Ann: Bedout Basin Seismic Update, page-5

Hi Petergm,
CVN as a company would have a policy of conveying the best possible outcome. Unfortunately, geology, seismic interpretations and outcomes remain probabilities of success.
However, when you have a hit like Dorado you have a bankable
asset. Looking at Pavo and Apus we have possibilities of success of around the mid thirties as a percentage. Dorado was
around the same probabilities. We all like certainties in our lives, but we often have to navigate in a less than certain world. Even when we increase the possibility of success with 3D seismic. So, we take a punt on that success. When you look at other opportunities for using your money, you makes decision is this a punt I wish to take. CVN is a punt I’m happy with, however my farm, house and super are not reliant on the outcome. We all hope as small, medium or larger shareholder that it is successful. Let us be patient in the next 30 days.