Ann: Quarterly Activities and Appendix 5B June 2020, page-31

Noted in the Buffalo section:

"Carnarvon has continued to advance its operational readiness to ensure it (or an incoming operating partner) has the appropriate systems required for the development, drilling and production of the Buffalo oil field"

So it looks to me like CVN is trying to farm out a chunk of Buffalo. That may imply they want to get a skilled operator on board while retaining a free (or minimal) carry of a less than 50%. That's smart business. While they lose a some of the upside they de-risk their remaining smaller stake and don't have to shell out scarce funds drilling holes in the sea bed (I just hate CRs and resultant share dilution) IMO CVN is not quite ready to be a serious offshore producer and that's OK by me. Exploration is their current main game and they are very very good at it.

Shorters may not like this one bit as they may be looking to a heavily discounted CR to bring the SP down. And that's OK by me.