Ann: Buffalo Project Update, page-109

A while ago I did a very rough back-of-the-envelope spreadsheet for Dorado which showed a net cash flow of around $A50c per share based on $US60 pb and FX of 0.7000. Plugging $US200 and say 0.7500 into the model shows $A2.20 per share. However there was no allowance for income tax which could be hefty (nice problem to have). I stress it was very rough but it does show the scale of potential upside to value to shareholders. Costs remain the same and the additional US$140 pb translates to an additional US$4.2bn revenue to CVN from its 30m barrels share. I checked this 3 times as it seemed ridiculous. And then there's Buffalo to be added to this. And Apus and Pavo. We can dream.