: Dorado Project Update, page-44

CVN is a warehoused assett whereby the OIl may never be taken out of the ground. They have zero control and Santos is another big oil company looking to diversify away from oil...more likely into Gas that is the natural transitional Fossil fuel to Electricity Generation. In which case a capital return is possible but how much after they have burned through the cash. Ok this is worst case scenario but with banks not lending where are the dollars going to come from? Santos is providing good dividends probably to prop up it's share price. Woodside is down 30% over past 12 months. The sector is sitting on a knifes edge even though Coal/ Oil and gas will be around for at least a couple more decades unless technologies for renewables take a quantum leap. CVN is a free roll for me but at one point I thought was going to be a bonanza. Maybe it's got some life in it but I would not hold my breath. I have been in CVN since 2010 and it has been OK but the last 3 years have been dismal!