Ann: Corporate Presentation - Pavo Discovery, page-99

good points. I personally flip flop on this constantly.my current opinion on this is

CR is a viable option, as a CVN shareholder (and if I cast my mind back to the dim dark uni days) I believe a CR dilutes my personal share of Dorado more than an equity sale does. A CR will be based on previous sp average and generally at a discount. if the CR is only to existing shareholders I'm less concerned about ownership seepage, but the cash requirement is significant so unlikely.

part sale of Dorado. Is effectively a swap of one asset for another. If CVN does a individual farm-out they can hopefully leverage the price set by STOs proposed farm-out. ideally they'd partner with STO so that STO maintains operator ship and CVN would have more negotiation leverage.

ultimately any sale of a part of Dorado will set an evaluation benchmark for CVN which should only benefit shareholders and help stabilise the sp (although I think it will remain volatile until mgmt have proven 100% funding).