CEO Report, page-8

For all the downplaying of the Buffalo duster [hyped by management as the next best thing to "a sure thing" in the O&G game]; for all our greed as shareholders in being thankful that Advance covered the operational costs, spare a thought for the impoverished government of East Timor whose people would have benefited from the income that a successful Buffalo drill would have enabled.

Hopefully the East Timorese will benefit from other prospects in the Timor Sea.

As CVN shareholders, with a 20% interest in Santos controlled prospects/resources in The Bedout, we will look back at the lost Buffalo production revenue and rue the day as one capital raise is followed up with yet even more capital raises.

Let's hope the loving relationship between Santos and Carnarvon continues...yeah, sure.