"The Company is looking to progress its exploration plans with a partner with the intention of drilling one or more prospects while retaining a significant equity interest in the project."
Given its shallow water (50m) and shallow drill (1000 to 1500 m), I think the cost of Cerberus will be much lower (perhaps 50% less or more) than ROC (which was 80m water and 4900 m TD).
And given what we now know about the Milne Sandstone (ROC drill), the drill at Cerberus is now de-risked (target will be Milne Sandstone), so I can't see why any farm-in partner would not "fork" out $20 to 40M to buy-in.
Companies like BHP and WPL would certainly have the cash or maybe even Nippon.
CVN Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
(20min delay)